ETF Managers Group LLC Invests $5.90 Million in FleetCor Technologies, Inc. (FLT) Stock
ETF Managers Group LLC purchased a new stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 40,881 shares of the business services provider’s stock, valued at approximately $5,895,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Commonwealth Bank of Australia grew its stake in shares of FleetCor Technologies by 13.0% in the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after acquiring an additional 85 shares during the period. First Personal Financial Services grew its stake in shares of FleetCor Technologies by 49.9% in the second 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 during the period. Fiduciary Trust Co. bought a new stake in shares of FleetCor Technologies in the second quarter worth approximately $115,000. Tower Research Capital LLC TRC grew its stake in shares of FleetCor Technologies by 1.1% in the first 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 during the period. Finally, Fulton Bank N.A. grew its stake in shares of FleetCor Technologies by 7.9% in the second 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 during the period. 97.61% of the stock is owned by institutional investors.
Shares of FleetCor Technologies, Inc. (NYSE FLT) traded down 0.69% during trading on Thursday, reaching $157.30. 301,522 shares of the company’s stock traded hands. FleetCor Technologies, Inc. has a one year low of $121.52 and a one year high of $176.42. The company has a 50 day moving average price of $147.20 and a 200-day moving average price of $145.82. The stock has a market cap of $14.45 billion, a P/E ratio of 31.10 and a beta of 1.44.
FleetCor Technologies (NYSE:FLT) last released its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.83. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The firm had revenue of $541.24 million for the quarter, compared to analysts’ expectations of $528.33 million. During the same quarter last year, the company earned $1.56 EPS. The firm’s revenue for the quarter was up 29.5% compared to the same quarter last year. On average, equities research analysts expect that FleetCor Technologies, Inc. will post $8.37 EPS 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 outstanding 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 often a sign that the company’s board believes its stock is undervalued.
In related news, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies 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 owns 24,766 shares of the company’s stock, valued at approximately $3,566,304. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 15,758 shares of company stock worth $2,274,115 in the last three months. 4.30% of the stock is owned by corporate insiders.
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FLT has been the subject of a number of research analyst reports. BidaskClub lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. William Blair reiterated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Citigroup Inc. reiterated a “buy” rating and issued a $180.00 price target (up from $165.00) on shares of FleetCor Technologies in a research note on Thursday, July 13th. 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. Finally, Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a research note on Tuesday, August 8th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $179.67.
FleetCor Technologies Company 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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