Wafra Investment Advisory Group Inc. NY bought a new stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 26,287 shares of the business services provider’s stock, valued at approximately $3,791,000.
Several other large investors have also recently bought and sold shares of FLT. BlackRock Inc. increased its holdings in shares of 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 valued at $795,260,000 after purchasing an additional 5,065,513 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of FleetCor Technologies by 156.8% during the 2nd quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock valued at $775,419,000 after purchasing an additional 3,283,010 shares in the last quarter. Steadfast Capital Management LP increased its holdings in shares of FleetCor Technologies by 251.4% during the 2nd quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock valued at $295,590,000 after purchasing an additional 1,466,464 shares in the last quarter. FMR LLC increased its holdings in shares of FleetCor Technologies by 50.4% during the 2nd quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock valued at $573,905,000 after purchasing an additional 1,334,164 shares in the last quarter. Finally, Tiger Global Management LLC increased its holdings in shares of FleetCor Technologies by 62.8% during the 2nd quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock valued at $328,622,000 after purchasing an additional 879,049 shares in the last quarter. 97.61% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on FLT. Zacks Investment Research raised shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Monday. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $185.00 target price on shares of FleetCor Technologies in a report on Tuesday, September 26th. BidaskClub lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and set a $180.00 target price (up from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a report on Wednesday, July 12th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. FleetCor Technologies presently has an average rating of “Buy” and an average price target of $181.33.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.83. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The business had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. During the same quarter last year, the business posted $1.56 earnings per share. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. On average, equities research analysts anticipate that FleetCor Technologies, Inc. will post $8.38 earnings per share for the current fiscal year.
FleetCor Technologies declared that its Board of Directors has authorized a share repurchase plan on Thursday, August 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, CEO Andrew Blazye sold 4,963 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $145.00, for a total value of $719,635.00. Following the completion of the transaction, the chief executive officer now owns 27,287 shares in the company, valued at $3,956,615. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 15,758 shares of company stock valued at $2,274,115. Company insiders own 4.60% of the company’s stock.
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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