Foxhaven Asset Management Lp adds FleetCor Technologies (FLT) to its portfolio

FleetCor Technologies (FLT) : Foxhaven Asset Management Lp added new position in FleetCor Technologies during the most recent quarter end. The investment management firm now holds 279,761 shares of FleetCor Technologies which is valued at $46,009,494 , the company said in a statement filed on Aug 15, 2016 with the SEC.FleetCor Technologies makes up approximately 4.81% of Foxhaven Asset Management Lp’s portfolio.

Other Hedge Funds, Including , Hitchwood Capital Management Lp reduced its stake in FLT by selling 600,000 shares or 54.55% in the most recent quarter. The Hedge Fund company now holds 500,000 shares of FLT which is valued at $82,230,000. FleetCor Technologies makes up approx 2.54% of Hitchwood Capital Management Lp’s portfolio.Comerica Bank reduced its stake in FLT by selling 2,574 shares or 12.19% in the most recent quarter. The Hedge Fund company now holds 18,543 shares of FLT which is valued at $3,049,582. FleetCor Technologies makes up approx 0.03% of Comerica Bank’s portfolio.Engineers Gate Manager Lp boosted its stake in FLT in the latest quarter, The investment management firm added 1,321 additional shares and now holds a total of 8,400 shares of FleetCor Technologies which is valued at $1,381,464. FleetCor Technologies makes up approx 0.09% of Engineers Gate Manager Lp’s portfolio.Tributary Capital Management reduced its stake in FLT by selling 8,100 shares or 32.4% in the most recent quarter. The Hedge Fund company now holds 16,900 shares of FLT which is valued at $2,783,768. FleetCor Technologies makes up approx 0.39% of Tributary Capital Management’s portfolio.Diam Ltd. boosted its stake in FLT in the latest quarter, The investment management firm added 824 additional shares and now holds a total of 16,822 shares of FleetCor Technologies which is valued at $2,585,878. FleetCor Technologies makes up approx 0.04% of Diam Ltd.’s portfolio.

FleetCor Technologies opened for trading at $164.51 and hit $168.47 on the upside on Thursday, eventually ending the session at $167.67, with a gain of 2.11% or 3.47 points. The heightened volatility saw the trading volume jump to 12,94,137 shares. Company has a market cap of $20,276 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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