According to Zacks, “Fastenal Company reported lower-than expected results in the third quarter of 2016, missing estimates for both earnings and sales. Fastenal’s revenues are being hurt as the sales of fasteners into heavy manufacturing, construction end markets were relatively weak. It is due to overall weakness in the industrial economy. An unfavorable customer mix and product mix resulted in below average gross margins. In fact, the company does not see any improvement in gross margin rates through the rest of 2016 as well. That said, the company’s cost-saving initiative Pathway-to-Profit bode well. Meanwhile, vending trends continue to improve in 2016 as efforts to improve the quality of signings/installs paid off. In 2016, the company intends to increase its investment in the vending program and expects it to outperform through 2016 and beyond.”
A number of other research firms have also recently commented on FAST. Vetr cut Fastenal from a strong-buy rating to a hold rating and set a $42.46 price target on the stock. in a report on Tuesday, September 6th. BMO Capital Markets set a $45.00 price target on Fastenal and gave the stock a hold rating in a report on Wednesday, October 12th. Robert W. Baird reissued a neutral rating and issued a $45.00 price target on shares of Fastenal in a report on Thursday. Argus cut Fastenal from a buy rating to a hold rating in a report on Friday. Finally, Credit Suisse Group AG reissued a neutral rating and issued a $43.00 price target on shares of Fastenal in a report on Friday, June 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has assigned a buy rating to the stock. Fastenal currently has an average rating of Hold and a consensus target price of $47.15.
Shares of Fastenal (NASDAQ:FAST) traded up 0.42% on Friday, hitting $38.50. 1,152,740 shares of the stock traded hands. Fastenal has a 52-week low of $35.10 and a 52-week high of $49.99. The firm has a 50 day moving average price of $41.29 and a 200 day moving average price of $43.99. The firm has a market cap of $11.13 billion, a PE ratio of 22.00 and a beta of 0.99.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The business earned $1.01 billion during the quarter. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities analysts forecast that Fastenal will post $1.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Friday, October 21st. Fastenal’s dividend payout ratio (DPR) is presently 69.77%.
Institutional investors have recently made changes to their positions in the stock. Cantab Capital Partners LLP acquired a new position in shares of Fastenal during the second quarter valued at approximately $119,000. American Research & Management Co. increased its position in shares of Fastenal by 191.5% in the second quarter. American Research & Management Co. now owns 2,740 shares of the company’s stock valued at $122,000 after buying an additional 1,800 shares during the period. Washington Trust Bank increased its position in shares of Fastenal by 2.3% in the second quarter. Washington Trust Bank now owns 2,762 shares of the company’s stock valued at $123,000 after buying an additional 62 shares during the period. Van ECK Associates Corp increased its position in shares of Fastenal by 32.0% in the second quarter. Van ECK Associates Corp now owns 3,131 shares of the company’s stock valued at $139,000 after buying an additional 759 shares during the period. Finally, FineMark National Bank & Trust increased its position in shares of Fastenal by 0.6% in the second quarter. FineMark National Bank & Trust now owns 3,420 shares of the company’s stock valued at $152,000 after buying an additional 20 shares during the period. 82.15% of the stock is currently owned by institutional investors.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fastenal Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal Co. and related companies with MarketBeat.com's FREE daily email newsletter.