Schroder Investment Management Group Buys New Stake in FleetCor Technologies, Inc. (FLT)
Schroder Investment Management Group bought a new position in FleetCor Technologies, Inc. (NYSE:FLT) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 145,200 shares of the business services provider’s stock, valued at approximately $21,199,000. Schroder Investment Management Group owned 0.16% of FleetCor Technologies as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. BlackRock Inc. raised its position in FleetCor Technologies by 2,721.2% in the 1st quarter. BlackRock Inc. now owns 5,251,662 shares of the business services provider’s stock worth $795,260,000 after purchasing an additional 5,065,513 shares during the period. FMR LLC raised its position in FleetCor Technologies by 32.2% in the 1st quarter. FMR LLC now owns 2,645,484 shares of the business services provider’s stock worth $400,606,000 after purchasing an additional 645,085 shares during the period. Wellington Management Group LLP raised its position in FleetCor Technologies by 5.1% in the 1st quarter. Wellington Management Group LLP now owns 2,251,083 shares of the business services provider’s stock worth $340,881,000 after purchasing an additional 109,325 shares during the period. Sustainable Growth Advisers LP raised its position in FleetCor Technologies by 21.6% in the 2nd quarter. Sustainable Growth Advisers LP now owns 1,714,987 shares of the business services provider’s stock worth $247,319,000 after purchasing an additional 304,919 shares during the period. Finally, State Street Corp raised its position in FleetCor Technologies by 5.4% in the 1st quarter. State Street Corp now owns 1,707,099 shares of the business services provider’s stock worth $258,508,000 after purchasing an additional 86,981 shares during the period. Institutional investors own 97.61% of the company’s stock.
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A number of brokerages recently commented on FLT. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Monday, August 7th. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 target price on the stock in a research report on Tuesday, August 8th. Citigroup Inc. reiterated a “buy” rating and issued a $180.00 target price (up previously from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $197.00 target price on shares of FleetCor Technologies in a research report on Wednesday, May 24th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $180.86.
Shares of FleetCor Technologies, Inc. (FLT) opened at 144.76 on Thursday. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42. The stock’s 50 day moving average is $144.93 and its 200-day moving average is $146.97. The company has a market cap of $13.30 billion, a price-to-earnings ratio of 28.62 and a beta of 1.43.
FleetCor Technologies (NYSE:FLT) last announced its earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.83. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The business had revenue of $541.24 million for the quarter, compared to the consensus estimate of $528.33 million. During the same quarter in the prior year, the firm posted $1.56 earnings per share. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. On average, equities analysts anticipate that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current year.
FleetCor Technologies declared that its board has approved a stock buyback program on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Andrew Blazye sold 4,963 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $145.00, for a total value of $719,635.00. Following the transaction, the chief executive officer now owns 27,287 shares of the company’s stock, valued at approximately $3,956,615. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders sold 15,758 shares of company stock worth $2,274,115. Insiders own 4.30% of the company’s stock.
FleetCor Technologies Profile
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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