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Fastenal (FAST) Stock Sinks As Market Gains: What You Should Know
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Fastenal (FAST - Free Report) closed at $56.96 in the latest trading session, marking a -1.18% move from the prior day. This move lagged the S&P 500's daily gain of 0.37%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 1.26%.
Prior to today's trading, shares of the maker of industrial and construction fasteners had gained 7.04% over the past month. This has outpaced the Retail-Wholesale sector's gain of 3.11% and the S&P 500's gain of 4.31% in that time.
Fastenal will be looking to display strength as it nears its next earnings release, which is expected to be July 13, 2023. In that report, analysts expect Fastenal to post earnings of $0.52 per share. This would mark year-over-year growth of 4%. Our most recent consensus estimate is calling for quarterly revenue of $1.89 billion, up 6.12% from the year-ago period.
FAST's full-year Zacks Consensus Estimates are calling for earnings of $1.98 per share and revenue of $7.35 billion. These results would represent year-over-year changes of +4.76% and +5.35%, respectively.
Any recent changes to analyst estimates for Fastenal should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Fastenal is currently a Zacks Rank #2 (Buy).
In terms of valuation, Fastenal is currently trading at a Forward P/E ratio of 29.07. This represents a premium compared to its industry's average Forward P/E of 12.76.
Investors should also note that FAST has a PEG ratio of 3.23 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Building Products - Retail industry currently had an average PEG ratio of 1.95 as of yesterday's close.
The Building Products - Retail industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 22, which puts it in the top 9% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Fastenal (FAST) Stock Sinks As Market Gains: What You Should Know
Fastenal (FAST - Free Report) closed at $56.96 in the latest trading session, marking a -1.18% move from the prior day. This move lagged the S&P 500's daily gain of 0.37%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 1.26%.
Prior to today's trading, shares of the maker of industrial and construction fasteners had gained 7.04% over the past month. This has outpaced the Retail-Wholesale sector's gain of 3.11% and the S&P 500's gain of 4.31% in that time.
Fastenal will be looking to display strength as it nears its next earnings release, which is expected to be July 13, 2023. In that report, analysts expect Fastenal to post earnings of $0.52 per share. This would mark year-over-year growth of 4%. Our most recent consensus estimate is calling for quarterly revenue of $1.89 billion, up 6.12% from the year-ago period.
FAST's full-year Zacks Consensus Estimates are calling for earnings of $1.98 per share and revenue of $7.35 billion. These results would represent year-over-year changes of +4.76% and +5.35%, respectively.
Any recent changes to analyst estimates for Fastenal should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Fastenal is currently a Zacks Rank #2 (Buy).
In terms of valuation, Fastenal is currently trading at a Forward P/E ratio of 29.07. This represents a premium compared to its industry's average Forward P/E of 12.76.
Investors should also note that FAST has a PEG ratio of 3.23 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Building Products - Retail industry currently had an average PEG ratio of 1.95 as of yesterday's close.
The Building Products - Retail industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 22, which puts it in the top 9% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.