FleetCor Technologies, Inc. (FLT) Shares Bought by Smith Asset Management Group LP
Smith Asset Management Group LP increased its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 7.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 146,301 shares of the business services provider’s stock after buying an additional 9,582 shares during the period. Smith Asset Management Group LP’s holdings in FleetCor Technologies were worth $21,103,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its stake in FleetCor Technologies by 8.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 192,668 shares of the business services provider’s stock valued at $27,785,000 after buying an additional 14,199 shares during the period. IFP Advisors Inc boosted its stake in FleetCor Technologies by 995.1% in the second quarter. IFP Advisors Inc now owns 2,223 shares of the business services provider’s stock valued at $321,000 after buying an additional 2,020 shares during the period. Korea Investment CORP boosted its stake in FleetCor Technologies by 273.0% in the second quarter. Korea Investment CORP now owns 27,061 shares of the business services provider’s stock valued at $3,902,000 after buying an additional 19,806 shares during the period. K.J. Harrison & Partners Inc bought a new stake in FleetCor Technologies during the second quarter valued at approximately $433,000. Finally, World Asset Management Inc boosted its stake in FleetCor Technologies by 0.9% in the second quarter. World Asset Management Inc now owns 4,182 shares of the business services provider’s stock valued at $603,000 after buying an additional 36 shares during the period. 93.82% of the stock is currently owned by institutional investors and hedge funds.
FleetCor Technologies, Inc. (NYSE FLT) opened at 138.74 on Friday. The firm has a 50-day moving average of $147.11 and a 200-day moving average of $149.43. The company has a market capitalization of $12.75 billion, a PE ratio of 27.43 and a beta of 1.45. FleetCor Technologies, Inc. has a 52 week low of $121.52 and a 52 week high of $176.42.
FleetCor Technologies (NYSE:FLT) last posted its earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate 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 period in the previous year, the firm posted $1.56 EPS. The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. Equities analysts expect that FleetCor Technologies, Inc. will post $8.37 earnings per share for the current fiscal year.
FleetCor Technologies announced that its board has authorized a share buyback program on Thursday, August 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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Several research firms have recently commented on FLT. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research cut 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. reissued a “buy” rating and set 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 reissued 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 given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target 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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