Bainco International Investors reduced its holdings in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 31.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,392 shares of the business services provider’s stock after selling 25,041 shares during the period. FleetCor Technologies accounts for approximately 1.2% of Bainco International Investors’ investment portfolio, making the stock its 27th biggest holding. Bainco International Investors owned approximately 0.06% of FleetCor Technologies worth $7,988,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its holdings in FleetCor Technologies by 2,721.2% during the 1st quarter. BlackRock Inc. now owns 5,251,662 shares of the business services provider’s stock worth $795,260,000 after acquiring an additional 5,065,513 shares during the period. FMR LLC grew its holdings in FleetCor Technologies by 32.2% during the 1st quarter. FMR LLC now owns 2,645,484 shares of the business services provider’s stock worth $400,606,000 after acquiring an additional 645,085 shares during the period. Wellington Management Group LLP grew its holdings in FleetCor Technologies by 5.1% during the 1st quarter. Wellington Management Group LLP now owns 2,251,083 shares of the business services provider’s stock worth $340,881,000 after acquiring an additional 109,325 shares during the period. Sustainable Growth Advisers LP grew its holdings in FleetCor Technologies by 21.6% during the 2nd quarter. Sustainable Growth Advisers LP now owns 1,714,987 shares of the business services provider’s stock worth $247,319,000 after acquiring an additional 304,919 shares during the period. Finally, State Street Corp grew its holdings in FleetCor Technologies by 5.4% during the 1st quarter. State Street Corp now owns 1,707,099 shares of the business services provider’s stock worth $258,508,000 after acquiring an additional 86,981 shares during the period. Hedge funds and other institutional investors own 97.61% of the company’s stock.
Shares of FleetCor Technologies, Inc. (NYSE FLT) traded down 0.79% during mid-day trading on Tuesday, hitting $144.95. The stock had a trading volume of 501,402 shares. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 28.66 and a beta of 1.43. The stock’s 50-day moving average is $145.00 and its 200 day moving average is $147.15. FleetCor Technologies, Inc. has a 1-year low of $121.52 and a 1-year high of $176.42.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings data 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 business 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 business’s revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 earnings per share. Equities research analysts predict that FleetCor Technologies, Inc. will post $8.37 EPS for the current fiscal year.
FleetCor Technologies announced that its board has approved a share buyback plan 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 reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
A number of brokerages have weighed in on FLT. Credit Suisse Group reiterated an “outperform” rating on shares of FleetCor Technologies in a report on Tuesday, September 5th. BidaskClub upgraded FleetCor Technologies from a “sell” rating to a “hold” rating in a report on Thursday, August 17th. Zacks Investment Research downgraded FleetCor Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods set a $202.00 price target on FleetCor Technologies and gave the stock a “buy” rating in a report on Monday, August 7th. Finally, Citigroup Inc. reiterated a “buy” rating and set a $180.00 price target (up from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $180.86.
In other FleetCor Technologies news, CEO Andrew Blazye sold 2,442 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $144.00, for a total value of $351,648.00. Following the sale, the chief executive officer now owns 24,766 shares in the company, valued at $3,566,304. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 15,758 shares of company stock worth $2,274,115. Corporate insiders own 4.60% of the company’s stock.
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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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