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.
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|
|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%|