Fastenal (NASDAQ:FAST) Cut to "Moderate Sell" at Hsbc Global Res

Fastenal (NASDAQ:FAST - Get Free Report) was downgraded by Hsbc Global Res from a "hold" rating to a "moderate sell" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other brokerages have also weighed in on FAST. JPMorgan Chase & Co. upped their price objective on Fastenal from $57.00 to $63.00 and gave the company a "neutral" rating in a report on Thursday, October 10th. Bank of America initiated coverage on shares of Fastenal in a research report on Monday, October 7th. They issued a "buy" rating and a $85.00 price target on the stock. HSBC lowered shares of Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price objective for the company. in a research report on Wednesday. Robert W. Baird boosted their target price on shares of Fastenal from $67.00 to $80.00 and gave the stock a "neutral" rating in a report on Monday, October 14th. Finally, Stephens raised their target price on shares of Fastenal from $56.00 to $75.00 and gave the stock an "equal weight" rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $77.40.

Fastenal Price Performance

FAST traded down $0.57 on Wednesday, reaching $78.47. The company had a trading volume of 2,387,306 shares, compared to its average volume of 3,238,986. The company has a market capitalization of $44.95 billion, a P/E ratio of 39.32, a PEG ratio of 4.69 and a beta of 1.00. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The company has a fifty day moving average of $79.30 and a 200-day moving average of $71.19. Fastenal has a one year low of $61.33 and a one year high of $84.88.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business's revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $0.52 earnings per share. As a group, equities research analysts anticipate that Fastenal will post 2.03 earnings per share for the current year.

Insider Activity

In other Fastenal news, insider William Joseph Drazkowski sold 16,362 shares of Fastenal stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the completion of the sale, the insider now owns 5,997 shares of the company's stock, valued at $465,667.05. This trade represents a 73.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Charles S. Miller sold 23,480 shares of the company's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total transaction of $1,970,441.60. The disclosure for this sale can be found here. Insiders sold 158,289 shares of company stock worth $12,639,438 over the last quarter. Corporate insiders own 0.41% of the company's stock.

Institutional Trading of Fastenal

A number of institutional investors have recently bought and sold shares of FAST. State Street Corp grew its position in Fastenal by 5.1% in the third quarter. State Street Corp now owns 27,989,485 shares of the company's stock worth $1,999,009,000 after acquiring an additional 1,346,863 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Fastenal by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company's stock valued at $1,419,690,000 after purchasing an additional 608,596 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fastenal by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company's stock valued at $1,188,251,000 after purchasing an additional 880,372 shares during the last quarter. Legal & General Group Plc boosted its holdings in Fastenal by 3.4% in the second quarter. Legal & General Group Plc now owns 5,909,206 shares of the company's stock worth $371,334,000 after purchasing an additional 193,734 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Fastenal by 5.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company's stock worth $336,974,000 after buying an additional 226,126 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.