Billionaire Mario Gabelli‘s GAMCO Investors recently filed a Form 13D with the Securities and Exchange Commission in which it reported acquiring, together with its affiliates, 2.38 million ordinary shares of Fleetmatics Group Plc (NYSE:FLTX), which amass 6.08% of the company’s outstanding stock. Out of the aggregate amount, GAMCO solely owns 644,759 shares, which represent 1.65% of the company’s float. The acquisition represents a new addition to GAMCO’s portfolio.
Fleetmatics Group is a holding company that provides a variety of mobile workforce solutions for service-based enterprises. Recently, the company announced signing an agreement with Verizon Communications, upon which Verizon will buy Fleetmatics Group for $60 per share, or around $2.4 billion in total. There is little upside in a merger-arb play for the average investor at this point, as shares currently trade at $59.96. However, given its large position, GAMCO stands to make hundreds of thousands of dollars, having acquired its position at a more attractive average price.
Out of the 749 hedge funds that we track which filed 13F’s for the June quarter, 11 were bullish on Fleetmatics Group Plc (NYSE:FLTX) at the end of June, down by one from the end of the previous quarter. Among the biggest investors during the quarter were Jim Simons’ Renaissance Technologies, which held a position valued at $25.92 million, and Vivek Mehta and Aaron Husock’s ShearLink Capital, with a position worth around $10.76 million. Other smart money owners of the stock included Ken Griffin’s Citadel Investment Group, George Hall’s Clinton Group, and Edward Goodnow’s Goodnow Investment Group.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Gabelli Funds | 1,257,216 | 1,257,216 | 1,257,216 | 3.21% | ||
| GAMCO Asset Management Inc. I.D. No. 13-40445 | 611,950 | 644,759 | 644,759 | 1.65% | ||
| Gabelli Securities, Inc. I.D. No. 13-3379374 | 421,222 | 421,222 | 421,222 | 1.07% | ||
| Gabelli Foundation, Inc. I.D. No. 94 | 10,000 | 10,000 | 10,000 | 0.03% | ||
| MJG Associates, Inc. I.D. No. 06-1304 | 6,400 | 6,400 | 6,400 | 0.02% | ||
| GGCP, Inc. I.D. No. 13-3056041 | 5,000 | 5,000 | 5,000 | 0.01% | ||
| GAMCO Investors, Inc. I.D. No. 13-400786 | 8,400 | 8,400 | 8,400 | 0.02% | ||
| Associated Capital Group, Inc. I.D. No. 47-3965991 Check the appropriate box if a member of a group (SEE INSTRUCTIONS) (a) (b) | 0.00% | |||||
| Mario J. Gabelli | 31,000 | 31,000 | 31,000 | 0.08% |
