Crescent Park Management L.P. Buys New Holdings in FleetCor Technologies, Inc. (FLT)
Crescent Park Management L.P. bought a new position in FleetCor Technologies, Inc. (NYSE:FLT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 69,153 shares of the business services provider’s stock, valued at approximately $9,973,000. FleetCor Technologies makes up approximately 1.9% of Crescent Park Management L.P.’s portfolio, making the stock its 14th biggest holding. Crescent Park Management L.P. owned 0.08% of FleetCor Technologies at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Bank of Australia boosted its holdings in FleetCor Technologies by 13.0% in the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after acquiring an additional 85 shares in the last quarter. First Personal Financial Services lifted its holdings in shares of FleetCor Technologies by 49.9% during the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock valued at $114,000 after purchasing an additional 263 shares in the last quarter. Fiduciary Trust Co. bought a new position in shares of FleetCor Technologies during the second quarter valued at $115,000. Tower Research Capital LLC TRC lifted its holdings in shares of FleetCor Technologies by 1.1% during the first quarter. Tower Research Capital LLC TRC now owns 1,059 shares of the business services provider’s stock valued at $160,000 after purchasing an additional 12 shares in the last quarter. Finally, Fulton Bank N.A. lifted its holdings in shares of FleetCor Technologies by 7.9% during the second quarter. Fulton Bank N.A. now owns 1,426 shares of the business services provider’s stock valued at $206,000 after purchasing an additional 105 shares in the last quarter. 97.57% of the stock is currently owned by institutional investors and hedge funds.
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FleetCor Technologies, Inc. (FLT) traded up 0.66% during mid-day trading on Friday, reaching $151.64. The company had a trading volume of 213,019 shares. The stock’s 50-day moving average price is $144.30 and its 200 day moving average price is $146.29. The firm has a market capitalization of $13.93 billion, a PE ratio of 29.98 and a beta of 1.43. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting the Zacks’ 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 analysts’ expectations of $528.33 million. During the same quarter in the previous year, the firm posted $1.56 EPS. The firm’s revenue was up 29.5% compared to the same quarter last year. On average, equities research analysts predict that FleetCor Technologies, Inc. will post $8.37 EPS for the current year.
FleetCor Technologies declared that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the business services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other FleetCor Technologies news, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies stock in a transaction dated Thursday, August 31st. The stock was 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 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 SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 15,758 shares of company stock valued at $2,274,115. 4.30% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on FLT. BidaskClub downgraded FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 price target on FleetCor Technologies and gave the company a “buy” rating in a report on Monday, August 7th. Zacks Investment Research raised FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “buy” rating and set a $197.00 price target on shares of FleetCor Technologies in a report on Saturday, September 16th. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $180.00 price target (up from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. FleetCor Technologies currently has a consensus rating of “Buy” and a consensus target price of $179.67.
FleetCor Technologies 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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