Norges Bank Makes New $191.89 Million Investment in FLEETCOR Technologies, Inc. (NYSE:FLT)


Share on StockTwits

Norges Bank purchased a new position in shares of FLEETCOR Technologies, Inc. (NYSE:FLT) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 703,319 shares of the business services provider’s stock, valued at approximately $191,887,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tompkins Financial Corp acquired a new stake in shares of FLEETCOR Technologies in the fourth quarter worth approximately $29,000. Ellevest Inc. raised its stake in shares of FLEETCOR Technologies by 138.3% during the fourth quarter. Ellevest Inc. now owns 112 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Regent Peak Wealth Advisors LLC purchased a new stake in shares of FLEETCOR Technologies during the fourth quarter valued at approximately $41,000. Penserra Capital Management LLC raised its stake in shares of FLEETCOR Technologies by 27.9% during the fourth quarter. Penserra Capital Management LLC now owns 174 shares of the business services provider’s stock valued at $47,000 after purchasing an additional 38 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of FLEETCOR Technologies by 25.0% in the fourth quarter. IFP Advisors Inc now owns 215 shares of the business services provider’s stock worth $60,000 after buying an additional 43 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors.

Shares of FLT opened at $281.27 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.08. FLEETCOR Technologies, Inc. has a 1 year low of $203.18 and a 1 year high of $292.70. The stock has a market cap of $23.46 billion, a P/E ratio of 33.93, a price-to-earnings-growth ratio of 2.49 and a beta of 1.50. The stock’s 50-day moving average price is $279.52 and its two-hundred day moving average price is $262.74.

FLEETCOR Technologies (NYSE:FLT) last issued its earnings results on Thursday, February 4th. The business services provider reported $3.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.81 by $0.20. FLEETCOR Technologies had a return on equity of 30.65% and a net margin of 29.55%. The firm had revenue of $617.33 million for the quarter, compared to analysts’ expectations of $603.81 million. During the same quarter last year, the business earned $3.17 earnings per share. As a group, equities analysts forecast that FLEETCOR Technologies, Inc. will post 10.46 EPS for the current year.

A number of equities analysts have commented on FLT shares. Susquehanna Bancshares lifted their price objective on shares of FLEETCOR Technologies from $305.00 to $350.00 and gave the stock a “positive” rating in a report on Thursday, April 1st. Citigroup raised shares of FLEETCOR Technologies from a “neutral” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday, April 1st. Bank of America raised shares of FLEETCOR Technologies from a “neutral” rating to a “buy” rating in a report on Wednesday, January 6th. Susquehanna boosted their price target on shares of FLEETCOR Technologies from $305.00 to $350.00 and gave the company a “positive” rating in a report on Thursday, April 1st. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised shares of FLEETCOR Technologies from a “neutral” rating to a “buy” rating and set a $310.00 price target for the company in a report on Thursday, April 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $292.65.

FLEETCOR Technologies Profile

FLEETCOR Technologies, Inc operates as a business payments company that simplifies the way businesses manage and pay expenses. The company's portfolio of brands help companies automate, secure, digitize, and control payments on behalf of employees and suppliers. It offers payment solutions in five primary categories, including fuel, lodging, tolls, corporate payments, and gift.

Read More: What is a blue-chip stock?

Want to see what other hedge funds are holding FLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FLEETCOR Technologies, Inc. (NYSE:FLT).

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

Receive News & Ratings for FLEETCOR Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FLEETCOR Technologies and related companies with MarketBeat.com's FREE daily email newsletter.