William Blair Comments on Fastenal’s FY2020 Earnings (FAST)
Fastenal (NASDAQ:FAST) – Stock analysts at William Blair decreased their FY2020 earnings estimates for Fastenal in a research report issued to clients and investors on Tuesday, November 6th. William Blair analyst R. Merkel now anticipates that the company will post earnings per share of $2.85 for the year, down from their previous estimate of $2.86.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.02. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the company earned $0.50 EPS. The firm’s revenue was up 13.0% on a year-over-year basis.
Shares of Fastenal stock opened at $54.76 on Thursday. Fastenal has a 52-week low of $46.91 and a 52-week high of $61.14. The firm has a market capitalization of $15.70 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.35 and a quick ratio of 2.48.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board raised its holdings in Fastenal by 45.6% in the 3rd quarter. Canada Pension Plan Investment Board now owns 421,886 shares of the company’s stock worth $24,478,000 after purchasing an additional 132,155 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in Fastenal by 4.8% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 28,683 shares of the company’s stock worth $1,754,000 after purchasing an additional 1,319 shares in the last quarter. CIBC World Markets Inc. raised its holdings in Fastenal by 12.6% in the 3rd quarter. CIBC World Markets Inc. now owns 20,220 shares of the company’s stock worth $1,173,000 after purchasing an additional 2,268 shares in the last quarter. American International Group Inc. raised its holdings in Fastenal by 10.0% in the 3rd quarter. American International Group Inc. now owns 375,645 shares of the company’s stock worth $21,795,000 after purchasing an additional 34,028 shares in the last quarter. Finally, Todd Asset Management LLC raised its holdings in Fastenal by 17.3% in the 3rd quarter. Todd Asset Management LLC now owns 318,731 shares of the company’s stock worth $18,493,000 after purchasing an additional 46,929 shares in the last quarter. Institutional investors and hedge funds own 86.30% of the company’s stock.
In related news, insider William Joseph Drazkowski acquired 830 shares of the firm’s stock in a transaction on Tuesday, October 23rd. The stock was acquired at an average cost of $50.54 per share, for a total transaction of $41,948.20. Following the acquisition, the insider now owns 2,790 shares of the company’s stock, valued at $141,006.60. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Holden Lewis acquired 500 shares of the firm’s stock in a transaction on Tuesday, October 16th. The stock was bought at an average price of $52.28 per share, with a total value of $26,140.00. Following the completion of the acquisition, the chief financial officer now directly owns 3,500 shares in the company, valued at approximately $182,980. The disclosure for this purchase can be found here. Insiders have purchased a total of 5,795 shares of company stock valued at $299,849 over the last quarter. 0.56% of the stock is currently owned by company insiders.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, October 24th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a yield of 2.92%. Fastenal’s dividend payout ratio is currently 82.90%.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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