Rainier Investment Management LLC lowered its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 44.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,640 shares of the business services provider’s stock after selling 26,450 shares during the period. Rainier Investment Management LLC’s holdings in FleetCor Technologies were worth $4,708,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FLT. National Pension Service boosted its stake in shares of FleetCor Technologies by 19.6% in the first quarter. National Pension Service now owns 84,796 shares of the business services provider’s stock valued at $12,558,000 after buying an additional 13,910 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of FleetCor Technologies by 20.9% in the first quarter. Capstone Asset Management Co. now owns 2,428 shares of the business services provider’s stock valued at $368,000 after buying an additional 420 shares in the last quarter. Gateway Investment Advisers LLC boosted its stake in shares of FleetCor Technologies by 18.1% in the first quarter. Gateway Investment Advisers LLC now owns 49,195 shares of the business services provider’s stock valued at $7,450,000 after buying an additional 7,557 shares in the last quarter. Alta Capital Management LLC boosted its stake in shares of FleetCor Technologies by 3.9% in the first quarter. Alta Capital Management LLC now owns 97,752 shares of the business services provider’s stock valued at $14,802,000 after buying an additional 3,694 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in shares of FleetCor Technologies during the first quarter valued at $104,000. Institutional investors own 94.53% of the company’s stock.

FleetCor Technologies, Inc. (NYSE FLT) opened at 144.56 on Thursday. The company has a market cap of $13.28 billion, a price-to-earnings ratio of 28.58 and a beta of 1.45. FleetCor Technologies, Inc. has a 52-week low of $121.52 and a 52-week high of $176.42. The firm’s 50-day moving average price is $147.00 and its 200-day moving average price is $149.21.

FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.83. The business had revenue of $541.24 million for the quarter, compared to the consensus estimate of $528.33 million. FleetCor Technologies had a return on equity of 15.57% and a net margin of 24.20%. The business’s quarterly revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 earnings per share. On average, equities analysts anticipate that FleetCor Technologies, Inc. will post $8.37 EPS for the current year.

FleetCor Technologies announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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FLT has been the subject of several analyst reports. Deutsche Bank AG restated a “buy” rating and set a $185.00 target price on shares of FleetCor Technologies in a report on Monday, April 24th. Zacks Investment Research cut FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Friday, April 28th. Citigroup Inc. upgraded FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price for the company in a report on Tuesday, May 2nd. Raymond James Financial, Inc. upgraded FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price for the company in a report on Tuesday, May 2nd. Finally, Jefferies Group LLC restated a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a report on Tuesday, May 2nd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $180.86.

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.

Institutional Ownership by Quarter for FleetCor Technologies (NYSE:FLT)

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