Here’s Why FLEETCOR Technologies (FLT) Declined in the Third Quarter – Yahoo Finance
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The portfolio recorded impressive gains at the beginning of the quarter. In contrast, there was a disappointing selloff at the end of the quarter. The Russell Midcap Growth Index was 0.65% down compared to a 4.92% decline for its counterpart, the Russell Midcap Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
In the third-quarter letter, Carillon Tower Advisers discussed stocks like FLEETCOR Technologies, Inc. (NYSE:FLT). Headquartered in Atlanta, Georgia, FLEETCOR Technologies, Inc. (NYSE:FLT) is a digital payment solutions provider. On October 27, 2022, FLEETCOR Technologies, Inc. (NYSE:FLT) stock closed at $183.67 per share. One-month return of FLEETCOR Technologies, Inc. (NYSE:FLT) was 4.26% and its shares lost 25.76% of their value over the last 52 weeks. FLEETCOR Technologies, Inc. (NYSE:FLT) has a market capitalization of $13.778 billion.
Carillon Tower Advisers made the following comment about FLEETCOR Technologies, Inc. (NYSE:FLT) in its Q3 2022 investor letter:
“FLEETCOR Technologies, Inc. (NYSE:FLT) provides digital payment solutions for businesses to control purchases and make payments effectively and efficiently. Despite reporting strong results as well as raising forward guidance, the stock underperformed largely due to the pullback in crude oil prices, which pressured revenues in the company’s fuel card business.”
FLEETCOR Technologies, Inc. (NYSE:FLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held FLEETCOR Technologies, Inc. (NYSE:FLT) at the end of the second quarter, which was 30 in the previous quarter.
We discussed FLEETCOR Technologies, Inc. (NYSE:FLT) in another article and shared the list of stocks drawing attention after topping quarterly expectations. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
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