Los Angeles Capital Management & Equity Research Inc. Sells 9,366 Shares of FleetCor Technologies, Inc. (FLT)
Los Angeles Capital Management & Equity Research Inc. lessened its holdings in FleetCor Technologies, Inc. (NYSE:FLT) by 33.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,410 shares of the business services provider’s stock after selling 9,366 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in FleetCor Technologies were worth $2,655,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. lifted its holdings in shares of FleetCor Technologies by 2,721.2% in the first quarter. BlackRock Inc. now owns 5,251,662 shares of the business services provider’s stock valued at $795,260,000 after purchasing an additional 5,065,513 shares in the last quarter. FMR LLC lifted its holdings in shares of FleetCor Technologies by 32.2% in the first quarter. FMR LLC now owns 2,645,484 shares of the business services provider’s stock valued at $400,606,000 after purchasing an additional 645,085 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of FleetCor Technologies by 5.1% in the first quarter. Wellington Management Group LLP now owns 2,251,083 shares of the business services provider’s stock valued at $340,881,000 after purchasing an additional 109,325 shares in the last quarter. Sustainable Growth Advisers LP lifted its holdings in shares of FleetCor Technologies by 21.6% in the second quarter. Sustainable Growth Advisers LP now owns 1,714,987 shares of the business services provider’s stock valued at $247,319,000 after purchasing an additional 304,919 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of FleetCor Technologies by 5.4% in the first quarter. State Street Corp now owns 1,707,099 shares of the business services provider’s stock valued at $258,508,000 after purchasing an additional 86,981 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors.
In other FleetCor Technologies news, CEO Andrew Blazye sold 8,353 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $144.00, for a total value of $1,202,832.00. Following the completion of the transaction, the chief executive officer now directly owns 24,766 shares in the company, valued at $3,566,304. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 15,758 shares of company stock valued at $2,274,115. Corporate insiders own 4.30% of the company’s stock.
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FleetCor Technologies, Inc. (FLT) opened at 144.00 on Friday. The company’s 50-day moving average is $144.49 and its 200 day moving average is $146.93. FleetCor Technologies, Inc. has a 12 month low of $121.52 and a 12 month high of $176.42. The firm has a market cap of $13.23 billion, a price-to-earnings ratio of 28.47 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 EPS for the quarter, hitting the consensus estimate of $1.83. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The company had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. During the same period last year, the company 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 research analysts predict that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current year.
FleetCor Technologies announced that its board has approved a stock repurchase program on Thursday, August 3rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the business services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Several analysts have issued reports on the stock. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and issued a $180.00 price target (up previously from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a report on Wednesday, July 12th. Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the company a “buy” rating in a report on Monday, August 7th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of FleetCor Technologies in a report on Tuesday, September 5th. 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 company. FleetCor Technologies presently has a consensus rating of “Buy” and an average price target of $180.86.
FleetCor Technologies Company 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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