Fastenal Company (FAST) is gearing up to release its third-quarter earnings before the market opens on Friday, October 11th. Investors and analysts will be closely watching to see how the Winona, Minnesota-based company has performed in the face of ongoing economic uncertainty.
Analysts are expecting Fastenal to report earnings of 52 cents per share for the quarter, matching the earnings reported in the same period last year. While this may indicate a steady performance, the company’s projected revenue of $1.91 billion is a modest increase from the $1.85 billion reported in the prior year.
Fastenal’s August sales figures, released earlier this month, showed a 2.3% year-over-year decline, potentially hinting at a challenging market environment. Nevertheless, the company’s shares gained 0.6% on Wednesday, closing at $70.61.
To gauge analyst sentiment toward Fastenal, Benzinga compiled insights from some of the industry’s most accurate analysts. Morgan Stanley’s Chris Snyder initiated coverage on the stock with an Equal-Weight rating and a price target of $72 on September 6th. Snyder, known for his 72% accuracy rate, sees potential in the company.
Other analysts maintain a more cautious stance. Stephens & Co.’s Tommy Moll reiterated an Equal-Weight rating with a $56 price target on July 15th, citing his 79% accuracy rate. Jefferies analyst Stephen Volkmann maintained a Hold rating on July 11th but decreased the price target from $74 to $65. Volkmann, who boasts a 73% accuracy rate, appears to be taking a wait-and-see approach.
Baird’s John David Manthey and Loop Capital’s Chris Dankert also maintain Neutral ratings with reduced price targets. Manthey, with an 83% accuracy rate, cut the target to $69 on May 7th, while Dankert, with a 72% accuracy rate, slashed the target to $66 on April 15th.
Overall, analyst sentiment towards Fastenal remains somewhat neutral, with a mixture of cautious optimism and guarded concerns. As Fastenal releases its third-quarter results, investors will be eager to see if the company can meet or exceed expectations and navigate the current market challenges.
