Comerica Bank Sells 6,710 Shares of Fastenal Company (FAST)
Comerica Bank trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST) by 5.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 113,043 shares of the company’s stock after selling 6,710 shares during the period. Comerica Bank’s holdings in Fastenal were worth $5,290,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in Fastenal by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after purchasing an additional 943,262 shares during the last quarter. BlackRock Inc. boosted its stake in Fastenal by 1.9% during the 2nd quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock valued at $774,680,000 after purchasing an additional 336,893 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Fastenal by 8.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock valued at $739,306,000 after purchasing an additional 1,297,185 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Fastenal by 5.1% during the 2nd quarter. Principal Financial Group Inc. now owns 2,494,090 shares of the company’s stock valued at $108,567,000 after purchasing an additional 121,909 shares during the last quarter. Finally, Mcdonald Capital Investors Inc. CA boosted its stake in Fastenal by 4.7% during the 3rd quarter. Mcdonald Capital Investors Inc. CA now owns 2,285,396 shares of the company’s stock valued at $104,168,000 after purchasing an additional 103,147 shares during the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.
In related news, insider Terry Modock Owen sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $48.02, for a total value of $1,440,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Leland J. Hein sold 10,000 shares of the firm’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $47.14, for a total value of $471,400.00. Following the completion of the transaction, the insider now directly owns 21,290 shares in the company, valued at $1,003,610.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,112 shares of company stock worth $2,884,832. 0.55% of the stock is owned by insiders.
Fastenal Company (FAST) opened at $48.45 on Wednesday. Fastenal Company has a twelve month low of $39.79 and a twelve month high of $52.74. The company has a market capitalization of $13,826.35, a price-to-earnings ratio of 25.59, a P/E/G ratio of 1.78 and a beta of 1.06. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the firm earned $0.44 EPS. Fastenal’s revenue for the quarter was up 11.8% compared to the same quarter last year. analysts anticipate that Fastenal Company will post 1.93 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.64%. Fastenal’s dividend payout ratio is currently 68.09%.
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Several analysts have commented on FAST shares. KeyCorp reiterated a “buy” rating and set a $52.00 target price on shares of Fastenal in a research note on Thursday, October 12th. Northcoast Research started coverage on Fastenal in a research note on Tuesday, July 25th. They set a “buy” rating and a $54.00 target price on the stock. BMO Capital Markets reiterated a “market perform” rating and set a $51.00 target price (up from $46.00) on shares of Fastenal in a research note on Tuesday, October 10th. Stephens set a $54.00 target price on Fastenal and gave the company a “buy” rating in a research note on Wednesday, October 11th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $46.00 target price on shares of Fastenal in a research note on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $50.80.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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