Shell Asset Management Co. held its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) during the second quarter, Holdings Channel reports. The institutional investor owned 5,804 shares of the business services provider’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in FleetCor Technologies were worth $837,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FLT. Korea Investment CORP increased its stake in shares of FleetCor Technologies by 6,556.0% in the first quarter. Korea Investment CORP now owns 7,255 shares of the business services provider’s stock valued at $1,099,000 after buying an additional 7,146 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in shares of FleetCor Technologies by 4.3% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 2,475 shares of the business services provider’s stock valued at $350,000 after buying an additional 103 shares during the last quarter. Nationwide Fund Advisors increased its stake in shares of FleetCor Technologies by 5.6% in the first quarter. Nationwide Fund Advisors now owns 222,169 shares of the business services provider’s stock valued at $33,643,000 after buying an additional 11,784 shares during the last quarter. Candriam Luxembourg S.C.A. increased its stake in shares of FleetCor Technologies by 39.6% in the first quarter. Candriam Luxembourg S.C.A. now owns 5,574 shares of the business services provider’s stock valued at $844,000 after buying an additional 1,582 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in shares of FleetCor Technologies during the first quarter valued at $104,000. 93.82% of the stock is owned by institutional investors.

Shares of FleetCor Technologies, Inc. (FLT) opened at 138.74 on Friday. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42. The firm has a market cap of $12.75 billion, a PE ratio of 27.43 and a beta of 1.45. The firm’s 50-day moving average price is $147.11 and its 200 day moving average price is $149.43.

FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. The company had revenue of $541.24 million for the quarter, compared to the consensus estimate of $528.33 million. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The firm’s revenue was up 29.5% compared to the same quarter last year. During the same period last year, the business posted $1.56 earnings per share. Equities analysts anticipate that FleetCor Technologies, Inc. will post $8.37 EPS for the current year.

FleetCor Technologies announced that its board has authorized a share repurchase program on Thursday, August 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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Several brokerages have recently weighed in on FLT. Deutsche Bank AG reaffirmed a “buy” rating and issued a $185.00 target price on shares of FleetCor Technologies in a research report on Monday, April 24th. Jefferies Group LLC reiterated a “buy” rating and issued a $197.00 price target on shares of FleetCor Technologies in a research note on Tuesday, May 2nd. Raymond James Financial, Inc. upgraded FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, May 2nd. Citigroup Inc. upgraded FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target on the stock in a research note on Tuesday, May 2nd. Finally, BidaskClub cut FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $180.86.

About FleetCor Technologies

FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.

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Institutional Ownership by Quarter for FleetCor Technologies (NYSE:FLT)

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