M&T Bank Corp increased its stake in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 4.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,357 shares of the business services provider’s stock after purchasing an additional 1,574 shares during the quarter. M&T Bank Corp’s holdings in FleetCor Technologies were worth $8,642,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Guggenheim Capital LLC lifted its holdings in FleetCor Technologies by 10.9% during the fourth quarter. Guggenheim Capital LLC now owns 22,689 shares of the business services provider’s stock worth $6,528,000 after acquiring an additional 2,232 shares during the period. AQR Capital Management LLC boosted its holdings in shares of FleetCor Technologies by 37.5% in the 4th quarter. AQR Capital Management LLC now owns 8,299 shares of the business services provider’s stock worth $2,388,000 after buying an additional 2,262 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its position in FleetCor Technologies by 39.8% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,015 shares of the business services provider’s stock valued at $619,000 after buying an additional 859 shares during the period. Sunbelt Securities Inc. increased its holdings in FleetCor Technologies by 47.2% during the fourth quarter. Sunbelt Securities Inc. now owns 3,410 shares of the business services provider’s stock worth $731,000 after buying an additional 1,094 shares during the last quarter. Finally, Macquarie Group Ltd. increased its holdings in FleetCor Technologies by 135.5% during the fourth quarter. Macquarie Group Ltd. now owns 3,061 shares of the business services provider’s stock worth $880,000 after buying an additional 1,761 shares during the last quarter. 91.36% of the stock is owned by institutional investors and hedge funds.
In related news, insider Alexey Gavrilenya sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $279.91, for a total value of $1,399,550.00. Following the transaction, the insider now directly owns 7,661 shares in the company, valued at $2,144,390.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.70% of the stock is currently owned by insiders.
FleetCor Technologies (NYSE:FLT) last posted its earnings results on Thursday, May 7th. The business services provider reported $3.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.17. FleetCor Technologies had a return on equity of 29.18% and a net margin of 32.37%. The business had revenue of $661.09 million during the quarter, compared to analysts’ expectations of $636.20 million. During the same period in the previous year, the business earned $2.67 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. Sell-side analysts predict that FleetCor Technologies, Inc. will post 10.19 earnings per share for the current year.
FLT has been the subject of several research analyst reports. restated a “sell” rating on shares of FleetCor Technologies in a research note on Tuesday, June 9th. Cfra restated a “hold” rating and issued a $275.00 target price (down from $325.00) on shares of FleetCor Technologies in a research note on Monday, May 11th. Credit Suisse Group increased their price target on FleetCor Technologies from $250.00 to $255.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. SunTrust Banks boosted their price objective on FleetCor Technologies from $220.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Finally, Oppenheimer started coverage on shares of FleetCor Technologies in a report on Thursday, May 7th. They set a “buy” rating and a $335.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $286.47.
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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