Kovitz Investment Group Partners LLC Purchases New Position in FLEETCOR Technologies, Inc. (NYSE:FLT)

Kovitz Investment Group Partners LLC purchased a new stake in FLEETCOR Technologies, Inc. (NYSE:FLT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,853 shares of the business services provider’s stock, valued at approximately $679,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rosenberg Matthew Hamilton acquired a new position in FLEETCOR Technologies in the 2nd quarter valued at about $34,000. Ninety One SA PTY Ltd acquired a new position in shares of FLEETCOR Technologies during the 2nd quarter worth approximately $43,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of FLEETCOR Technologies during the 3rd quarter worth approximately $43,000. Signaturefd LLC grew its position in shares of FLEETCOR Technologies by 56.7% during the 2nd quarter. Signaturefd LLC now owns 199 shares of the business services provider’s stock worth $50,000 after purchasing an additional 72 shares in the last quarter. Finally, Jacobi Capital Management LLC grew its position in shares of FLEETCOR Technologies by 80.0% during the 3rd quarter. Jacobi Capital Management LLC now owns 225 shares of the business services provider’s stock worth $54,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 95.51% of the company’s stock.

In other news, CFO Eric Dey sold 1,269 shares of the stock in a transaction on Wednesday, November 18th. The shares were sold at an average price of $268.13, for a total transaction of $340,256.97. Following the completion of the sale, the chief financial officer now directly owns 15,303 shares in the company, valued at $4,103,193.39. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.70% of the stock is currently owned by company insiders.

A number of research analysts have issued reports on FLT shares. Morgan Stanley decreased their target price on shares of FLEETCOR Technologies from $275.00 to $267.00 and set an “equal weight” rating on the stock in a research report on Friday, November 6th. Cfra upgraded shares of FLEETCOR Technologies to a “buy” rating in a research report on Wednesday, August 12th. Wells Fargo & Company restated a “buy” rating on shares of FLEETCOR Technologies in a research report on Friday, August 7th. Mizuho cut their price target on shares of FLEETCOR Technologies from $250.00 to $245.00 and set a “buy” rating for the company in a report on Friday, November 6th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of FLEETCOR Technologies from $273.00 to $305.00 and gave the stock a “buy” rating in a report on Monday, August 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company’s stock. FLEETCOR Technologies has an average rating of “Buy” and a consensus target price of $281.89.

Shares of NYSE:FLT opened at $253.93 on Friday. The firm has a 50 day simple moving average of $245.72 and a 200 day simple moving average of $246.83. The company has a market cap of $21.18 billion, a price-to-earnings ratio of 30.63, a PEG ratio of 2.06 and a beta of 1.47. FLEETCOR Technologies, Inc. has a one year low of $168.51 and a one year high of $329.85. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.96 and a quick ratio of 0.96.

FLEETCOR Technologies (NYSE:FLT) last released its quarterly earnings results on Thursday, November 5th. The business services provider reported $2.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $0.15. The firm had revenue of $585.28 million during the quarter, compared to the consensus estimate of $580.76 million. FLEETCOR Technologies had a net margin of 29.88% and a return on equity of 29.52%. The company’s revenue for the quarter was down 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.10 earnings per share. As a group, analysts expect that FLEETCOR Technologies, Inc. will post 10.36 EPS for the current year.

FLEETCOR Technologies declared that its board has authorized a share repurchase plan on Thursday, November 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 4.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About FLEETCOR Technologies

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.

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

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