Alta Capital Management Lowers stake in FleetCor Technologies (FLT)

FleetCor Technologies (FLT) : Alta Capital Management reduced its stake in FleetCor Technologies by 9.83% during the most recent quarter end. The investment management company now holds a total of 97,624 shares of FleetCor Technologies which is valued at $16,473,074 after selling 10,647 shares in FleetCor Technologies , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.FleetCor Technologies makes up approximately 1.04% of Alta Capital Management’s portfolio.

Other Hedge Funds, Including , Cupps Capital Management boosted its stake in FLT in the latest quarter, The investment management firm added 1,622 additional shares and now holds a total of 9,772 shares of FleetCor Technologies which is valued at $1,705,996. FleetCor Technologies makes up approx 0.74% of Cupps Capital Management’s portfolio.Capital Investment Services Of America reduced its stake in FLT by selling 105 shares or 0.22% in the most recent quarter. The Hedge Fund company now holds 47,722 shares of FLT which is valued at $8,229,182. FleetCor Technologies makes up approx 1.58% of Capital Investment Services Of America’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in FLT in the latest quarter, The investment management firm added 1,453 additional shares and now holds a total of 13,777 shares of FleetCor Technologies which is valued at $2,385,763. FleetCor Technologies makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio. Washington Trust Bank added FLT to its portfolio by purchasing 8 company shares during the most recent quarter which is valued at $1,385.

FleetCor Technologies closed down -3.51 points or -2.01% at $171.07 with 4,82,442 shares getting traded on Tuesday. Post opening the session at $173.83, the shares hit an intraday low of $170.2 and an intraday high of $173.97 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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. Company shares were Reiterated by Monness Crespi & Hardt on Sep 19, 2016 to “Buy”, Firm has raised the Price Target to $ 186 from a previous price target of $173 .

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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