Comerica Bank Sells 9,359 Shares of Fastenal (NASDAQ:FAST)

Comerica Bank reduced its stake in Fastenal (NASDAQ:FAST – Get Rating) by 10.6% during the third quarter, Holdings Channel.com reports. The firm owned 79,029 shares of the company’s stock after selling 9,359 shares during the quarter. Comerica Bank’s holdings in Fastenal were worth $3,698,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. State Street Corp raised its holdings in Fastenal by 0.3% during the second quarter. State Street Corp now owns 27,379,888 shares of the company’s stock valued at $1,366,804,000 after acquiring an additional 80,379 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fastenal by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,227,656 shares of the company’s stock valued at $548,123,000 after acquiring an additional 681,328 shares during the period. Northern Trust Corp raised its holdings in Fastenal by 0.6% during the first quarter. Northern Trust Corp now owns 7,502,384 shares of the company’s stock valued at $445,642,000 after acquiring an additional 41,898 shares during the period. Baird Financial Group Inc. raised its holdings in Fastenal by 1.7% during the second quarter. Baird Financial Group Inc. now owns 6,568,882 shares of the company’s stock valued at $327,919,000 after acquiring an additional 107,418 shares during the period. Finally, Invesco Ltd. raised its holdings in Fastenal by 1.3% during the first quarter. Invesco Ltd. now owns 6,220,010 shares of the company’s stock valued at $369,467,000 after acquiring an additional 81,645 shares during the period. 76.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FAST has been the topic of a number of recent analyst reports. Morgan Stanley decreased their price target on Fastenal from $43.00 to $42.00 and set an “underweight” rating on the stock in a report on Friday, January 6th. StockNews.com cut Fastenal from a “buy” rating to a “hold” rating in a report on Saturday, October 15th. Finally, Jefferies Financial Group restated a “hold” rating and set a $50.00 price objective on shares of Fastenal in a research report on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $50.83.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts purchased 5,940 shares of the company’s stock in a transaction that occurred on Tuesday, November 29th. The stock was bought at an average price of $50.58 per share, for a total transaction of $300,445.20. Following the completion of the transaction, the insider now owns 5,940 shares in the company, valued at approximately $300,445.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.40% of the stock is currently owned by company insiders.

Fastenal Trading Down 0.4 %

Shares of Fastenal stock opened at $48.82 on Monday. The firm has a market cap of $27.96 billion, a price-to-earnings ratio of 26.11, a PEG ratio of 2.83 and a beta of 1.18. Fastenal has a twelve month low of $43.73 and a twelve month high of $61.15. The company has a quick ratio of 1.89, a current ratio of 3.98 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $49.68 and a 200-day moving average price of $49.56.

Fastenal (NASDAQ:FAST – Get Rating) last released its quarterly earnings results on Thursday, October 13th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.78 billion. Fastenal had a return on equity of 34.25% and a net margin of 15.73%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. Equities research analysts anticipate that Fastenal will post 1.88 EPS for the current fiscal year.

Fastenal Profile

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Fastenal Co engages in the provision of fasteners, tools, and supplies which can help manufacture products, build structures, protect personnel, and maintain facilities and equipment. Its products include cutting tools and metalworking, fasteners, material handling, storage and packaging power, transmission and motors, tools and equipment, electricals, abrasives, hydraulics and pneumatics, plumbing, lifting and rigging, raw materials, fleet and automotive, welding, office products and furniture, and janitorial supplies.