Baker Avenue Asset Management LP acquired a new stake in FleetCor Technologies, Inc. (NYSE:FLT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,798 shares of the business services provider’s stock, valued at approximately $692,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Commonwealth Bank of Australia raised its holdings in shares of FleetCor Technologies by 13.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock valued at $105,000 after purchasing an additional 85 shares in the last quarter. First Personal Financial Services raised its stake in FleetCor Technologies by 49.9% during the 2nd quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock worth $114,000 after acquiring an additional 263 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in FleetCor Technologies during the 2nd quarter worth $115,000. Tower Research Capital LLC TRC raised its stake in FleetCor Technologies by 1.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,059 shares of the business services provider’s stock worth $160,000 after acquiring an additional 12 shares in the last quarter. Finally, Fulton Bank N.A. raised its stake in FleetCor Technologies by 7.9% during the 2nd quarter. Fulton Bank N.A. now owns 1,426 shares of the business services provider’s stock worth $206,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 97.57% of the company’s stock.
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Several brokerages recently commented on FLT. William Blair reiterated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of FleetCor Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Citigroup Inc. reiterated a “buy” rating and set a $180.00 price target (up from $165.00) on shares of FleetCor Technologies in a research note on Thursday, July 13th. BidaskClub lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the stock a “buy” rating in a research note on Monday, August 7th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $179.67.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the 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 quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.56 earnings per share.
FleetCor Technologies announced that its Board of Directors has authorized a share buyback program on Thursday, August 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, CEO Andrew Blazye sold 8,353 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 24,766 shares of the company’s stock, valued at $3,566,304. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 15,758 shares of company stock worth $2,274,115 over the last ninety days. 4.60% of the stock is currently owned by corporate insiders.
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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