Capstone Asset Management Co. Lowers Position in FleetCor Technologies, Inc. (FLT)
Capstone Asset Management Co. reduced its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 3.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,338 shares of the business services provider’s stock after selling 90 shares during the period. Capstone Asset Management Co.’s holdings in FleetCor Technologies were worth $337,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. First American Bank increased its position in FleetCor Technologies by 13.2% in the second quarter. First American Bank now owns 1,720 shares of the business services provider’s stock valued at $248,000 after buying an additional 200 shares during the period. Fox Run Management L.L.C. acquired a new position in FleetCor Technologies during the second quarter valued at approximately $519,000. Capital Investment Services of America Inc. increased its position in FleetCor Technologies by 57.6% in the second quarter. Capital Investment Services of America Inc. now owns 78,746 shares of the business services provider’s stock valued at $11,356,000 after buying an additional 28,784 shares during the period. Xact Kapitalforvaltning AB increased its position in FleetCor Technologies by 8.2% in the second quarter. Xact Kapitalforvaltning AB now owns 18,094 shares of the business services provider’s stock valued at $2,609,000 after buying an additional 1,377 shares during the period. Finally, DnB Asset Management AS acquired a new position in FleetCor Technologies during the second quarter valued at approximately $1,463,000. Institutional investors and hedge funds own 93.82% of the company’s stock.
FleetCor Technologies, Inc. (FLT) traded up 0.501% during midday trading on Friday, hitting $139.435. 303,676 shares of the stock were exchanged. The company’s 50 day moving average is $147.11 and its 200 day moving average is $149.43. The company has a market capitalization of $12.81 billion, a P/E ratio of 27.567 and a beta of 1.45. FleetCor Technologies, Inc. has a 1-year low of $121.52 and a 1-year high of $176.42.
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 the Thomson Reuters’ consensus estimate of $1.83. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The company had revenue of $541.24 million during the quarter, compared to analyst estimates of $528.33 million. During the same quarter in the previous year, the firm earned $1.56 earnings per share. FleetCor Technologies’s revenue was up 29.5% on a year-over-year basis. Analysts predict that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current fiscal year.
FleetCor Technologies declared that its Board of Directors has approved a stock buyback program on Thursday, August 3rd that allows the company to buyback $250.00 million in shares. This buyback authorization allows the business services provider to reacquire up to 1.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
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Several research firms recently commented on FLT. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research downgraded shares of FleetCor Technologies from a “buy” rating to a “hold” rating in a research note on Wednesday. Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the company a “buy” rating in a research note on Monday. Citigroup Inc. restated 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. Finally, William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average 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.
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