Fastenal (NASDAQ:FAST) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC lessened its position in shares of Fastenal (NASDAQ:FAST) by 55.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,889 shares of the company’s stock after selling 16,993 shares during the period. Apollon Wealth Management LLC’s holdings in Fastenal were worth $992,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Fastenal during the 3rd quarter worth $25,000. Central Valley Advisors LLC purchased a new stake in Fastenal during the 2nd quarter worth about $28,000. Triad Wealth Partners LLC purchased a new stake in Fastenal during the 2nd quarter worth about $32,000. Crewe Advisors LLC increased its position in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC increased its position 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 purchasing an additional 428 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In related news, VP John Lewis Soderberg sold 488 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.32, for a total transaction of $37,244.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Anthony Paul Broersma sold 680 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The disclosure for this sale can be found here. Insiders have sold 254,033 shares of company stock valued at $19,240,434 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

FAST has been the subject of a number of recent research reports. Robert W. Baird lifted their price objective on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price objective (up previously from $80.00) on shares of Fastenal in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Morgan Stanley lifted their price target on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a report on Monday, October 14th. Finally, UBS Group began coverage on Fastenal in a report on Wednesday. They issued a “neutral” rating and a $88.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $74.80.

Fastenal Stock Performance

NASDAQ FAST opened at $81.85 on Friday. The firm has a market capitalization of $46.89 billion, a P/E ratio of 40.86, a P/E/G ratio of 4.90 and a beta of 0.99. Fastenal has a 1-year low of $59.47 and a 1-year high of $84.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The business’s 50-day simple moving average is $74.64 and its 200-day simple moving average is $69.13.

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

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, October 25th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, October 25th. Fastenal’s dividend payout ratio is currently 77.61%.

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.