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Research

Research Alert: CFRA Maintains Sell Rating On Shares Of Fast

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We reiterate our Sell rating on FAST shares following Q1 results, and also maintain our 12-month target of $35, valuing shares at 26x our 2027 EPS estimate of $1.34 (up $0.02; 2026 EPS view adjusted to $1.24 from $1.23). FAST's Q1 EPS print of $0.30 was in line with the consensus view, though shares still traded lower as an elevated multiple gave little room for results that were less than robust, in our view. Price/cost was a point of concern during the quarter as management indicated pushback from customers on price hikes following a year of pricing actions. This fatigue could set back progress on operating margins as FAST has a lessened capacity to offset cost inflation. We continue to see shares as trading at levels that are above intrinsic value, even when factoring in today's negative share performance. FAST's shift to larger customers appears to be paying off thus far in regard to a turnaround in operating margins, though input costs will still have to be successfully managed.

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Wire

Top Midday Decliners

Replimune (REPL) is facing "significant risk" related to its ongoing phase 3 trial of RP1 in melanoma after the US Food and Drug Administration rejected the company's biologics license application for the product candidate, Wedbush Securities said in a note.Wedbush downgraded its rating on Replimune to neutral from outperform, with a lower price target of $2 from $19.Shares sank 64% following an increase in intraday trading volume to over 53.9 million from a daily average of about 1.84 million.Children's Place (PLCE) reported a fiscal Q4 adjusted loss and a decline in revenue from a year ago late Friday.Shares slumped 26% as intraday trading volume soared to more than 1.39 million from a daily average of about 276,000.Fastenal (FAST) reported Q1 earnings and sales Monday in line with the FactSet consensus.Its shares were down 7%, with intraday trading volume at more than 10.9 million, compared with the stock's daily average of about 8.68 million.Price: $1.69, Change: $-3.08, Percent Change: -64.60%

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US Markets

Fastenal Logs In-Line First-Quarter Results

Fastenal (FAST) on Monday posted first-quarter results in line with market expectations amid improved customer contract signings and industrial production.The industrial and construction supplies distributor's net income rose to $0.30 a share in the March quarter from $0.26 a year earlier, while net sales jumped 12% to $2.20 billion, both matching the consensus on FactSet.The company attributed the higher sales to improved customer contract signings since the first quarter of 2024, as well as "a slight improvement" in industrial production in the first quarter of this year, it said in a statement.The impact of product pricing on net sales during the quarter was a roughly 350 basis points increase versus being "immaterial" a year earlier, Fastenal said."The industrial economy remains somewhat challenging, with US manufactured (purchasing managers' index) averaging around 52.6%, which is an improvement, but still moderate overall," President and Chief Sales Officer Jeff Watts said on an earnings conference call Monday, according to a FactSet transcript. "We really didn't see much of a tailwind."The company's shares were down 7.4% in afternoon trade, bringing its year-to-date gains to roughly 14%.Fastenal's contract sales, which include national multi-site, local and regional, and government customers, accounted for three-fourths of the total revenue and continued to outperform due to incremental sales from customer signings."On pricing, we realized approximately 3.5% year-over-year, and that compares to 3.3% in the fourth quarter, not enough to offset inflation," Chief Financial Officer Max Tunnicliff said on the call. "While our pricing execution progressed during the quarter, we did not move quickly enough, related mostly because of tariffs and some other items."The company signed 6,950 weighted FASTBin and FASTVend devices during the quarter and reiterated its 2026 outlook for signing between 28,000 and 30,000 machine equivalent units.FASTBin allows clients to digitally view inventory, while FASTVend refers to vending machines.Price: $45.54, Change: $-3.63, Percent Change: -7.38%

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Wire

Top Midday Stories: Goldman Shares Fall Despite Q1 Earnings Topping Estimates; Revolution's Pancreatic Cancer Drug Met Key Study Goals

The Dow Jones Industrial Average was down while the S&P 500 and Nasdaq Composite were up in late-morning trading Monday, as Wall Street digests news from the weekend that the US and Iran failed to strike a deal, and President Donald Trump announced a blockade of the Strait of Hormuz.In company news, Goldman Sachs (GS) reported Q1 earnings Monday of $17.55 per diluted share, up from $14.12 a year earlier and above the FactSet consensus analyst estimate of $16.47. First-quarter net revenue was $17.23 billion, up from $15.06 billion a year ago and above the FactSet consensus of $16.99 billion. The company also said it's launching a three-tranche, investment-grade bond offering in the US, with bond maturities spanning four to eight years, Bloomberg reported, citing a person with direct knowledge of the matter. Goldman shares were down 3.6% around midday.Revolution Medicines (RVMD) said Monday the phase 3 trial of its experimental drug, daraxonrasib, intended to treat a type of pancreatic cancer, met key goals. The drug delivered a median overall survival of 13.2 months, compared with 6.7 months for chemotherapy, the company said. Revolution said it plans to submit the data to global regulators, including the US Food and Drug Administration, for marketing application. Revolution shares were up 36.4%.GFL Environmental (GFL) has entered into a definitive agreement to acquire all of the issued and outstanding shares of Secure Waste Infrastructure for 24.75 Canadian dollars per share, representing an enterprise value of about CA$6.4 billion ($4.62 billion), the companies said Monday. The deal is expected to close in H2, they said. GFL shares were down 7.8%.Fastenal (FAST) reported Q1 earnings Monday of $0.30 per diluted share, up from $0.26 a year earlier and in-line with the FactSet consensus. First-quarter net sales were $2.20 billion, up from $1.96 billion a year ago and in-line with expectations. Fastenal shares were down 6.7%.Conagra Brands (CAG) said Monday it has appointed John Brase as chief executive officer and president, effective June 1. Brase, who previously served as chief operating officer and president at J.M. Smucker (SJM), will succeed Sean Connolly, who will step away from his leadership positions and board seat on May 31, the company said. Conagra shares were down 5.6%, while J.M. Smucker shares were down 2.7%.Microsoft (MSFT) is developing new features for Copilot it hopes will make the AI assistant function more like OpenClaw, The Information reported Monday, citing a company statement. Microsoft shares were up 2.3%.Price: $874.99, Change: $-32.81, Percent Change: -3.61%

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Wire

GE Verona, Parker-Hannifin Poised to Benefit From Improving Industrial Demand, BofA Says

GE Vernova (GEV), Parker-Hannifin (PH), and Ametek (AME) are among companies expected to benefit from improving short-cycle industrial demand as order trends strengthen and defense-related exposure provides an additional boost, BofA Securities said Monday in a report.BofA expects GE Vernova's orders to rise 44% this year, supported by data-center demand and potential upside from the US-Japan trade deal's Ohio power-generation project. Defense revenue accounts for 11% of Parker-Hannifin's sales and 10% at both Ametek and ITT (ITT), the report said.3M (MMM) and Forgent Power Solutions (FPS) have lagged behind the S&P 500's recent 1% decline, while Vertiv (VRT), GE Vernova, and Fastenal (FAST) have outperformed, the report said.Companies tied more closely to consumer spending may face greater pressure, while industrial component suppliers are likely to see the strongest improvement in revenue growth as orders picked up in Q4, the report said. Supply-chain disruptions tied to the Middle East conflict may affect Q2 shipment timing, BofA said.Price: $990.82, Change: $-0.50, Percent Change: -0.05%

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Wire

BofA Securities Adjusts Price Target on Fastenal to $55 From $48

Fastenal (FAST) has an average rating of hold and mean price target of $46.75, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $47.51, Change: $-1.66, Percent Change: -3.38%

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Research

Research Alert: Fastenal: Q1 Results In Line, Manufacturing Markets Recovering

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FAST's Q1 results were largely in line with expectations, with net sales rising 12.4% to $2.2B, supported by manufacturing sector expansion and continued market share gains. Contract customer sales outpaced non-contract sales, growing 14.6% vs. 6.7%, reflecting FAST's focus on larger account signings, while heavy manufacturing led with 14.1% growth. Technology-enabled customer sites continued driving performance, with high-value sites ($50k+ monthly spend) reaching 2,909 locations. The operating margin expanded 20 bps to 20.3% despite gross margin compression, as SG&A expenses improved 70 bps as a percentage of sales to 24.3%. Shares traded lower this morning despite meeting consensus estimates, implying the market anticipated stronger results amid favorable manufacturing conditions, in our view. As shares trade nearly 40x on a forward P/E basis, we see less room for quarterly results that don't surprise to the upside.

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