Vident Investment Advisory LLC increased its stake in FleetCor Technologies, Inc. (NYSE:FLT) by 32.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,469 shares of the business services provider’s stock after purchasing an additional 1,349 shares during the period. Vident Investment Advisory LLC’s holdings in FleetCor Technologies were worth $1,375,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital Research Global Investors lifted its position in FleetCor Technologies by 29.3% during the first quarter. Capital Research Global Investors now owns 7,118,649 shares of the business services provider’s stock valued at $1,327,915,000 after purchasing an additional 1,613,909 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of FleetCor Technologies by 20.0% during the 1st quarter. Wellington Management Group LLP now owns 4,567,056 shares of the business services provider’s stock worth $851,939,000 after acquiring an additional 759,746 shares during the last quarter. Sustainable Growth Advisers LP grew its position in FleetCor Technologies by 70.9% in the first quarter. Sustainable Growth Advisers LP now owns 1,743,968 shares of the business services provider’s stock worth $325,319,000 after acquiring an additional 723,560 shares in the last quarter. Maverick Capital Ltd. increased its stake in FleetCor Technologies by 119.2% in the first quarter. Maverick Capital Ltd. now owns 1,240,145 shares of the business services provider’s stock valued at $231,337,000 after acquiring an additional 674,416 shares during the last quarter. Finally, Melvin Capital Management LP raised its position in FleetCor Technologies by 70.4% during 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 purchasing an additional 615,720 shares in the last quarter. 91.36% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on FLT. Cfra reissued a “hold” rating and set a $275.00 price objective (down from $325.00) on shares of FleetCor Technologies in a report on Monday, May 11th. Goldman Sachs Group assumed coverage on shares of FleetCor Technologies in a research note on Tuesday, July 14th. They set a “buy” rating and a $301.00 price target on the stock. BTIG Research reaffirmed a “buy” rating and issued a $290.00 price objective (down previously from $340.00) on shares of FleetCor Technologies in a research note on Thursday, May 7th. Cowen lifted their target price on shares of FleetCor Technologies from $240.00 to $258.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Finally, Morgan Stanley boosted their price target on shares of FleetCor Technologies from $265.00 to $275.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $286.47.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Thursday, May 7th. The business services provider reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.17. The company had revenue of $661.09 million during the quarter, compared to analyst estimates of $636.20 million. FleetCor Technologies had a return on equity of 29.18% and a net margin of 32.37%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.67 earnings per share. As a group, equities analysts predict that FleetCor Technologies, Inc. will post 10.19 EPS for the current year.
In other news, insider Alexey Gavrilenya sold 5,000 shares of FleetCor Technologies stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $279.91, for a total transaction of $1,399,550.00. Following the sale, the insider now owns 7,661 shares of the company’s stock, valued at approximately $2,144,390.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.70% of the company’s stock.
FleetCor Technologies Company Profile
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.
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