Jennison Associates Lowers stake in FleetCor Technologies (FLT)

FleetCor Technologies (FLT) : Jennison Associates reduced its stake in FleetCor Technologies by 1.3% during the most recent quarter end. The investment management company now holds a total of 4,534,292 shares of FleetCor Technologies which is valued at $697,011,366 after selling 59,850 shares in FleetCor Technologies , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.FleetCor Technologies makes up approximately 0.73% of Jennison Associates’s portfolio.

Other Hedge Funds, Including , Swiss National Bank boosted its stake in FLT in the latest quarter, The investment management firm added 56,200 additional shares and now holds a total of 259,700 shares of FleetCor Technologies which is valued at $39,921,084. FleetCor Technologies makes up approx 0.06% of Swiss National Bank’s portfolio.Oregon Public Employees Retirement Fund boosted its stake in FLT in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 500 shares of FleetCor Technologies which is valued at $76,860. Atria Investments added FLT to its portfolio by purchasing 1,490 company shares during the most recent quarter which is valued at $223,008. FleetCor Technologies makes up approx 0.02% of Atria Investments’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in FLT by selling 2,673 shares or 17.82% in the most recent quarter. The Hedge Fund company now holds 12,324 shares of FLT which is valued at $1,772,068. FleetCor Technologies makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.

FleetCor Technologies opened for trading at $162.91 and hit $163.47 on the upside on Monday, eventually ending the session at $163.47, with a gain of 0.71% or 1.15 points. The heightened volatility saw the trading volume jump to 11,66,961 shares. Company has a market cap of $15,129 M.

On the company’s financial health, FleetCor Technologies reported $1.56 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.54. The company had revenue of $417.90 million for the quarter, compared to analysts expectations of $415.87 million. The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 EPS.

Many Wall Street Analysts have commented on FleetCor Technologies. JP Morgan Upgraded FleetCor Technologies on Jul 12, 2016 to ” Overweight”, Price Target of the shares are set at $159.FleetCor Technologies was Initiated by SunTrust to “Buy” on Jun 24, 2016.

FleetCor Technologies Inc. is an independent global provider of fuel cards commercial payment and data solutions stored value solutions and workforce payment products and services to businesses retailers commercial fleets oil companies petroleum marketers and Government entities in countries. The Company operates in two segments: North America and International. In North America the Company sells a fuel card product commercial payment and data solutions as well as a fleet telematics offering which allows customers to track the location of mobile workers in field-based businesses as well as over-the-road trucking fleets. In its International segment the Company provides small and mid-sized fleets with fuel cards to control and manage spending. Additionally the Company provides a similar fuel product in its International segment to over-the-road trucking fleets shipping fleets and other operators of heavily industrialized equipment.

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