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. Stock
€62.70
1.030%
Fastenal Co. is currently one of the favorites of our community with 6 Buy predictions and no Sell predictions.
As a result the target price of 65 € shows a slightly positive potential of 3.67% compared to the current price of 62.7 € for Fastenal Co..
