Shares of Fastenal Co. (NASDAQ:FAST) were down 4.8% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $40.03 and last traded at $40.10, with a volume of 4,102,775 shares traded. The stock had previously closed at $42.12.
The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 12.91% and a return on equity of 27.83%. The firm had revenue of $1.01 billion for the quarter. During the same period last year, the business posted $0.47 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, October 25th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, October 21st. This represents a $1.20 annualized dividend and a dividend yield of 3.07%. Fastenal’s dividend payout ratio is currently 68.57%.
FAST has been the topic of several recent research reports. Zacks Investment Research upgraded Fastenal from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Morgan Stanley initiated coverage on Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 target price on the stock. Vetr downgraded Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 target price on the stock. in a research report on Tuesday, September 6th. Macquarie initiated coverage on Fastenal in a research report on Thursday, August 25th. They set a “neutral” rating and a $50.00 target price on the stock. Finally, Credit Suisse Group AG restated a “neutral” rating and set a $43.00 target price on shares of Fastenal in a research report on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $47.44.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FAST. Vanguard Group Inc. boosted its position in shares of Fastenal by 5.2% in the second quarter. Vanguard Group Inc. now owns 27,835,227 shares of the company’s stock worth $1,235,606,000 after buying an additional 1,371,768 shares during the period. Polen Capital Management LLC boosted its position in shares of Fastenal by 11.9% in the second quarter. Polen Capital Management LLC now owns 7,163,432 shares of the company’s stock worth $317,985,000 after buying an additional 764,398 shares during the period. Kleinwort Benson Investors Dublin Ltd bought a new position in shares of Fastenal during the second quarter worth about $32,518,000. WBI Investments Inc. bought a new position in shares of Fastenal during the second quarter worth about $20,362,000. Finally, Cornerstone Capital Management LLC bought a new position in shares of Fastenal during the second quarter worth about $19,486,000. 82.12% of the stock is currently owned by institutional investors and hedge funds.
The stock’s 50-day moving average price is $41.60 and its 200 day moving average price is $44.10. The company has a market cap of $11.29 billion, a PE ratio of 22.32 and a beta of 0.99.
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.
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