FleetCor Technologies, Inc. (FLT) Stake Lessened by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 1.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,796 shares of the business services provider’s stock after selling 3,911 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.28% of FleetCor Technologies worth $38,970,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. Comerica Bank raised its stake in FleetCor Technologies by 6.4% during the 3rd quarter. Comerica Bank now owns 51,666 shares of the business services provider’s stock worth $8,458,000 after acquiring an additional 3,098 shares in the last quarter. Bank of New York Mellon Corp raised its stake in FleetCor Technologies by 4.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 353,654 shares of the business services provider’s stock worth $54,735,000 after acquiring an additional 14,721 shares in the last quarter. Toronto Dominion Bank raised its stake in FleetCor Technologies by 245.4% during the 3rd quarter. Toronto Dominion Bank now owns 3,896 shares of the business services provider’s stock worth $603,000 after acquiring an additional 2,768 shares in the last quarter. New York State Common Retirement Fund raised its stake in FleetCor Technologies by 2.1% during the 3rd quarter. New York State Common Retirement Fund now owns 206,500 shares of the business services provider’s stock worth $31,960,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Silver Capital Management LLC acquired a new stake in FleetCor Technologies during the 3rd quarter worth $641,000. Hedge funds and other institutional investors own 99.44% of the company’s stock.
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FLT has been the topic of several research analyst reports. 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. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Tuesday, August 8th. BidaskClub lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Credit Suisse Group restated an “outperform” rating on shares of FleetCor Technologies in a research note on Tuesday, September 5th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $197.00 price objective on shares of FleetCor Technologies in a research note on Saturday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $184.23.
Shares of FleetCor Technologies, Inc. (FLT) opened at $179.92 on Wednesday. The firm has a market cap of $16,007.20, a PE ratio of 24.18, a PEG ratio of 1.30 and a beta of 1.50. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. FleetCor Technologies, Inc. has a fifty-two week low of $121.52 and a fifty-two week high of $183.61.
FleetCor Technologies (NYSE:FLT) last issued its earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.04. The business had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. FleetCor Technologies had a net margin of 25.66% and a return on equity of 20.99%. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.92 earnings per share. sell-side analysts expect that FleetCor Technologies, Inc. will post 7.75 EPS for the current year.
FleetCor Technologies announced that its board has approved a share repurchase program 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 reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, insider Kurt Patrick Adams sold 7,099 shares of FleetCor Technologies stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the sale, the insider now owns 9,246 shares of the company’s stock, valued at $1,571,820. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $144.00, for a total transaction of $1,202,832.00. Following the completion of the sale, the chief executive officer now directly owns 24,766 shares in the company, valued at approximately $3,566,304. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,894 shares of company stock worth $2,761,310. Insiders own 4.60% of the company’s stock.
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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