Fastenal (NASDAQ:FAST) Shares Gap Down on Disappointing Earnings

Fastenal (NASDAQ:FAST) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $32.63, but opened at $31.25. Fastenal shares last traded at $30.36, with a volume of 16,637,719 shares trading hands.

The company reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.01). The business had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.38 billion. Fastenal had a return on equity of 33.52% and a net margin of 15.16%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company posted $0.37 earnings per share.

A number of analysts have weighed in on the stock. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. William Blair reissued a “market perform” rating on shares of Luminex in a report on Tuesday, May 7th. BidaskClub raised shares of Zebra Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 6th. Raymond James set a $39.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a report on Tuesday, June 11th. Finally, Morgan Stanley cut shares of GasLog Partners LP Unit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $23.00 to $18.00 in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $31.11.

In related news, insider John Lewis Soderberg sold 30,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $70.62, for a total value of $2,118,600.00. Following the sale, the insider now owns 30,000 shares of the company’s stock, valued at approximately $2,118,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas J. Lundquist sold 37,500 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $70.48, for a total transaction of $2,643,000.00. Following the completion of the sale, the insider now directly owns 253,500 shares in the company, valued at approximately $17,866,680. The disclosure for this sale can be found here. In the last ninety days, insiders sold 163,470 shares of company stock worth $11,485,007. Corporate insiders own 0.62% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Stock Yards Bank & Trust Co. grew its position in Fastenal by 143.9% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 11,076 shares of the company’s stock valued at $361,000 after buying an additional 6,534 shares in the last quarter. Peoples Financial Services CORP. grew its position in Fastenal by 97.9% in the 2nd quarter. Peoples Financial Services CORP. now owns 81,700 shares of the company’s stock valued at $2,662,000 after buying an additional 40,425 shares in the last quarter. Spinnaker Trust grew its position in Fastenal by 100.0% in the 2nd quarter. Spinnaker Trust now owns 8,586 shares of the company’s stock valued at $279,000 after buying an additional 4,294 shares in the last quarter. Webster Bank N. A. grew its position in Fastenal by 99.2% in the 2nd quarter. Webster Bank N. A. now owns 133,603 shares of the company’s stock valued at $4,354,000 after buying an additional 66,531 shares in the last quarter. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its position in Fastenal by 100.0% in the 2nd quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 2,000,000 shares of the company’s stock valued at $65,180,000 after buying an additional 1,000,000 shares in the last quarter. Hedge funds and other institutional investors own 85.36% of the company’s stock.

The stock’s 50-day moving average price is $31.79. The company has a market cap of $18.07 billion, a PE ratio of 23.00, a P/E/G ratio of 1.42 and a beta of 1.25. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.97 and a current ratio of 4.31.

Fastenal Company Profile (NASDAQ:FAST)

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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