HSBC Downgrades Fastenal (NASDAQ:FAST) to Reduce

Fastenal (NASDAQ:FAST - Get Free Report) was downgraded by equities research analysts at HSBC from a "hold" rating to a "reduce" rating in a report issued on Wednesday, MarketBeat Ratings reports. They currently have a $70.00 target price on the stock. HSBC's price objective would suggest a potential downside of 11.68% from the stock's current price.

FAST has been the topic of a number of other reports. Bank of America began coverage on Fastenal in a research note on Monday, October 7th. They issued a "buy" rating and a $85.00 price objective on the stock. Morgan Stanley boosted their price target on shares of Fastenal from $72.00 to $76.00 and gave the company an "equal weight" rating in a research report on Monday, October 14th. Robert W. Baird upped their price objective on shares of Fastenal from $67.00 to $80.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $57.00 to $63.00 and gave the stock a "neutral" rating in a research report on Thursday, October 10th. Finally, Stifel Nicolaus lowered shares of Fastenal from a "buy" rating to a "hold" rating and set a $86.00 target price on the stock. in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $77.40.

Fastenal Trading Down 0.6 %

Shares of Fastenal stock traded down $0.51 during trading on Wednesday, hitting $79.26. The company's stock had a trading volume of 2,522,898 shares, compared to its average volume of 3,247,634. The stock has a 50-day moving average price of $78.98 and a two-hundred day moving average price of $71.08. Fastenal has a 52 week low of $61.33 and a 52 week high of $84.88. The stock has a market cap of $45.41 billion, a price-to-earnings ratio of 39.43, a price-to-earnings-growth ratio of 4.79 and a beta of 1.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the company earned $0.52 EPS. Fastenal's quarterly revenue was up 3.5% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 2.03 EPS for the current fiscal year.

Insider Activity at Fastenal

In other Fastenal news, CAO Sheryl Ann Lisowski sold 13,567 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $76.19, for a total value of $1,033,669.73. Following the completion of the transaction, the chief accounting officer now owns 5,096 shares in the company, valued at approximately $388,264.24. This represents a 72.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the sale, the chief executive officer now owns 286,018 shares of the company's stock, valued at $19,929,734.24. The trade was a 14.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 208,289 shares of company stock valued at $16,123,438 over the last ninety days. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fastenal

Several institutional investors have recently modified their holdings of FAST. Ashton Thomas Securities LLC purchased a new stake in shares of Fastenal during the 3rd quarter worth $25,000. Knuff & Co LLC acquired a new stake in shares of Fastenal in the 3rd quarter valued at about $27,000. Moisand Fitzgerald Tamayo LLC grew its stake in Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company's stock worth $34,000 after buying an additional 428 shares during the last quarter. First Personal Financial Services acquired a new stake in shares of Fastenal in the third quarter valued at approximately $36,000. Finally, Triad Wealth Partners LLC purchased a new stake in Fastenal in the 2nd quarter valued at $32,000. Institutional investors and hedge funds own 81.38% of the company's stock.

About Fastenal

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.