FleetCor Technologies, Inc. (FLT) Position Boosted by Legal & General Group Plc
Legal & General Group Plc boosted its position in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 15.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 385,975 shares of the business services provider’s stock after buying an additional 51,694 shares during the period. Legal & General Group Plc owned approximately 0.42% of FleetCor Technologies worth $55,661,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale boosted its stake in FleetCor Technologies by 162.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 6,049 shares of the business services provider’s stock worth $949,000 after buying an additional 3,745 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in FleetCor Technologies by 3.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 135,614 shares of the business services provider’s stock valued at $20,536,000 after buying an additional 4,207 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in FleetCor Technologies by 7.5% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 270,815 shares of the business services provider’s stock valued at $41,010,000 after buying an additional 18,895 shares during the last quarter. First National Bank of Hutchinson bought a new stake in FleetCor Technologies during the first quarter valued at $373,000. Finally, Honeywell International Inc. boosted its stake in FleetCor Technologies by 19.2% in the first quarter. Honeywell International Inc. now owns 119,200 shares of the business services provider’s stock valued at $18,050,000 after buying an additional 19,200 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.
Shares of FleetCor Technologies, Inc. (NYSE FLT) opened at 142.43 on Monday. The firm has a market capitalization of $13.09 billion, a price-to-earnings ratio of 28.16 and a beta of 1.45. The firm has a 50-day moving average of $146.38 and a 200 day moving average of $148.93. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42.
FleetCor Technologies (NYSE:FLT) last released its earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. The firm had revenue of $541.24 million for the quarter, compared to the consensus estimate of $528.33 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The company’s revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 EPS. On average, equities analysts predict that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current fiscal year.
FleetCor Technologies declared that its board has initiated a stock buyback plan on Thursday, August 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
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Several research firms recently weighed in on FLT. Jefferies Group LLC reiterated a “buy” rating and issued a $197.00 target price on shares of FleetCor Technologies in a research note 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 price target for the company in a research note on Tuesday, May 2nd. Citigroup Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target for the company in a research note on Tuesday, May 2nd. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $180.86.
In related news, CEO Andrew Blazye sold 4,963 shares of the company’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 in the company, valued at approximately $3,956,615. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.60% of the stock is owned by corporate insiders.
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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