Why Fastenal Stock Fell Today
Fastenal (NASDAQ: FAST) continues to see sluggish demand in the industrial sector, and its latest results are weighing on the stock. Shares of Fastenal were down 7% at 3:30 p.m. ET. after the parts distributor reported first-quarter results.
Fastenal is a distributor of industrial and construction supplies, meaning that a lot of its customers were facing headwinds in 2023. But the company's sales have largely held up better-than-expected, helping shares to climb 45% over the past year.
It appears expectations got a bit ahead of themselves. Fastenal earned $0.52 per share in the just-reported quarter on revenue of $1.9 billion, just below Wall Street's expectations for $0.53 per share in earnings on sales of $1.91 billion.
Source Fool.com
Fastenal Co. Aktie
63,57 €
-0,16 %
Fastenal Co. ist ein kleiner Community-Favorit mit mehr Buy- als Sell-Einschätzungen.
Ein positives, wenn auch bescheidenes, Potenzial für Fastenal Co. mit einem Kursziel von 65 € im Vergleich zum aktuellen Kurs von 63.57 €.
