Fred Alger Management Inc. Decreases Stake in FleetCor Technologies, Inc. (FLT)
Fred Alger Management Inc. cut its holdings in FleetCor Technologies, Inc. (NYSE:FLT) by 28.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,290 shares of the business services provider’s stock after selling 4,392 shares during the period. Fred Alger Management Inc.’s holdings in FleetCor Technologies were worth $1,628,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Morgan Stanley boosted its stake in FleetCor Technologies by 522.4% during the 1st quarter. Morgan Stanley now owns 517,598 shares of the business services provider’s stock valued at $78,381,000 after purchasing an additional 434,443 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in FleetCor Technologies by 5.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 178,469 shares of the business services provider’s stock valued at $27,026,000 after purchasing an additional 10,006 shares during the period. Mn Services Vermogensbeheer B.V. boosted its stake in FleetCor Technologies by 503.4% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 14,935 shares of the business services provider’s stock valued at $2,154,000 after purchasing an additional 12,460 shares during the period. Marshall Wace North America L.P. boosted its stake in FleetCor Technologies by 6.0% during the 2nd quarter. Marshall Wace North America L.P. now owns 35,530 shares of the business services provider’s stock valued at $5,116,000 after purchasing an additional 2,015 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in FleetCor Technologies during the 1st quarter valued at about $1,036,000. 97.61% of the stock is owned by institutional investors and hedge funds.
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In other news, CEO Andrew Blazye sold 8,353 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 24,766 shares of the company’s stock, valued at approximately $3,566,304. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 15,758 shares of company stock worth $2,274,115 in the last ninety days. Insiders own 4.60% of the company’s stock.
FLT has been the subject of a number of analyst reports. Zacks Investment Research raised shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Tuesday, August 8th. Keefe, Bruyette & Woods set a $202.00 target price on shares of FleetCor Technologies and gave the company a “buy” rating in a research note on Monday, August 7th. Citigroup Inc. reissued a “buy” rating and set a $180.00 target price (up from $165.00) on shares of FleetCor Technologies in a research note on Thursday, July 13th. Jefferies Group LLC reissued a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a research note on Saturday, September 16th. Finally, BidaskClub raised shares of FleetCor Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Two investment 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 company currently has an average rating of “Buy” and an average price target of $179.67.
Shares of FleetCor Technologies, Inc. (NYSE:FLT) opened at 161.00 on Monday. The firm has a market capitalization of $14.79 billion, a price-to-earnings ratio of 31.83 and a beta of 1.44. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42. The stock has a 50 day moving average of $148.14 and a 200-day moving average of $145.91.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings data on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting 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 analyst estimates of $528.33 million. During the same quarter in the prior year, the firm earned $1.56 EPS. The company’s revenue was up 29.5% on a year-over-year basis. Analysts expect that FleetCor Technologies, Inc. will post $8.38 earnings per share for the current year.
FleetCor Technologies declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 3rd that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the business services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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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