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As this week is the kick-off to Q1 2011 earnings season, it is worthwhile to see which of those reporting companies has been seeing positive attention from big money managers.

We ran a screen on the companies reporting this week and found 12 that have seen net institutional buying over the last two quarters. We report the net number of institutional shares purchased for each quarter, as well as other interesting data on these companies.

[Click all to enlarge]

Are institutional investors calling it right? Or do you think these companies may disappoint this week? Use this list as a starting-off point for your own analysis into this week’s reporters.

List sorted by earnings release date.

1. Fastenal Co. (NASDAQ:FAST): General Building Materials Industry. Market cap of $9.93B. The company is releasing earnings on 4/12/11. Net institutional shares purchased over the current quarter at 1.9M and 4.8M net institutional shares purchased over the previous quarter. The stock is a short squeeze candidate, with a short float at 10.13% (equivalent to 15.47 days of average volume). The stock has gained 31.86% over the last year.

2. Mistras Group, Inc. (NYSE:MG): Technical Services Industry. Market cap of $438.29M. The company is releasing earnings on 4/12/11. Net institutional shares purchased over the current quarter at 2.6M and 181.2K net institutional shares purchased over the previous quarter. The stock has gained 54.08% over the last year.

3. ADTRAN Inc. (NASDAQ:ADTN): Communication Equipment Industry. Market cap of $2.70B. The company is releasing earnings on 4/13/11. Net institutional shares purchased over the current quarter at 3.8M and 1.9M net institutional shares purchased over the previous quarter. The stock has gained 51.56% over the last year.

4. ASML Holding NV (NASDAQ:ASML): Semiconductor Equipment & Materials Industry. Market cap of $18.27B. The company is releasing earnings on 4/13/11. Net institutional shares purchased over the current quarter at 9.9M and 14.1M net institutional shares purchased over the previous quarter. The stock has gained 18.13% over the last year.

5. Commerce Bancshares Inc. (NASDAQ:CBSH): Regional Bank. Market cap of $3.56B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 2.6M and 687.8K net institutional shares purchased over the previous quarter. The stock has lost 0.27% over the last year.

6. Cubist Pharmaceuticals Inc. (NASDAQ:CBST): Drug Manufacturer. Market cap of $1.78B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 1.6M and 664.0K net institutional shares purchased over the previous quarter. The stock is a short squeeze candidate, with a short float at 10.68% (equivalent to 5.94 days of average volume). CBST is also exhibiting strong upside momentum, currently trading 15.41% above its SMA20, 25.5% above its SMA50, and 30.47% above its SMA200.

7. Google Inc. (NASDAQ:GOOG): Internet Information Providers Industry. Market cap of $185.89B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 4.9M and 1.9M net institutional shares purchased over the previous quarter. The stock has gained 0.95% over the last year.

8. Kinder Morgan Management LLC (NYSE:KMR): Oil & Gas Pipelines Industry. Market cap of $6.08B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 1.9M and 422.9K net institutional shares purchased over the previous quarter. The stock has gained 10.2% over the last year.

9. SUPERVALU Inc. (NYSE:SVU): Grocery Stores Industry. Market cap of $2.0B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 13.9M and 2.1M net institutional shares purchased over the previous quarter. The stock is a short squeeze candidate, with a short float at 23.19% (equivalent to 5.92 days of average volume). The stock has had a good month, gaining 22.5%.

10. Check Point Software Technologies Ltd. (NASDAQ:CHKP): Security Software & Services Industry. Market cap of $12.53B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 2.0M and 4.2M net institutional shares purchased over the previous quarter. The stock has gained 42.28% over the last year.

11. Prosperity Bancshares Inc. (PRSP): Regional Bank. Market cap of $2.01B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 488.5K and 1.3M net institutional shares purchased over the previous quarter. The stock is a short squeeze candidate, with a short float at 9.66% (equivalent to 17.37 days of average volume). The stock has gained 4.09% over the last year.

12. Valmont Industries, Inc. (NYSE:VMI): Metal Fabrication Industry. Market cap of $2.75B. The company is releasing earnings on 4/14/11. Net institutional shares purchased over the current quarter at 3.7M and 561.1K net institutional shares purchased over the previous quarter. The stock has gained 21.47% over the last year.

Institutional data sourced from Fidelity, earnings date and all other data sourced from Finviz.

Source: 12 Big-Money Targets Set to Release Earnings This Week