Fastenalの空売り状況は、投資家がFastenalの株価下落に賭けている度合いを知ることができます。空売りデータは2週間ごとに更新されます。

Fastenal (NASDAQ:FAST) 株価情報, 空売り情報

Fastenal

Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, it has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply chain solutions, such as vending and vendor-managed inventory.

Fastenal Co

FASTIGHETS AB BALDR U/ADR by FASTIGHETS AB BALDER

FASTIGHETS AKTIEBLAET AKB by FASTIGHETS AKTIEBOLAGET

Fast Casual Concepts Inc

FAST CASUAL CONCEPTS NEW by FAST CASUAL CONCEPTS INC.

FAST FINANCE PAY CORP by Fast Finance Pay Corp.

Fast Finance Pay Corp

FAST RETAILING CO LTD by Fast Retailing Co. Ltd.

Fast Retailing Co Ltd

FAST RETAILING UNSP/ADR by Fast Retailing Co. Ltd.

Fastbase Inc

UNIVERSAL NEW ENGY HLDGS by Universal New Energy Holding Group, Inc.

FASTIGHETS BALDER B NEW by FASTIGHETS AB BALDER

Fastighets AB Balder

Fastly Inc

Fastned BV

A significant insider transaction involving the exercise of company stock options was reported on November 14, by Daniel Johnson, Director at Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>), as per the latest SEC filing.
What Happened: Johnson, Director at Fastenal, made a strategic move by exercising stock options for 8,474 shares of FAST as detailed in a Form 4 filing on Thursday with the <a href="https://www.sec.gov/Archives/edgar/data/0000815556/000081555624000043//Archives/edgar/data/815556/000081555624000043/0000815556-24-000043-index.htm">U.S. Securities and Exchange Commission</a>. The transaction value amounted to $460,731.
Fastenal shares are currently trading down by 0.35%, with a current price of $81.87 as of Friday morning. This brings the total value of Johnson's 8,474 shares to $460,731.
<h3>Delving into Fastenal's Background</h3>
Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, it has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply chain solutions, such as vending and vendor-managed inventory.
<h3>Financial Milestones: Fastenal's Journey</h3>
Revenue Growth: Fastenal's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 3.48%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Industrials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Insights into Profitability:
<ul>
<li>
Gross Margin: The company sets a benchmark with a high gross margin of 44.95%, reflecting superior cost management and profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Fastenal's EPS lags behind the industry average, indicating concerns and potential challenges with a current EPS of 0.52.
</li>
</ul>
Debt Management: Fastenal's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.15.
Insights into Valuation Metrics:
<ul>
<li>
Price to Earnings (P/E) Ratio: The current P/E ratio of 40.88 is below industry norms, indicating potential undervaluation and presenting an investment opportunity.
</li>
<li>
Price to Sales (P/S) Ratio: A higher-than-average P/S ratio of 6.3 suggests overvaluation in the eyes of investors, considering sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): Boasting an EV/EBITDA ratio of 27.83, Fastenal demonstrates a robust market valuation, outperforming industry benchmarks.
</li>
</ul>
Market Capitalization: Surpassing industry standards, the company's market capitalization asserts its dominance in terms of size, suggesting a robust market position.
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<h3>Why Pay Attention to Insider Transactions</h3>
Emphasizing the importance of a comprehensive approach, considering insider transactions is valuable, but it's crucial to evaluate them in conjunction with other investment factors.
Within the legal framework, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
<h3>Important Transaction Codes</h3>
When analyzing transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> tend to focus on those in the open market, detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase,while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000815556">Check Out The Full List Of Fastenal's Insider Trades.</a>
Insider Buying Alert: Profit from C-Suite Moves
Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22in8&amp;utm_source=benzinga-insights">Click here for access</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

News

Insider Trades

Trading Ideas

FAST

Options Exercise: Daniel Johnson At Fastenal Realizes $460K

Throughout the last three months, 8 analysts have evaluated Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>), offering a diverse set of opinions from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">6</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Fastenal, revealing an average target of $79.25, a high estimate of $88.00, and a low estimate of $72.00. Surpassing the previous average price target of $69.33, the current average has increased by 14.31%.
<img src="https://www.benzinga.com/files/images/story/2024/1731524454_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
The standing of Fastenal among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Amit Mehrotra</td>
<td>UBS</td>
<td>Raises</td>
<td>Neutral</td>
<td>$88.00</td>
<td>$71.00</td>
</tr>
<tr>
<td>Chris Snyder</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$76.00</td>
<td>$72.00</td>
</tr>
<tr>
<td>Patrick Baumann</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$72.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Brian Butler</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$86.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Tommy Moll</td>
<td>Stephens &amp; Co.</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$75.00</td>
<td>$56.00</td>
</tr>
<tr>
<td>David Manthey</td>
<td>Baird</td>
<td>Raises</td>
<td>Neutral</td>
<td>$80.00</td>
<td>$67.00</td>
</tr>
<tr>
<td>Sabrina Abrams</td>
<td>B of A Securities</td>
<td>Announces</td>
<td>Buy</td>
<td>$85.00</td>
<td>-</td>
</tr>
<tr>
<td>Chris Snyder</td>
<td>Morgan Stanley</td>
<td>Announces</td>
<td>Equal-Weight</td>
<td>$72.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Fastenal. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Fastenal compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Fastenal's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Fastenal's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/FAST/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Fastenal analyst ratings.</a>
<h2>Unveiling the Story Behind Fastenal</h2>
Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, it has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply chain solutions, such as vending and vendor-managed inventory.
<h3>Fastenal's Financial Performance</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Positive Revenue Trend: Examining Fastenal's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 3.48% as of 30 September, 2024, showcasing a substantial increase in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 15.61%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Fastenal's ROE excels beyond industry benchmarks, reaching 8.41%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Fastenal's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.38% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Fastenal's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.15.
<h2>How Are Analyst Ratings Determined?</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
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Analyst Ratings

Breaking Down Fastenal: 8 Analysts Share Their Views

In a new SEC filing on November 12, it was revealed that FLORNESS, CEO at Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>), executed a significant exercise of company stock options.
What Happened: A notable Form 4 filing on Tuesday with the <a href="https://www.sec.gov/Archives/edgar/data/0000815556/000081555624000040//Archives/edgar/data/815556/000081555624000040/0000815556-24-000040-index.htm">U.S. Securities and Exchange Commission</a> revealed that FLORNESS, CEO at Fastenal, exercised stock options for 31,818 shares of FAST, resulting in a transaction value of $1,777,989.
Fastenal shares are trading, exhibiting down of 0.14% and priced at $83.38 during Wednesday's morning. This values FLORNESS's 31,818 shares at $1,777,989.
<h3>All You Need to Know About Fastenal</h3>
Fastenal opened its first fastener store in 1967 in Winona, Minnesota. Since then, it has greatly expanded its footprint as well as its products and services. Today, Fastenal serves its 400,000 active customers through approximately 1,600 branches, over 1,800 on-site locations, and 15 distribution centers. Since 1993, the company has added other product categories, but fasteners remain its largest category at about 30%-35% of sales. Fastenal also offers customers supply chain solutions, such as vending and vendor-managed inventory.
<h3>A Deep Dive into Fastenal's Financials</h3>
Revenue Growth: Fastenal's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 3.48%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Industrials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Exploring Profitability:
<ul>
<li>
Gross Margin: The company maintains a high gross margin of 44.95%, indicating strong cost management and profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Fastenal's EPS is below the industry average, signaling challenges in bottom-line performance with a current EPS of 0.52.
</li>
</ul>
Debt Management: Fastenal's debt-to-equity ratio is below the industry average. With a ratio of 0.15, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
Navigating Market Valuation:
<ul>
<li>
Price to Earnings (P/E) Ratio: Fastenal's P/E ratio of 41.54 is below the industry average, suggesting the stock may be undervalued.
</li>
<li>
Price to Sales (P/S) Ratio: With a higher-than-average P/S ratio of 6.41, Fastenal's stock is perceived as being overvalued in the market, particularly in relation to sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): With an impressive EV/EBITDA ratio of 28.28, Fastenal demonstrates exemplary market valuation, surpassing industry averages.
</li>
</ul>
Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.
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<h3>The Importance of Insider Transactions</h3>
Insightful as they may be, insider transactions should be considered alongside a thorough examination of other investment criteria.
Considering the legal perspective, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, according to Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Pointing towards optimism, a company insider's new purchase signals their positive anticipation for the stock to rise.
Nevertheless, insider sells may not necessarily indicate a bearish view and can be influenced by various factors.
<h3>Exploring Key Transaction Codes</h3>
Examining transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> often concentrate on those unfolding in the open market, meticulously detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C indicates the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000815556">Check Out The Full List Of Fastenal's Insider Trades.</a>
Insider Buying Alert: Profit from C-Suite Moves
Benzinga Edge reveals every insider trade in real-time. Don't miss the next big stock move driven by insider confidence. Unlock this ultimate sentiment indicator now. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22in8&amp;utm_source=benzinga-insights">Click here for access</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Witnessing An Insider Decision, DANIEL FLORNESS Exercises Options Valued At $1.78M At Fastenal

WIIM

AAON

ALGT

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AREB

BECN

CSTE

CSWI

FERG

FTAI

GATX

HUBG

IIIN

JELD

KTOS

MATW

REZI

ROCK

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WLFC

Shares of companies within the broader industrial sector are trading higher after Donald Trump won the 2024 presidential election.

The <a href="https://www.marketbeat.com/economic-reports/upcoming/">economic data</a> has been mixed for the last year but remains sufficient to sustain solid GDP growth, indicating growing activity, which is good news for <a href="https://www.marketbeat.com/stocks/sectors/business-services/">business services</a> companies. Business services companies provide value to other businesses with products and services that reduce time and costs, helping to sustain margins in critical industries. The critical detail for investors is that these businesses are supported by economic tailwinds in 2025, produce ample cash flow, and pay investors to own them. The tailwinds in place are driving the market action in 2024 and have them set up for double-digit gains in 2025, not counting the dividend payments.&nbsp;
<h3>Cintas: Helping America&#39;s Workforce Look Good</h3>
Cintas (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ctas#NASDAQ">CTAS</a>) is the leading player in uniform and facility services, providing services to various industries. The company has been growing steadily for decades due to its acquisitional and organic strategy, consolidating a fractured market while deepening penetration in existing territories. The two operational segments are Uniforms and Other, including facility services such as mats, rugs, bathroom supplies, first aid &amp; safety, fire protection, PPE, and compliance.&nbsp;
Highlights from 2024 include sustained <a href="https://www.marketbeat.com/stocks/NASDAQ/CTAS/earnings/">high-single-digit growth</a>, widening margin, and outperformance that is sustained in the first fiscal quarter of 2025. The guidance for the year forecasts sequential revenue acceleration from Q1&#39;s 6.5% pace, resulting in an 11.4% gain for the year and a slight increase in the margin at the mid-point range. Cash flow is the critical detail, allowing the company flexibility to pay an annually increasing distribution and repurchase shares.&nbsp;
Cintas is a Dividend Aristocrat of the highest caliber, able to <a href="https://www.marketbeat.com/stock-ideas/3-stocks-to-neutralize-market-volatility-and-build-wealth/">sustain distribution increases</a> indefinitely, given the growth outlook and balance sheet. The payout is worth $1.56 per share after the recent stock split, about 0.75% in yield, and is expected to grow at a solid double-digit pace in 2025. Balance sheet highlights at the end of FQ1 2025 include reduced shareholder equity, but the loss is more than offset by increased treasury shares. The repurchase program reduced the count by 1%, providing a tailwind for the market expected to blow in 2025.&nbsp;
The analyst&#39;s trends provide another tailwind for this market. The consensus target implies fair value near $205 but has risen by 50% in the last year, with revisions leading to new all-time highs. The high-end range is near $245, a 20% increase from the consensus target.&nbsp;
<img alt="Cintas CTAS stock chart" class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20241029095733_chart-ctas-10292024.png" style="height:305px; width:624px" />
<h3>Fastenal Manages Inventory For Manufacturing Industries&nbsp;</h3>
Fastenal (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fast#NASDAQ">FAST</a>) is a leader in fasteners ranging from common nails to OEM-specific automotive, aerospace, and industrial applications. It is also a leader in inventory management and cost control, providing many on-site, near-site, and remote services. Services include maintaining inventories of business-related supplies, including but not limited to fasteners. On-site supplies range from tiny to moderately sized and can be stored and labeled with RFID or other tracking tools or delivered in vending applications. An employee that needs a box of screws, a can of glue, or a package of rubber gloves can walk up, quickly find what they need, and receive it without trouble while inventory is closely managed, a win-win for Fastenal clients.&nbsp;
Fastenal&#39;s <a href="https://www.marketbeat.com/stocks/NASDAQ/FAST/earnings/">2024 results</a> include sustained growth and an acceleration in Q3 attributed to the diversified model. The company&#39;s core fastener business faces headwinds due to macroeconomic conditions but is offset by the safety and maintenance segment. The outlook for 2025 is for the business to accelerate as macroeconomic headwinds, i.e., FOMC interest rate policy, ease. Analysts forecast a 7.5% increase in revenue and 8% in earnings for 2025.&nbsp;
Fastenal&#39;s <a href="https://www.marketbeat.com/stock-ideas/dividend-aristocrat-fastenal-goes-on-sale-buy-it-while-its-down/">capital return</a> is entirely dividends. The company pays $1.56 in 2024, worth about 2%, with shares near $77, and can sustain distribution growth if at a slower pace than recently. The payout ratio is nearly 75% but is not a significant hurdle due to the health of the balance sheet. Highlights from Q3 2024 include increased cash, inventory, and assets and decreased debt. Leverage is down, with long-term debt less than 0.5X cash, and equity is rising, up by 7.5%.&nbsp;
Analysts rate Fastenal as a Hold and view it as fairly valued trading near the all-time high, but revisions suggest new all-time highs will come soon. The revisions trend has increased the consensus by nearly 30% in the last year and 10% following the Q3 results, with the freshest targets 15% above the critical resistance target.&nbsp;
<img alt="Fastenal FAST stock chart" class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20241029095754_chart-fast-10292024.png" style="height:305px; width:624px" />
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/double-digit-gains-ahead-top-2-stocks-positioned-to-outperform/">Double-Digit Gains Ahead? Top 2 Stocks Positioned to Outperform</a>&quot; first appeared on MarketBeat.

Markets

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CTAS

Double-Digit Gains Ahead? Top 2 Stocks Positioned To Outperform

Fastenal (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fast#NASDAQ">FAST</a>) stock has increased more than 250% since 2016 due to customer growth, the growing number of Onsite locations, deepening service penetration, and improving business metrics. The rally in stock prices can continue because those factors continue to drive results. The 2024 results have slowed from prior years, but growth is sustained, and outperformance is present, sustaining the long-term growth outlook and the <a href="https://www.marketbeat.com/stock-ideas/dividend-aristocrat-fastenal-goes-on-sale-buy-it-while-its-down/">capability for capital returns</a>.&nbsp;
Simply put, the <a href="https://www.marketbeat.com/stocks/sectors/business-services/">business model</a> is genius. Companies that wish to reduce costs and increase efficiency by improving their management of input inventory use Fastenal. Fastenal manages the inventory of work-related items with a full slate of inventory management solutions. The critical solution is Onsite services, which provide inventory and inventory management on-site at businesses across verticals. Onsite machines and services provide work-related inventory, including all manner of fasteners and other products ranging from cans of WD-40 and spray paint to glues, tapes, and any easily vented small-to-medium-sized objects.&nbsp;
<h3>Fastenal Outperforms In Q3, Reduces Debt&nbsp;</h3>
Fastenal had <a href="https://www.marketbeat.com/stocks/NASDAQ/FAST/earnings/">a solid quarter</a> in Q3, which shows the resiliency of its diversified business. While sales of fasteners were down due to sluggish activity caused by macroeconomic headwinds, sales of maintenance and safety-related products rose. The net result was a 3.5% increase in systemwide revenue to $1.91 billion, 50 basis points above the consensus.&nbsp;
Internal <a href="https://www.marketbeat.com/originals/analysts-cut-price-targets-despite-fastenal-shares-surging/">metrics are favorable</a>. The 4% decline in fasteners was offset by a 4.7% increase in non-fastener items, with growth of national accounts (larger clients) up 5.6%, offset by a 41.% decline in non-national accounts. An extra day impacted the results, but organic growth is present, with daily sales up 1.9%. Sales growth is driven entirely by volume due to the increased number of large clients and Onsite locations. Looking forward, sales of fasteners should improve in 2025 as the headwind of high interest rates dissipates.&nbsp;
The margin news was mixed. The net income margin contracted on a 100-basis-point contraction in gross margin offset by lower SG&amp;A expense. The takeaway is that the net income margin contracted by only 90 basis points, less than expected. This left the GAAP EPS at $0.52, flat compared to the prior year and 200 basis points above the consensus estimate reported by MarketBeat.com, improving the outlook for full-year results and the outlook for balance sheet improvement.&nbsp;
<h3>Fastenal Builds A&nbsp;Better Balance Sheet For Investors</h3>
Fastenal had a positive cash flow quarter in Q3, improving its financial position and shareholder value. Highlights include increased cash, inventory, receivables, and current and total assets, compounded by decreased long-term debt and increased shareholder equity.
Equity is up by 6% year-to-date and is expected to continue improving in the current quarter and next year.
Regarding leverage, the company&#39;s debt position is net cash, and the total leverage fell by 70 basis points with long-term debt less than half the cash position and 0.35x equity.&nbsp;
<h3>Analysts Provide Tailwinds For Fastenal Stock</h3>
The <a href="https://www.marketbeat.com/stocks/NASDAQ/FAST/">analysts&#39; support</a> is not robustly bullish. Still, it is favorable to shareholders, with the consensus of nine major firms a Hold with a price target rising before and after the Q3 release. The first revision on Marketbeat&#39;s radar is an increased price target from JPMorgan, which lifts the low-end range. Consensus assumes fair value with the stock trading near the $69 level, lagging the price action, but revisions trends suggest a move to the high-end range is possible. A revision from Bank of America before the release set the price at $85, sufficient for a new all-time high.&nbsp;
<a href="https://www.marketbeat.com/originals/fastenal-falls-to-the-buy-zone-but-wait-to-buy-more/">Price action is bullish</a> following the release. The action surged by 5% to test resistance at a critical level. That level is near the baseline of a reversal pattern. A move above it could potentially send this stock up by $10 to the $82 level to set a new all-time high. However, the critical resistance aligns with an open window formed earlier in the year, so investors should expect to see some volatility in Q4, if not range-bound trading until more news comes out.&nbsp;
<img alt="Fastenal FAST stock chart" class="aligncenter" src="https://www.marketbeat.com/logos/articles/med_20241011092507_chart-fast-10112024.png" style="height:288px; width:624px" />
The article &quot;<a href="https://www.marketbeat.com/originals/why-fastenal-stock-could-hit-new-highs-after-strong-q3-results/">Why Fastenal Stock Could Hit New Highs After Strong Q3 Results</a>&quot; first appeared on MarketBeat.

Why Fastenal Stock Could Hit New Highs After Strong Q3 Results

Morgan Stanley analyst Chris Snyder maintains Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) with a Equal-Weight and raises the price target from $72 to $76.

Price Target

Morgan Stanley Maintains Equal-Weight on Fastenal, Raises Price Target to $76

Fastenal's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NYSE">FAST</a>) short percent of float has fallen 9.9% since its last report. The company recently reported that it has 13.22 million shares sold short, which is 2.64% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.13 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Fastenal Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728925213_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Fastenal has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Fastenal's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Fastenal's peer group average for short interest as a percentage of float is 4.39%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(FAST) - Analyzing Fastenal's Short Interest

JP Morgan analyst Patrick Baumann maintains Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) with a Neutral and raises the price target from $70 to $72.

JP Morgan Maintains Neutral on Fastenal, Raises Price Target to $72

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Evercore ISI Group raised JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) price target from $217 to $230. Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating. JPMorgan shares closed at $222.29 on Friday. <a href="https://www.benzinga.com/quote/jpm/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital cut the price target for Nurix Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRIX#NASDAQ">NRIX</a>) from $27 to $26. RBC Capital analyst Gregory Renza maintained an Outperform rating. Nurix Therapeutics shares closed at $23.63 on Friday. <a href="https://www.benzinga.com/quote/nrix/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stifel raised the price target for V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) from $21 to $25. Stifel analyst Jim Duffy maintained a Buy rating. V.F. Corporation shares closed at $20.33 on Friday. <a href="https://www.benzinga.com/quote/vfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wedbush raised Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) price target from $25 to $45. Wedbush analyst David Chiaverini upgraded the stock from Underperform to Neutral. Affirm shares closed at $47.08 on Friday. <a href="https://www.benzinga.com/quote/afrm/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel cut Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) price target from $13 to $11. Stifel analyst Mark Kelley maintained a Hold rating. Snap shares closed at $11.13 on Friday. <a href="https://www.benzinga.com/quote/snap/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group raised Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) price target from $68 to $71. Evercore ISI Group analyst John Pancari maintained an Outperform rating. Wells Fargo shares closed at $60.99 on Friday. <a href="https://www.benzinga.com/quote/wfc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>JMP Securities raised the price target for Benitec Biopharma Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTC#NASDAQ">BNTC</a>) from $16 to $18. JMP Securities analyst Silvan Tuerkcan maintained a Market Outperform rating. Benitec Biopharma settled at $10.86 on Friday. <a href="https://www.benzinga.com/quote/bntc/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler raised Boot Barn Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOOT#NYSE">BOOT</a>) price target from $147 to $179. Piper Sandler analyst Peter Keith maintained an Overweight rating. Boot Barn shares closed at $159.36 on Friday. <a href="https://www.benzinga.com/quote/boot/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird raised the price target for Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) from $67 to $80. Baird analyst David Manthey maintained a Neutral rating. Fastenal shares closed at $76.82 on Friday. <a href="https://www.benzinga.com/quote/fast/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen cut ArcBest Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) price target from $131 to $114. TD Cowen analyst Jason Seidl downgraded the stock from Buy to Hold. ArcBest shares rose 1.4% to close at $105.95 on Friday. <a href="https://www.benzinga.com/quote/arcb/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying WFC stock? Here&#8217;s what analysts think:

AFRM

ARCB

BNTC

BOOT

NRIX

SNAP

Wells Fargo To Rally Around 16%? Here Are 10 Top Analyst Forecasts For Monday

Stifel analyst Brian Butler reiterates Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) with a Buy and raises the price target from $80 to $86.

Reiteration

Stifel Reiterates Buy on Fastenal, Raises Price Target to $86

Stephens &amp; Co. analyst Tommy Moll maintains Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) with a Equal-Weight and raises the price target from $56 to $75.

Stephens & Co. Maintains Equal-Weight on Fastenal, Raises Price Target to $75

Baird analyst David Manthey maintains Fastenal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) with a Neutral and raises the price target from $67 to $80.

Baird Maintains Neutral on Fastenal, Raises Price Target to $80

Fastenal (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fast#NASDAQ">FAST</a>) reported $1.91 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 3.5%. EPS of $0.52 for the same period compares to $0.52 a year ago.
The reported revenue represents a surprise of -0.26% over the Zacks Consensus Estimate of $1.92 billion. With the consensus EPS estimate being $0.52, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company&#39;s underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock&#39;s price performance.
Here is how Fastenal performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
<ul>
<li>Business days: 64 Days versus the six-analyst average estimate of 64 Days.</li>
<li>Daily sales: $29.80 versus the four-analyst average estimate of $29.92.</li>
<li>Number of in-market locations: 3,583 compared to the 3,567 average estimate based on three analysts.</li>
<li>Weighted FASTBin/FASTVend installations: 123,193 versus 122,318 estimated by two analysts on average.</li>
<li>Number of active Onsite locations: 1,986 compared to the 1,979 average estimate based on two analysts.</li>
<li>Number of branch locations: 1,597 versus the two-analyst average estimate of 1,591.</li>
<li>Weighted FASTBin/FASTVend signings: 7,281 compared to the 6,570 average estimate based on two analysts.</li>
</ul>
Shares of Fastenal have returned +0.2% over the past month versus the Zacks S&amp;P 500 composite&#39;s +5.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
<a href="https://www.zacks.com/stock/news/2349275/fastenal-fast-q3-earnings-taking-a-look-at-key-metrics-versus-estimates?cid=CS-BENZ-FT-fundamental_analysis|nfm-2349275">To read this article on Zacks.com click here.</a>

Earnings

Large Cap

Fastenal Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Friday's trading session saw another robust rally on Wall Street, with the S&amp;P 500 and Dow Jones Industrial Average both reaching new record highs, fueled by better-than-expected third-quarter earnings <a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record">from major U.S. banks.</a>
The S&amp;P 500 surged past 5,800 points, while the Dow Jones Industrial Average climbed above 42,800.
Leading the charge were top U.S. financial institutions, which kicked off the earnings season with strong results. JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>), and BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) all beat analysts&#8217; earnings expectations. The upbeat results from these banking giants triggered a rally in financial stocks, pushing the sector to an all-time high. 
Furthermore, gains spilled over to regional banks and the broader small-cap universe, as the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the Russell 2000 rallied 2.7% and 1.7%, respectively. 
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) plunged by 8%, on track for its worst session in more than a month, with analysts expecting further declines after the lack of clear business plans for robotaxis and no updates on the lower-cost production vehicle, following the highly anticipated Robotaxi <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">Day on Thursday.</a>
On the macroeconomic front, inflation remains in focus. Following Thursday&#8217;s hotter-than-expected Consumer Price Index (CPI) report, Friday's Producer Price Index (PPI) data also came in above forecasts, indicating a setback <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">in the disinflationary narrative.</a>
Despite the inflation uptick, market expectations for a Federal Reserve rate cut in November remained largely unchanged. According to CME's FedWatch tool, there is still an 85% probability of a 25-basis-point rate cut next month.
In the commodities space, oil prices steadied after surging 3.5% on Thursday, amid a lack of relevant news from the Middle East front. Gold advanced 1.2%, while silver gained 1.4%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also posted notable gains, rising over 3% in response to the strong earnings report from BlackRock, which showed higher-than-expected fund inflows. Investors appear optimistic about continued institutional interest in cryptocurrencies.
<h1 class="wp-block-heading">Friday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,223.00</td>
<td>1.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,727.13</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,807.71</td>
<td>0.5%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,259.87</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.4% to $578.52.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.6% to $427.37.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) held steady at $492.55.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.6% to $220.38.</li>
<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.9%. The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.4%.</li>
</ul>
<h1 class="wp-block-heading">Friday&#8217;s Stock Movers</h1>
<ul>
<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) rose 9.1% in reaction to the dismal Robotaxi event. </li>
<li>Shares of JPMorgan Chase &amp; Co. rose 4.8% in reaction to upbeat quarterly earnings. </li>
<li>Other banks reacting to earnings reports were Wells Fargo &amp; Co., up 6.1%, BlackRock Inc., up 2.4%, and Bank of New York Mellon, down 1.8%. </li>
<li>Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) rallied 9.1% after reporting stronger-than-expected earnings. </li>
<li>Shares of Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rallied over 10% after Wells Fargo upgraded the stock from Equal Weight to Overweight.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295766/kinder-morgans-core-business-is-robust-now-bofa-upgrades-stock">Kinder Morgan&#8217;s &#8216;Core Business Is Robust Now,&#8217; BofA Upgrades Stock</a></li>
</ul>
Photo: Shutterstock

Equities

Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Econ #s

Economics

Tech

ETFs

$BTC

SPDR Dow Jones Industrial Average ETF Trust

TSLA

UBER

XLRE

Select Sector SPDR-Consumer Discretionary

Wall Street Marks New Highs As Bank Stocks Rally, Tesla Tumbles As Robotaxi Disappoints: What's Driving Markets Friday?

A remarkable rally in financial stocks boosted bullish sentiment across Wall Street on Friday, propelling both the S&amp;P 500 and Dow Jones Industrial Average<a href="https://www.benzinga.com/news/earnings/24/10/41293190/us-banks-top-q3-earnings-estimates-jpmorgan-delivers-robust-beat-financial-sector-stocks-hit-record"> to new record levels.</a>
Strong earnings from major U.S. banks helped fuel the broader market, with investors brushing aside mixed economic data released <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41290382/producer-inflation-rises-more-than-expected-in-september-as-food-transportation-c">earlier in the day.</a>
The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), surged past the 5,800-point mark, gaining 0.7% on the day and pushing year-to-date returns to nearly 23%. 
Simultaneously, the Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), rose 0.8%, hitting 42,780 points and smashing previous records set in late September.
<h3 class="wp-block-heading">Chart: S&amp;P 500, Dow Jointly Mark All-Time Highs As US Banks Top Q3 Earnings Forecasts</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="443" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png" alt="" class="wp-image-591486" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1024x443.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-768x332.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91-1536x665.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/11105849/image-91.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101124&amp;t=be2bearmibe3na1">Benzinga Pro</a> </figcaption></figure>
<h3 class="wp-block-heading">Financial Stocks Drive Wall Street Rally</h3>
The financial sector was the primary driver of Friday's market gains. 
The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) rallied 1.9%, marking its strongest session since November 2023 and hitting a fresh record high. 
The rally came as a wave of U.S. banks reported better-than-expected third-quarter earnings, reinforcing confidence in the sector&#8217;s resilience.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) delivered a robust performance, with Q3 earnings per share (EPS) of $4.37, exceeding the $4.00 consensus. 
Shares surged over 4% by mid-morning trading in New York. Goldman Sachs analyst Richard Ramsden highlighted a &#8220;robust beat across every line,&#8221; for the largest U.S. bank.
Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) saw its shares soar 6.2% after posting an EPS of $1.42, beating expectations despite cautious guidance on net interest income for the year.
Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) also delivered stronger-than-expected results, with BK shares rising 1.8%. 
BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) gained 3.4% after upbeat earnings and revenue, as performance fees sharply surprised estimates. BlackRock shares hit a new record high. 
Other major banks participated in the rally, with Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) climbing between 2% and 4.8%. Morgan Stanley also set new all-time highs. 
The strength in large-cap banks spilled over to regional players, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) rallying 3.5%. This helped lift the Russell 2000 index, which gained 1.3% and outperformed large-cap counterparts. 
<h3 class="wp-block-heading">Mixed Economic Data Overshadowed by Strong Earnings</h3>
Friday's economic data included a higher-than-expected Producer Price Index (PPI) and a weaker-than-expected Michigan Consumer Sentiment report for October. 
The headline PPI came in at 1.8% year-over-year in September, down from an upwardly revised 1.9% in August, but above expectations of 1.6%. Core producer prices – which exclude energy and food – sharply increased from 2.6% to 2.8% year-on-year, surpassing expectations of 2.7%. 
According to preliminary estimates, the University of Michigan&#8217;s U.S. consumer sentiment index fell to 68.9 in October 2024, down from a five-month high of 70.1 in September and missing forecasts of 70.8.
Year-ahead inflation expectations rose slightly from 2.7% to 2.9%, while the five-year outlook dipped from 3.1% to 3%.
&#8220;Consumers continue to express frustration over high prices. Still, long run business conditions lifted to its highest reading in six months, while current and expected personal finances both softened slightly&#8221;, Surveys of Consumers Director Joanne Hsu said. 
Despite the mixed economic signals, investors focused on the strong bank earnings and remained optimistic about the upcoming corporate earnings season.
<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>Uber Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>)</td>
<td>Industrials</td>
<td>84.21</td>
<td>8.07%</td>
</tr>
<tr>
<td>Fastenal Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NYSE">FAST</a>)</td>
<td>Industrials</td>
<td>75.13</td>
<td>7.34</td>
</tr>
<tr>
<td>Wells Fargo &amp; Company</td>
<td>Financials</td>
<td>60.99</td>
<td>5.61</td>
</tr>
<tr>
<td>WW. Grainger, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>)</td>
<td>Industrials</td>
<td>1,079.38</td>
<td>5.29</td>
</tr>
<tr>
<td>Bank of America Corporation</td>
<td>Financials</td>
<td>41.97</td>
<td>4.99</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
<h3 class="wp-block-heading">Dow&#8217;s Top 5 Performers On Friday </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Sector</td>
<td>Price</td>
<td>1-day Return (%)</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co. </td>
<td>Financials</td>
<td>221.99</td>
<td>4.30</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>Industrials</td>
<td>150.55</td>
<td>2.68</td>
</tr>
<tr>
<td>The Goldman Sachs Group, Inc.</td>
<td>Financials</td>
<td>513.51</td>
<td>1.94</td>
</tr>
<tr>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>Information Technology</td>
<td>23.63</td>
<td>1.78</td>
</tr>
<tr>
<td>American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>Financials</td>
<td>274.73</td>
<td>1.58</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:50 a.m. ET</figcaption></figure>
Read Next:
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Image created using artificial intelligence via Midjourney.

Sector ETFs

INTC

S&P 500, Dow Jones Hit New Record Highs As Financial Stocks Soar On Upbeat Earnings

U.S. stocks were higher, with the Dow Jones index gaining around 250 points on Friday.
Shares of Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) rose sharply during Friday's session after the company reported <a href="https://www.benzinga.com/news/earnings/24/10/41290240/fastenal-q3-earnings-revenue-and-eps-beat-sets-cautious-tone-on-2024-outlook">better-than-expected third-quarter financial results.</a>
Fastenal reported sales growth of 3.5% year-over-year to $1.910 billion, beating the consensus of $1.908 billion. Unit sales increased in the quarter due to growth from larger customers, new Onsite locations, and an extra selling day, despite minor disruptions from Hurricane Helene and stable pricing. The company's third-quarter EPS was 52 cents, above the estimate of 51 cents.
Fastenal shares jumped 6% to $74.18 on Friday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Torrid Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CURV#NYSE">CURV</a>) shares jumped 13% to $3.78.</li>
<li>Pacific Biosciences of California, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACB#NASDAQ">PACB</a>) surged 12% to $1.7350 after the company announced it signed a research collaboration agreement with the National Cancer Center of Singapore. The project will use the company&#8217;s sequencing technologies.</li>
<li>Symbotic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>) gained 11.5% to $30.66.</li>
<li>Digital Turbine, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPS#NASDAQ">APPS</a>) rose 10.6% to $3.2750.</li>
<li>Mesoblast Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MESO#NASDAQ">MESO</a>) gained 10.6% to $10.32.</li>
<li>Capricor Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAPR#NASDAQ">CAPR</a>) shares jumped 10.4% to $18.92 after the company announced it reported long-term data from its HOPE-2 OLE study for Duchenne muscular dystrophy at the 2024 World Muscle Society Congress. Additionally, HC Wainwright &amp; Co. raised its price target on the stock from $40 to $77.</li>
<li>Nuvation Bio Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUVB#NASDAQ">NUVB</a>) gained 9.5% to $2.2000.</li>
<li>Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) rose 9.1% to $10.36.</li>
<li>Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) gained 8.7% to $13.49 in reaction to Tesla announcing that a rival offering, the Cybercab, will go into production in 2026.</li>
<li>Aehr Test Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NASDAQ">AEHR</a>) rose 8.6% to $14.47 after the company reported better-than-expected first-quarter financial results.</li>
<li>Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) gained 8.2% to $84.34 in reaction to Tesla announcing that a rival offering, the Cybercab, will go into production in 2026.</li>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) gained 8% to $26.04 on continued upward momentum.</li>
<li>MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) gained 7.8% to $197.69.</li>
<li>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rose 5.6% to $60.98 following upbeat quarterly earnings.</li>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) gained 4.6% to $222.57 after reporting strong quarterly results.</li>
</ul>
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Fastenal Posts Upbeat Earnings, Joins Wells Fargo, JPMorgan And Other Big Stocks Moving Higher On Friday

Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) shares are trading higher after the company reported better-than-expected <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41288413/fastenal-company-reports-2024-third-quarter-earnings" rel="noreferrer noopener">third-quarter results</a>.
Fastenal reported sales growth of 3.5% year-over-year to $1.910 billion, beating the consensus of $1.908 billion. Unit sales increased in the quarter due to growth from larger customers, new Onsite locations, and an extra selling day, despite minor disruptions from Hurricane Helene and stable pricing.
Weighted FASTBin/FASTVend signings (MEUs) rose 22% Y/Y to 7,281; Weighted FASTBin/FASTVend installations rose 11.8% Y/Y.
In the third quarter, FAST&#8217;s Digital Footprint represented 61.1% of sales, an increase from 57.1% a year ago.
The gross margin contracted to 44.9% from 45.9%, primarily due to unfavorable customer and product mix, higher import duties, lack of a prior year&#8217;s shipper rebate, and lower supplier rebates.
Operating income was $388.1 million (+0.4% Y/Y), and the margin was 20.3%, a decline from 21.0% in the same quarter of 2023.
Related: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41274116/fastenal-gears-up-for-q3-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate" rel="noreferrer noopener">Fastenal Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
The company&#8217;s third-quarter EPS was $0.52, <a href="https://www.benzinga.com/earnings">above the estimate of $0.51.</a>
Fastenal&#8217;s operating cash flow for the quarter was $296.9 million, a decrease of 23.5% year over year. This represented 99.6% of the period&#8217;s net income versus 131.3% in the third quarter of 2023.
The company held cash and equivalents of $291.2 million as of September-end.
The company did not repurchase any common stock in the first nine months of 2024 or 2023.
Total debt decreased to $240.0 million (6.3% of total capital) at the end of the quarter from $260 million a year ago.
The company signed 93 new Onsite locations in the third quarter, resulting in 302 year-to-date signings. Active Onsite locations rose 11.7% to 1,986.
Outlook: For 2024, Fastenal&#8217;s goal for Onsite signings remains between 375 to 400, although the lower half of this range seems most likely given the pace of signings through the&nbsp;third quarter.
Price Action: FAST shares are trading higher by 4.44% at $73.10 premarket at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41288470/wall-street-on-backfoot-as-ppi-print-jpmorgan-earnings-loom-this-strategist-expects-positive-market" target="_blank" rel="noreferrer noopener">Wall Street On Backfoot As PPI Print, JPMorgan Earnings Loom: This Strategist Expects Positive Market Performance, But With Muted Returns</a></li>
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Fastenal Q3 Earnings: Revenue And EPS Beat, Sets Cautious Tone On 2024 Outlook

TSLA: -7% &#x7C; T<a href="https://www.benzinga.com//node/41284847">esla Unveils 2-Seater Cybercab That Drives Itself, Price Expected To Be Under $30K: Also Shows Off 20-Seater Robovan To Rival Uber Shuttle</a>
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AGBA: 34% &#x7C; <a href="https://www.benzinga.com//node/41288541">AGBA, Triller Expect Merger To Close On October 14, 2024 Subject To Final Nasdaq Approval</a>
&nbsp;
FAST: 5% &#x7C; <a href="https://www.benzinga.com//node/41289361">Fastenal shares are trading higher after the company reported better-than-expected Q3 financial results.</a>

AGBA

Market-Moving News for October 11th

Fastenal shares are trading higher after the company reported better-than-expected Q3 financial results.

Fastenal Company (FAST) Q3 2024 Earnings Call Transcript

In a report released today, Kenneth Newman from KeyBanc maintained a Hold rating on Fastenal Company (FAST – Research Report). The company's shares...

KeyBanc Sticks to Their Hold Rating for Fastenal Company (FAST)

High-Quality Dividend Stock Universe: Fastenal Company - In Need Of A Moderate Pullback

Analyst Sabrina Abrams from Bank of America Securities maintained a Buy rating on Fastenal Company (FAST – Research Report) and keeping the price t...

Buy Rating Affirmed for Fastenal on Strong Sales Growth and Market Share Gains

Loop Capital Markets analyst Chris Dankert reiterated a Hold rating on Fastenal Company (FAST – Research Report) today and set a price target of $7...

Loop Capital Markets Sticks to Its Hold Rating for Fastenal Company (FAST)

The latest update is out from Fastenal Company ( ($FAST) ). Fastenal Company has appointed Donnalee K. Papenfuss as Executive Vice President of Str...

Fastenal Appoints New Executive VP for Strategy

Dividend Champion, Contender, And Challenger Highlights: Week Of October 20

Dividend per share market pricing is 'too pessimistic' says Goldman, lists high dividend yield and growth stocks

Top 50 High-Quality Dividend Growth Stocks - October 2024 Results

Robert W. Baird analyst David Manthey maintained a Hold rating on Fastenal Company (FAST – Research Report) on November 6 and set a price target of...

Fastenal Company's Slower Growth and Valuation Concerns Justify Hold Rating

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