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Tiziano Frateschi
Tiziano Frateschi
Articles (2515)  | Author's Website |

Iberiabank Buys Fleetcor and Intel in Second Quarter

A look at the fund's largest recent investments

The hedge fund Iberiabank Corp. in its last quarterly 13F reported a total value of its portfolio of $200 million, with an increase of 1.28% since the previous quarter. During Q2 2015, the firm bought 20 new stocks and increased 65 of its existing stakes. The following are the most heavily weighted buys during the quarter.

It bought shares of Fleetcor Technologies, Inc (FLT) with an impact of 4.37% on its portfolio. The company is an independent provider of payment products and services. It also provides a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. It also uses third-party networks to deliver its payment programs and services in order to broaden its card acceptance and use.

Fleetcor has a very strong profitability and growth rates which GuruFocus rates as 8 out of 10, thanks to high returns, like ROE 17.34%, ROA 5.81% and ROC of 980.10% that are outperforming 63% of the Global Business Services industry. Financial strength has a rating of 7 out of 10 with a weak cash to debt of 0.44 that is underperforming the industry median of 1.75.

The price of the stock has risen by 436% during the last five-years, has dropped by 3% year to date and has risen by 3% during the last 12 months. It is now -6.38% from its 52-week high and +19.42% from its 52-week low.

The second quarter of 2015 was another good quarter for FleetCor despite the significant macroeconomic headwinds around foreign exchange rates and declining fuel prices in which total revenues increased 48% to $404.6 million and adjusted revenues increased 51% compared to the second quarter of 2014. For the third quarter, they expect total revenues between $1,690 million and $1,730 million.

The main shareholder of the company is Steve Mandel (Trades, Portfolio) with 5.97% of outstanding shares, followed by Chase Coleman (Trades, Portfolio) with 3.38% and John Griffin (Trades, Portfolio) with 2.16%.

It bought shares of Intel Corp (INTC) with an impact of 1.81% on its portfolio. The company designs and manufactures integrated digital technology platforms. A platform consists of a microprocessor and chipset, and may be enhanced by additional hardware, software, and services. Its platforms are used in computing applications, such as notebooks, desktops, servers, tablets, smartphones, automobile infotainment systems, automated factory systems and medical devices. It also develops and sells software and services engaged in security and technology integration. Its segments include PC Client Group, Data Center Group, Internet of Things Group, Mobile and Communications Group and Software and services operating segments.

The company has a profitability and growth rating of 8 out of 10 with positive returns (ROE 20.57%, ROA 12.88) that are outperforming 88% of the Global Semiconductors industry. Financial strength has a rating of 7 out of 10 with a cash to debt of 1.05 that is underperforming the industry median of 1.78.

The price of the stock has risen by 58% during the last five years, has dropped by 21% year to date and has dropped by 17% during the last 12 months. It is currently -24.54% from its 52-week high and +15.00% from its 52-week low.

During the second quarter, total revenue was down 5% to $13.2 billion compared to Q2 2014, but was consistent with outlook, while gross margin of 62.5% was slightly better than outlook. For Q3, they expect gross margin to be 63% and revenue of $14.3 billion.

The main hedge fund holding shares of the company is PRIMECAP Management (Trades, Portfolio) with 0.68% of outstanding shares, followed by First Eagle Investment (Trades, Portfolio) with 0.60% and James Barrow (Trades, Portfolio) with 0.41%.

It bought shares of Caterpillar Inc (CAT) with an impact of 1.18% on its portfolio. The company principally operates through four segments - Construction Industries, Resource Industries, Energy & Transportation, Financial Products - and All Other operating segments. It is also a U.S. exporter

The company has a profitability and growth rating of 7 out of 10 with positive returns (ROE 19.87%, ROA 4.26%) that are outperforming 62% of the Global Farm & Construction Equipment industry. Financial strength has a rating of 7 out of 10 with a weak cash to debt of 0.20 that is underperforming the industry median of 0.53.

The price of the stock has risen by 9% during the last five years, has dropped by 17% year to date and by 30% during the last 12 months and is now -30.60% from its 52-week high and +8.36% from its 52-week low.

For the second quarter, the company reported profit per share of $1.16 which had a decrease from $1.57 per share in the second quarter of 2014. The 2015 outlook for profit per share is unchanged at $4.70, or $5.00 excluding restructuring costs.

Second quarter 2015 sales and revenues were $12.3 billion, down from $14.2 billion, or 13% in the second quarter of 2014. The outlook for 2015 sales and revenues is about $49 billion, which is down $1 billion from the previous outlook.

The main shareholder of the company is Bill Gates (Trades, Portfolio) with 1.87% of outstanding shares, followed by PRIMECAP Management (Trades, Portfolio) with 0.98% and Bill Nygren (Trades, Portfolio) with 0.5%.

It bought shares of UnitedHealth Group Inc (UNH) with an impact of 0.26% on its portfolio. It is a health and well-being company. It helps people live healthier lives and make health care affordable. The company is helping individual's access quality care at an affordable cost; simplifying health care administration and delivery; strengthening the physician/patient relationship; promoting evidence-based care; and empowering physicians, health care professionals, consumers, employers and other participants in the health system with actionable data to make informed decisions.

The company has a profitability and growth rating of 9 out of 10 with positive returns, ROE 18.75%, ROA 6.97%. These ratios are outperforming 78% of the Global Health Care Plans industry. Financial strength has a rating of 8 out of 10, even so UNH has a weak cash to debt of 0.54 that is underperforming the industry median of 1.55.

The price of the stock has risen by 238% during the last five years, by 13% year to date and by 32% during the last 12 months. It is now -9.49% from its 52-week high and +41.51% from its 52-week low.

During the second quarter, revenues grew 11% year-over-year and net earnings grew 15% year-over-year.

The main hedge fund holding shares of the company is Vanguard Health Care Fund (Trades, Portfolio) with 2.15% of outstanding shares, followed by Dodge & Cox with 1.72% and Chris Davis (Trades, Portfolio) with 0.72%.

Increased Stakes

The hedge fund also increased seven of its stakes, and the most important are the following: Exxon Mobil Corp (XOM) by 28%, Microchip Tech Inc (MCHP) by 6%, Cincinnati Financial Corp (CINF) by 5%, Wells Fargo & Co Company New (WFC) by 38%, General Electric Co (GE) by 39%, Kohls Corp (KSS) by 6.93% and Bb&T Corp (BBT) by 45.06%

Iberiabank Corp Top Buys Q2 2015

Ticker

Value (x1000)

Impact %

Trade

FLT

8,739

4.37%

New Buy

INTC

3,624

1.81%

New Buy

CAT

2,349

1.18%

New Buy

UNH

520

0.26%

New Buy

As of the latest quarter, the hedge fund has its portfolio divided by the following sectors:

Main Sectors

Finance

20%

Information Technology

19%

Health Care

11%

Consumer Staples

11%

Industrials

10%

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About the author:

Tiziano Frateschi
You can read about me on www.theextraincome.info, which gives suggestions on position trading.

Visit Tiziano Frateschi's Website


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