Fastenal Company (NASDAQ:FAST) was in 17 hedge funds’ portfolio at the end of December. FAST shareholders have witnessed an increase in enthusiasm from smart money lately. There were 14 hedge funds in our database with FAST positions at the end of the previous quarter.
To the average investor, there are a multitude of gauges market participants can use to monitor Mr. Market. Two of the most innovative are hedge fund and insider trading sentiment. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the elite hedge fund managers can outpace the market by a healthy margin (see just how much).
Equally as important, bullish insider trading sentiment is another way to break down the stock market universe. There are lots of motivations for an executive to sell shares of his or her company, but just one, very clear reason why they would initiate a purchase. Many empirical studies have demonstrated the useful potential of this method if investors know where to look (learn more here).
Keeping this in mind, let’s take a gander at the key action regarding Fastenal Company (NASDAQ:FAST).
What does the smart money think about Fastenal Company (NASDAQ:FAST)?
At the end of the fourth quarter, a total of 17 of the hedge funds we track were long in this stock, a change of 21% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were increasing their stakes considerably.
Of the funds we track, SAC Capital Advisors, managed by Steven Cohen, holds the most valuable position in Fastenal Company (NASDAQ:FAST). SAC Capital Advisors has a $53 million position in the stock, comprising 0.3% of its 13F portfolio. The second largest stake is held by Conatus Capital Management, managed by David Stemerman, which held a $52 million position; 0.2% of its 13F portfolio is allocated to the stock. Remaining hedgies that are bullish include Israel Englander’s Millennium Management, Phill Gross and Robert Atchinson’s Adage Capital Management and Dmitry Balyasny’s Balyasny Asset Management.
As aggregate interest increased, key hedge funds were breaking ground themselves. Balyasny Asset Management, managed by Dmitry Balyasny, assembled the most valuable position in Fastenal Company (NASDAQ:FAST). Balyasny Asset Management had 7 million invested in the company at the end of the quarter. SAC Subsidiary’s CR Intrinsic Investors also made a $3 million investment in the stock during the quarter. The other funds with brand new FAST positions are Bruce Kovner’s Caxton Associates LP, D. E. Shaw’s D E Shaw, and Jacob Gottlieb’s Visium Asset Management.
Insider trading activity in Fastenal Company (NASDAQ:FAST)
Insider buying is most useful when the company we’re looking at has experienced transactions within the past half-year. Over the latest 180-day time frame, Fastenal Company (NASDAQ:FAST) has seen 4 unique insiders buying, and 4 insider sales (see the details of insider trades here).
With the returns shown by Insider Monkey’s tactics, retail investors should always keep an eye on hedge fund and insider trading activity, and Fastenal Company (NASDAQ:FAST) is no exception.
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