State Treasurer State of Michigan increased its stake in FleetCor Technologies, Inc. (NYSE:FLT) by 6.4% in the third quarter, HoldingsChannel.com reports. The firm owned 28,100 shares of the business services provider’s stock after purchasing an additional 1,700 shares during the quarter. State Treasurer State of Michigan’s holdings in FleetCor Technologies were worth $6,402,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fort L.P. acquired a new position in FleetCor Technologies in the 2nd quarter worth $122,000. Meeder Asset Management Inc. bought a new stake in FleetCor Technologies during the 2nd quarter worth about $150,000. Captrust Financial Advisors lifted its position in FleetCor Technologies by 262.0% during the 2nd quarter. Captrust Financial Advisors now owns 782 shares of the business services provider’s stock worth $165,000 after buying an additional 566 shares in the last quarter. NuWave Investment Management LLC bought a new stake in FleetCor Technologies during the 2nd quarter worth about $180,000. Finally, Peregrine Capital Management LLC bought a new stake in FleetCor Technologies during the 2nd quarter worth about $190,000. 98.21% of the stock is owned by hedge funds and other institutional investors.
Shares of FLT stock opened at $183.23 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $16.65 billion, a PE ratio of 23.25, a PEG ratio of 1.16 and a beta of 1.46. FleetCor Technologies, Inc. has a 52-week low of $163.24 and a 52-week high of $230.24.
Several equities research analysts have commented on the stock. Deutsche Bank reissued a “buy” rating on shares of FleetCor Technologies in a research report on Thursday, September 27th. Zacks Investment Research cut shares of FleetCor Technologies from a “buy” rating to a “sell” rating in a research report on Wednesday, October 3rd. Morgan Stanley boosted their price target on shares of FleetCor Technologies from $238.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Citigroup boosted their price target on shares of FleetCor Technologies from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Friday, July 20th. Finally, Wolfe Research assumed coverage on shares of FleetCor Technologies in a research report on Tuesday, July 17th. They set an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $231.40.
About FleetCor Technologies
FleetCor Technologies, Inc provides commercial payment solutions in North America, Latin America, Europe, and Australasia. The company offers fuel payment solutions to businesses and government entities that operate vehicle fleets, as well as to oil and leasing companies, and fuel marketers. Its fuel payment products are in the form of plastic cards, electronic RFID tags, and paper vouchers to purchase fuel, oil, vehicle maintenance supplies and services, and building supplies.
Further Reading: Benefits of owning preferred stock
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