Brokers Issue Forecasts for Fastenal’s Q2 2024 Earnings (NASDAQ:FAST)

Fastenal (NASDAQ:FAST) – Investment analysts at William Blair decreased their Q2 2024 earnings estimates for shares of Fastenal in a research note issued to investors on Tuesday, July 9th. William Blair analyst R. Merkel now anticipates that the company will earn $0.51 per share for the quarter, down from their prior forecast of $0.52. The consensus estimate for Fastenal’s current full-year earnings is $2.08 per share. William Blair also issued estimates for Fastenal’s Q3 2024 earnings at $0.52 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $2.05 EPS and FY2025 earnings at $2.25 EPS.

Other equities analysts have also issued reports about the stock. Stifel Nicolaus upped their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Loop Capital dropped their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a report on Monday, April 15th. HSBC increased their price target on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Finally, Robert W. Baird lowered their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average price target of $68.80.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $63.51 on Wednesday. The firm has a market cap of $36.36 billion, a PE ratio of 31.44, a PEG ratio of 3.36 and a beta of 1.01. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04. The company has a fifty day moving average price of $65.01 and a 200 day moving average price of $68.52.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. Fastenal’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share.

Insider Buying and Selling

In related news, EVP James C. Jansen sold 11,428 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the sale, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,677,096.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fastenal news, Director Daniel L. Johnson bought 3,350 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was bought at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the transaction, the director now directly owns 10,595 shares in the company, valued at approximately $724,486.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James C. Jansen sold 11,428 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total transaction of $732,191.96. Following the sale, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fastenal

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Fastenal in the fourth quarter valued at about $405,513,000. ProShare Advisors LLC increased its holdings in Fastenal by 497.3% during the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after acquiring an additional 2,580,478 shares during the period. Confluence Investment Management LLC bought a new stake in Fastenal during the 1st quarter worth approximately $195,459,000. TD Asset Management Inc increased its holdings in shares of Fastenal by 112.9% in the 4th quarter. TD Asset Management Inc now owns 2,679,735 shares of the company’s stock worth $173,566,000 after buying an additional 1,420,763 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in shares of Fastenal by 15.2% in the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after buying an additional 1,043,529 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.