FleetCor Technologies, Inc. (NYSE:FLT) Shares Bought by Pitcairn Co.
Pitcairn Co. increased its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,535 shares of the business services provider’s stock after buying an additional 819 shares during the period. Pitcairn Co.’s holdings in FleetCor Technologies were worth $2,096,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in FLT. Gulf International Bank UK Ltd raised its stake in shares of FleetCor Technologies by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 28,350 shares of the business services provider’s stock valued at $4,293,000 after buying an additional 400 shares during the period. National Pension Service raised its stake in shares of FleetCor Technologies by 19.6% in the first quarter. National Pension Service now owns 84,796 shares of the business services provider’s stock valued at $12,558,000 after buying an additional 13,910 shares during the period. Capstone Asset Management Co. raised its stake in shares of FleetCor Technologies by 20.9% in the first quarter. Capstone Asset Management Co. now owns 2,428 shares of the business services provider’s stock valued at $368,000 after buying an additional 420 shares during the period. Parametrica Management Ltd bought a new stake in shares of FleetCor Technologies during the first quarter valued at about $243,000. Finally, CWM LLC bought a new stake in shares of FleetCor Technologies during the first quarter valued at about $4,155,000. Institutional investors and hedge funds own 93.82% of the company’s stock.
FleetCor Technologies, Inc. (NYSE FLT) opened at 139.32 on Friday. The company’s 50-day moving average is $147.06 and its 200-day moving average is $149.36. FleetCor Technologies, Inc. has a 52-week low of $121.52 and a 52-week high of $176.42. The firm has a market capitalization of $12.80 billion, a price-to-earnings ratio of 27.54 and a beta of 1.45.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings data on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.83. The firm had revenue of $541.24 million for the quarter, compared to analysts’ expectations of $528.33 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The firm’s revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 EPS. Equities analysts predict that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current year.
FleetCor Technologies announced that its Board of Directors has approved a share buyback plan on Thursday, August 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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Several analysts have recently issued reports on FLT shares. Deutsche Bank AG reiterated a “buy” rating and issued a $185.00 target price on shares of FleetCor Technologies in a research report on Monday, April 24th. Zacks Investment Research lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. Citigroup Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, May 2nd. Raymond James Financial, Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, May 2nd. 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 Tuesday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus 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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