Fastenal Company $FAST Shares Sold by Comerica Bank

Comerica Bank lessened its position in shares of Fastenal Company (NASDAQ:FAST) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 283,293 shares of the company’s stock after selling 14,674 shares during the period. Comerica Bank’s holdings in Fastenal were worth $11,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. SOA Wealth Advisors LLC. boosted its position in shares of Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after buying an additional 255 shares during the period. REAP Financial Group LLC acquired a new position in shares of Fastenal in the third quarter worth about $30,000. First Horizon Corp acquired a new position in shares of Fastenal in the third quarter worth about $33,000. Financial Perspectives Inc lifted its stake in shares of Fastenal by 414.0% in the third quarter. Financial Perspectives Inc now owns 699 shares of the company’s stock worth $34,000 after acquiring an additional 563 shares in the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Fastenal in the third quarter worth about $35,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

FAST has been the topic of several recent analyst reports. UBS Group reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Robert W. Baird lowered their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Raymond James Financial set a $48.00 price objective on Fastenal in a research note on Thursday, March 5th. Bank of America upped their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.77.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $44.68 on Wednesday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The stock has a fifty day moving average price of $45.77 and a two-hundred day moving average price of $43.54. The firm has a market cap of $51.29 billion, a P/E ratio of 39.19, a PEG ratio of 2.89 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Research analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, April 28th. Fastenal’s dividend payout ratio is 84.21%.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.