Putnam Investments LLC bought a new stake in FleetCor Technologies, Inc. (NYSE:FLT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 798 shares of the business services provider’s stock, valued at approximately $224,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bray Capital Advisors acquired a new position in shares of FleetCor Technologies in the second quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in shares of FleetCor Technologies in the second quarter valued at $30,000. Motco acquired a new position in FleetCor Technologies during the second quarter worth $33,000. Advisory Services Network LLC raised its stake in FleetCor Technologies by 94.2% during the second quarter. Advisory Services Network LLC now owns 134 shares of the business services provider’s stock worth $38,000 after acquiring an additional 65 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new position in FleetCor Technologies during the second quarter worth $56,000. Institutional investors and hedge funds own 93.54% of the company’s stock.
Several research analysts have issued reports on the company. Zacks Investment Research lowered FleetCor Technologies from a “buy” rating to a “hold” rating and set a $304.00 price objective for the company. in a research note on Wednesday, September 11th. Barclays set a $340.00 price objective on FleetCor Technologies and gave the stock a “buy” rating in a research note on Monday, August 12th. Deutsche Bank increased their price objective on FleetCor Technologies from $265.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Bank of America assumed coverage on FleetCor Technologies in a research note on Monday, June 3rd. They set a “neutral” rating and a $275.00 price objective for the company. Finally, SunTrust Banks increased their price objective on FleetCor Technologies to $320.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $275.87.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Tuesday, August 6th. The business services provider reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.05. The business had revenue of $647.09 million for the quarter, compared to analysts’ expectations of $633.95 million. FleetCor Technologies had a return on equity of 26.37% and a net margin of 35.29%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.57 earnings per share. On average, analysts forecast that FleetCor Technologies, Inc. will post 11.15 earnings per share for the current fiscal year.
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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