Lone Pine Capital Lowers stake in FleetCor Technologies (FLT)

FleetCor Technologies (FLT) : Lone Pine Capital reduced its stake in FleetCor Technologies by 8.23% during the most recent quarter end. The investment management company now holds a total of 5,904,403 shares of FleetCor Technologies which is valued at $971,038,117 after selling 529,800 shares in FleetCor Technologies , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.FleetCor Technologies makes up approximately 4.34% of Lone Pine Capital’s portfolio.

Other Hedge Funds, Including , Bamco Inc Ny reduced its stake in FLT by selling 185,623 shares or 14.74% in the most recent quarter. The Hedge Fund company now holds 1,073,822 shares of FLT which is valued at $176,600,766. FleetCor Technologies makes up approx 0.86% of Bamco Inc Ny’s portfolio.Groesbeck Investment Management Corp Nj reduced its stake in FLT by selling 600 shares or 10.09% in the most recent quarter. The Hedge Fund company now holds 5,348 shares of FLT which is valued at $879,532. FleetCor Technologies makes up approx 0.61% of Groesbeck Investment Management Corp Nj’s portfolio. Mycio Wealth Partners added FLT to its portfolio by purchasing 8 company shares during the most recent quarter which is valued at $1,316.Saturna Capital Corp reduced its stake in FLT by selling 6,779 shares or 47.73% in the most recent quarter. The Hedge Fund company now holds 7,423 shares of FLT which is valued at $1,222,717. FleetCor Technologies makes up approx 0.04% of Saturna Capital Corp’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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