Tiger Global Management Lowers stake in FleetCor Technologies (FLT)

FleetCor Technologies (FLT) : Tiger Global Management reduced its stake in FleetCor Technologies by 20.91% during the most recent quarter end. The investment management company now holds a total of 3,614,626 shares of FleetCor Technologies which is valued at $594,461,392 after selling 955,374 shares in FleetCor Technologies , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.FleetCor Technologies makes up approximately 8.27% of Tiger Global Management’s portfolio.

Other Hedge Funds, Including , Driehaus Capital Management reduced its stake in FLT by selling 2,210 shares or 31.65% in the most recent quarter. The Hedge Fund company now holds 4,772 shares of FLT which is valued at $784,803. FleetCor Technologies makes up approx 0.03% of Driehaus Capital Management’s portfolio.State Of Wisconsin Investment Board reduced its stake in FLT by selling 5,300 shares or 6.93% in the most recent quarter. The Hedge Fund company now holds 71,132 shares of FLT which is valued at $11,698,369. FleetCor Technologies makes up approx 0.05% of State Of Wisconsin Investment Board’s portfolio.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. Jfs Wealth Advisors sold out all of its stake in FLT during the most recent quarter. The investment firm sold 2 shares of FLT which is valued $302.

FleetCor Technologies opened for trading at $168.2 and hit $169.23 on the upside on Wednesday, eventually ending the session at $167.96, with a gain of 0.10% or 0.16 points. The heightened volatility saw the trading volume jump to 556,089 shares. Company has a market cap of $20,311 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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