Why Fastenal Shares Popped Thursday
Industrial supplier Fastenal (NASDAQ: FAST) can be a bellwether for how the American economy is performing. The company reported third-quarter earnings today, and investors are celebrating the results. After popping as much as 8%, Fastenal shares were higher by 6.1% as of 10:55 a.m. ET Thursday morning.
Fastenal said its third-quarter sales increased 2.4% year over year, meeting analyst expectations. But a better-than-expected operating profit margin helped the company beat Wall Street estimates on the bottom line. Overall, continued economic strength has given investors confidence in Fastenal's business, resulting in a more than 10% gain for the stock over the last month.
Fastenal provides industrial supplies, including fastener, safety, janitorial, and other products from about 3,400 branches and on-site locations. That means it relies on growth from many business sectors to power its earnings. The manufacturing sector is where Fastenal reported the most growth in the third quarter.
Source Fool.com
Fastenal Co. Stock
Our community is currently high on Fastenal Co. with 5 Buy predictions and 0 Sell predictions.
However, we have a potential of -0.94% for Fastenal Co. as the target price of 65 € is below the current price of 65.62 €.
