Sentiment has very definitely turned on the American industrial
economy, and investors have been fleeing the stocks of industrial
distributors and supplies like Fastenal (FAST), MSC Industrial (MSM), and Grainger (GWW).
Fastenal once again delivered a good quarter of growth in an absolute
sense, but the high valuation and competitive threats make this a less
perfect stock.
A Sigh Of Relief After Q2
With the
reported monthly sales figures at Fastenal and Grainger showing
declining growth (but still double-digit growth in the case of
Fastenal), analysts have been paring back their estimates here for a
couple of months. Consequently, the company's basically in-line
performance and the steady tone of management on the call seems to be
giving investors some relief.
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Fastenal - Plenty To Love Outside The Valuation
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