New York State Teachers Retirement System increased its position in FleetCor Technologies, Inc. (NYSE:FLT) by 92.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,900 shares of the business services provider’s stock after acquiring an additional 3,800 shares during the period. New York State Teachers Retirement System’s holdings in FleetCor Technologies were worth $1,223,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. World Asset Management Inc grew its holdings in shares of FleetCor Technologies by 0.9% in the 2nd quarter. World Asset Management Inc now owns 4,182 shares of the business services provider’s stock worth $603,000 after acquiring an additional 36 shares during the period. Advisor Group Inc. grew its holdings in FleetCor Technologies by 1.1% during the 2nd quarter. Advisor Group Inc. now owns 3,890 shares of the business services provider’s stock valued at $543,000 after buying an additional 41 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD grew its holdings in FleetCor Technologies by 0.7% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 6,912 shares of the business services provider’s stock valued at $996,000 after buying an additional 48 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in FleetCor Technologies by 13.0% during the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock valued at $105,000 after buying an additional 85 shares during the last quarter. Finally, Aperio Group LLC grew its holdings in FleetCor Technologies by 0.8% during the 2nd quarter. Aperio Group LLC now owns 13,630 shares of the business services provider’s stock valued at $1,966,000 after buying an additional 102 shares during the last quarter.
Several research firms have recently issued reports on FLT. Oppenheimer Holdings, Inc. raised their price objective on FleetCor Technologies from $185.00 to $194.00 and gave the stock an “outperform” rating in a report on Thursday, November 2nd. Credit Suisse Group restated an “outperform” rating on shares of FleetCor Technologies in a report on Tuesday, September 5th. Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a report on Monday, October 9th. Citigroup Inc. raised their price objective on FleetCor Technologies from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Finally, Morgan Stanley raised their price objective on FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $184.23.
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FleetCor Technologies, Inc. (FLT) opened at $181.42 on Tuesday. The company has a market capitalization of $16,170.20, a PE ratio of 24.43, a P/E/G ratio of 1.32 and a beta of 1.50. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $183.61. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.86.
FleetCor Technologies (NYSE:FLT) last issued its earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, beating the Zacks’ consensus estimate of $2.14 by $0.04. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The company had revenue of $577.90 million during the quarter, compared to the consensus estimate of $576.78 million. During the same period in the previous year, the firm posted $1.92 earnings per share. FleetCor Technologies’s quarterly revenue was up 19.3% compared to the same quarter last year. analysts anticipate that FleetCor Technologies, Inc. will post 7.75 EPS for the current fiscal year.
FleetCor Technologies announced that its Board of Directors has approved a stock buyback 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 buy up to 1.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other FleetCor Technologies news, insider Kurt Patrick Adams sold 7,099 shares of FleetCor Technologies stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $170.00, for a total value of $1,206,830.00. Following the completion of the transaction, the insider now directly owns 9,246 shares in the company, valued at $1,571,820. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies stock in a transaction that occurred on 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 owns 24,766 shares of the company’s stock, valued at $3,566,304. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,857 shares of company stock valued at $3,480,945. 4.60% of the stock is currently owned by 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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