Fastenal (NASDAQ:FAST) Posts Quarterly Earnings Results, Meets Expectations

Fastenal (NASDAQ:FAST - Get Free Report) posted its earnings results on Friday. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52, RTT News reports. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The business's revenue for the quarter was up 3.4% compared to the same quarter last year.

Fastenal Stock Performance

Shares of Fastenal stock traded up $0.35 during trading on Tuesday, reaching $81.65. The company's stock had a trading volume of 3,135,946 shares, compared to its average volume of 3,100,503. The business's fifty day moving average price is $75.71 and its 200-day moving average price is $76.43. Fastenal has a one year low of $61.36 and a one year high of $84.88. The firm has a market cap of $46.82 billion, a price-to-earnings ratio of 40.62, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Friday, April 25th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.16%. This is a boost from Fastenal's previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Friday, April 25th. Fastenal's dividend payout ratio is 87.56%.

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Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Fastenal stock. Brighton Jones LLC acquired a new stake in shares of Fastenal (NASDAQ:FAST - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,899 shares of the company's stock, valued at approximately $496,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

FAST has been the topic of several recent analyst reports. William Blair upgraded Fastenal from a "market perform" rating to an "outperform" rating in a research note on Monday, March 10th. Stifel Nicolaus reduced their target price on Fastenal from $86.00 to $82.00 and set a "hold" rating for the company in a research note on Tuesday, January 21st. Stephens lifted their price target on shares of Fastenal from $75.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Wolfe Research upgraded shares of Fastenal from an "underperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Finally, Robert W. Baird boosted their target price on shares of Fastenal from $80.00 to $86.00 and gave the stock a "neutral" rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Fastenal presently has an average rating of "Hold" and a consensus price target of $77.91.

About Fastenal

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.