Shares Slump After Fastenal Company (FAST) Beats On Earnings, Misses On Revenue

Hedge fund activity in Fastenal Company (NASDAQ:FAST)

At the end of the first quarter, a total of 20 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of four from the previous quarter. With hedgies’ sentiment swirling, there exists a few key hedge fund managers who were upping their holdings considerably.

According to hedge fund experts at Insider Monkey, Ken Griffin‘s Citadel Investment Group had the biggest position in Fastenal Company (NASDAQ:FAST), worth close to $71.3 million from 1.72 million shares, amounting to 0.1% of its total 13F portfolio. On Citadel Investment Group’s heels was Renaissance Technologies, led by Jim Simons, holding a $63.7 million position of 1.54 million shares; the fund also had 0.1% of its 13F portfolio invested in the stock. Remaining hedgies that are bullish include Joel Greenblatt’s Gotham Asset Management, Israel Englander’s Millennium Management, and Curtis Macnguyen’s Ivory Capital (Investment Mgmt).

Consequently, some big names were breaking ground themselves. Gotham Asset Management created the most valuable position in Fastenal Company (NASDAQ:FAST). Gotham Asset Management had $25.5 million invested in the company at the end of the quarter. Neil Chriss’ Hutchin Hill Capital also made a $12.4 million investment in the stock during the quarter. The other funds with brand new Fastenal positions were David E. Shaw’s D E Shaw and Greg Poole‘s Echo Street Capital Management.

With very positive hedge fund sentiment, motivated insiders, and acceptable quarterly results, we believe Fastenal is poised towards growth in the future and recommend buying on today’s weakness.

Disclosure: None