State Street Corp cut its stake in FLEETCOR Technologies, Inc. (NYSE:FLT) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,296,544 shares of the business services provider’s stock after selling 84,617 shares during the period. State Street Corp owned about 3.92% of FLEETCOR Technologies worth $784,907,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of FLT. Conning Inc. raised its stake in shares of FLEETCOR Technologies by 4.4% in the 2nd quarter. Conning Inc. now owns 1,165 shares of the business services provider’s stock worth $293,000 after buying an additional 49 shares in the last quarter. Xponance Inc. lifted its position in FLEETCOR Technologies by 0.5% during the third quarter. Xponance Inc. now owns 11,985 shares of the business services provider’s stock worth $2,854,000 after acquiring an additional 57 shares during the last quarter. Signaturefd LLC lifted its position in FLEETCOR Technologies by 56.7% during the second quarter. Signaturefd LLC now owns 199 shares of the business services provider’s stock worth $50,000 after acquiring an additional 72 shares during the last quarter. Martin & Co. Inc. TN lifted its position in FLEETCOR Technologies by 0.4% during the second quarter. Martin & Co. Inc. TN now owns 21,898 shares of the business services provider’s stock worth $5,508,000 after acquiring an additional 89 shares during the last quarter. Finally, Jacobi Capital Management LLC lifted its position in FLEETCOR Technologies by 80.0% during the third quarter. Jacobi Capital Management LLC now owns 225 shares of the business services provider’s stock worth $54,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 95.51% of the company’s stock.
Shares of NYSE FLT opened at $253.93 on Friday. The firm’s 50-day moving average price is $245.72 and its 200-day moving average price is $246.83. FLEETCOR Technologies, Inc. has a 1-year low of $168.51 and a 1-year high of $329.85. The firm has a market capitalization of $21.18 billion, a P/E ratio of 30.63, a P/E/G ratio of 2.06 and a beta of 1.47. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.08.
FLEETCOR Technologies announced that its board has authorized a share buyback program 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 buy up to 4.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Eric Dey sold 1,269 shares of the company’s stock in a transaction dated Wednesday, November 18th. The shares were sold at an average price of $268.13, for a total value of $340,256.97. Following the sale, the chief financial officer now owns 15,303 shares in the company, valued at approximately $4,103,193.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.70% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Mizuho dropped their price target on shares of FLEETCOR Technologies from $250.00 to $245.00 and set a “buy” rating for the company in a research report on Friday, November 6th. JPMorgan Chase & Co. lifted their price target on shares of FLEETCOR Technologies from $278.00 to $282.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of FLEETCOR Technologies from $273.00 to $305.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Cfra upgraded shares of FLEETCOR Technologies to a “buy” rating in a research report on Wednesday, August 12th. Finally, Credit Suisse Group lowered their price objective on shares of FLEETCOR Technologies from $250.00 to $240.00 and set a “neutral” rating for the company in a research report on Monday, November 9th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $281.89.
FLEETCOR Technologies Company 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.
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