DNB Asset Management AS bought a new position in shares of FleetCor Technologies, Inc. (NYSE:FLT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,200 shares of the business services provider’s stock, valued at approximately $2,429,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FLT. Melvin Capital Management LP increased its holdings in FleetCor Technologies by 70.4% in the first quarter. Melvin Capital Management LP now owns 1,490,720 shares of the business services provider’s stock valued at $278,079,000 after buying an additional 615,720 shares in the last quarter. Ninety One UK Ltd purchased a new stake in shares of FleetCor Technologies in the second quarter valued at approximately $141,124,000. Capital International Investors increased its holdings in shares of FleetCor Technologies by 23.6% in the first quarter. Capital International Investors now owns 1,483,801 shares of the business services provider’s stock valued at $276,788,000 after purchasing an additional 283,196 shares during the last quarter. Balyasny Asset Management LLC increased its holdings in shares of FleetCor Technologies by 995.5% in the second quarter. Balyasny Asset Management LLC now owns 279,256 shares of the business services provider’s stock valued at $70,241,000 after purchasing an additional 253,765 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of FleetCor Technologies by 71.9% in the second quarter. Goldman Sachs Group Inc. now owns 549,231 shares of the business services provider’s stock valued at $138,149,000 after purchasing an additional 229,748 shares during the last quarter. 95.51% of the stock is owned by institutional investors.

Several equities research analysts have issued reports on the company. Wells Fargo & Company reissued a “buy” rating on shares of FleetCor Technologies in a research note on Friday, August 7th. Cfra raised FleetCor Technologies to a “buy” rating in a report on Wednesday, August 12th. Mizuho initiated coverage on FleetCor Technologies in a research report on Wednesday, August 26th. They set a “neutral” rating and a $250.00 target price on the stock. Zacks Investment Research cut FleetCor Technologies from a “buy” rating to a “hold” rating and set a $274.00 target price on the stock. in a research report on Wednesday, August 5th. Finally, Barclays increased their price objective on FleetCor Technologies from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $283.11.

FLT opened at $249.59 on Friday. The stock has a fifty day moving average of $240.71 and a 200-day moving average of $240.71. The firm has a market capitalization of $20.98 billion, a P/E ratio of 29.06, a PEG ratio of 2.15 and a beta of 1.42. FleetCor Technologies, Inc. has a 12-month low of $168.51 and a 12-month high of $329.85. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.08.

FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings data on Thursday, August 6th. The business services provider reported $2.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.17 by $0.11. FleetCor Technologies had a return on equity of 29.52% and a net margin of 29.88%. The business had revenue of $525.15 million during the quarter, compared to analyst estimates of $527.51 million. During the same period last year, the company earned $2.85 earnings per share. FleetCor Technologies’s quarterly revenue was down 18.8% compared to the same quarter last year. On average, analysts expect that FleetCor Technologies, Inc. will post 10.39 earnings per share for the current fiscal year.

About FleetCor Technologies

FleetCor Technologies, Inc provides commercial payment solutions in North America, Latin America, Europe, and Australasia. The company offers fuel payment solutions to businesses and government entities that operate vehicle fleets, as well as to oil and leasing companies, and fuel marketers. Its fuel payment products are in the form of plastic cards, electronic RFID tags, and paper vouchers to purchase fuel, oil, vehicle maintenance supplies and services, and building supplies.

Further Reading: Coverage Ratio

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

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