Tyers Asset Management LLC reduced its holdings in FleetCor Technologies, Inc. (NYSE:FLT) by 52.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,964 shares of the business services provider’s stock after selling 6,496 shares during the quarter. Tyers Asset Management LLC’s holdings in FleetCor Technologies were worth $1,471,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of FLT. Norges Bank bought a new stake in FleetCor Technologies in the fourth quarter worth approximately $146,695,000. Millennium Management LLC bought a new stake in FleetCor Technologies in the fourth quarter worth approximately $27,507,000. JPMorgan Chase & Co. increased its holdings in FleetCor Technologies by 209.7% in the first quarter. JPMorgan Chase & Co. now owns 165,049 shares of the business services provider’s stock worth $40,700,000 after purchasing an additional 111,759 shares in the last quarter. First Trust Advisors LP increased its holdings in FleetCor Technologies by 104.8% in the fourth quarter. First Trust Advisors LP now owns 216,014 shares of the business services provider’s stock worth $40,118,000 after purchasing an additional 110,541 shares in the last quarter. Finally, State Treasurer State of Michigan increased its holdings in FleetCor Technologies by 221.2% in the first quarter. State Treasurer State of Michigan now owns 110,800 shares of the business services provider’s stock worth $27,322,000 after purchasing an additional 76,300 shares in the last quarter. Institutional investors and hedge funds own 93.73% of the company’s stock.
A number of brokerages have weighed in on FLT. SunTrust Banks lifted their target price on FleetCor Technologies to $320.00 and gave the stock a “buy” rating in a report on Thursday. GMP Securities restated an “average” rating and set a $4.00 price objective on shares of FleetCor Technologies in a report on Wednesday, June 5th. Goldman Sachs Group upgraded FleetCor Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $243.00 to $305.00 in a report on Wednesday, June 5th. Bank of America assumed coverage on FleetCor Technologies in a report on Monday, June 3rd. They set a “neutral” rating and a $275.00 price objective for the company. Finally, Oppenheimer boosted their price objective on FleetCor Technologies from $265.00 to $270.00 and gave the company an “outperform” rating in a report on Wednesday, May 8th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. FleetCor Technologies has a consensus rating of “Buy” and an average target price of $246.64.
Shares of NYSE FLT traded down $0.02 during midday trading on Friday, hitting $272.86. 11,359 shares of the stock traded hands, compared to its average volume of 849,798. The company has a market cap of $23.56 billion, a price-to-earnings ratio of 27.48, a P/E/G ratio of 1.57 and a beta of 1.16. FleetCor Technologies, Inc. has a one year low of $172.18 and a one year high of $276.89. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.77.
FleetCor Technologies (NYSE:FLT) last released its quarterly earnings data on Tuesday, May 7th. The business services provider reported $2.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.46 by $0.10. The firm had revenue of $621.80 million during the quarter, compared to the consensus estimate of $608.40 million. FleetCor Technologies had a return on equity of 26.56% and a net margin of 32.74%. The company’s quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.50 earnings per share. On average, equities research analysts anticipate that FleetCor Technologies, Inc. will post 11.1 earnings per share for the current year.
FleetCor Technologies 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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