Ethic Inc. boosted its stake in FLEETCOR Technologies, Inc. (NYSE:FLT) by 48.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,669 shares of the business services provider’s stock after buying an additional 542 shares during the quarter. Ethic Inc.’s holdings in FLEETCOR Technologies were worth $427,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Certified Advisory Corp purchased a new position in FLEETCOR Technologies in the 1st quarter worth approximately $27,000. PNC Managed Account Solutions Inc. purchased a new position in FLEETCOR Technologies in the 2nd quarter worth approximately $33,000. Exchange Traded Concepts LLC purchased a new stake in shares of FLEETCOR Technologies during the 2nd quarter valued at approximately $46,000. Huntington National Bank raised its position in shares of FLEETCOR Technologies by 145.5% during the 2nd quarter. Huntington National Bank now owns 270 shares of the business services provider’s stock valued at $69,000 after buying an additional 160 shares during the period. Finally, Guardian Wealth Advisors LLC purchased a new stake in shares of FLEETCOR Technologies during the 1st quarter valued at approximately $141,000. 91.54% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently commented on FLT. TheStreet raised shares of FLEETCOR Technologies from a “c+” rating to a “b” rating in a research report on Friday, August 6th. Morgan Stanley lifted their target price on shares of FLEETCOR Technologies from $275.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, August 5th. Credit Suisse Group lifted their target price on shares of FLEETCOR Technologies from $270.00 to $275.00 and gave the company a “neutral” rating in a report on Friday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of FLEETCOR Technologies from $305.00 to $319.00 and gave the company an “overweight” rating in a report on Tuesday, August 17th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, FLEETCOR Technologies has a consensus rating of “Buy” and an average target price of $318.00.
FLEETCOR Technologies (NYSE:FLT) last posted its quarterly earnings results on Wednesday, August 4th. The business services provider reported $3.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.94 by $0.21. The business had revenue of $667.38 million during the quarter, compared to the consensus estimate of $637.45 million. FLEETCOR Technologies had a net margin of 31.43% and a return on equity of 29.53%. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.28 earnings per share. On average, analysts expect that FLEETCOR Technologies, Inc. will post 12.31 EPS for the current year.
About FLEETCOR Technologies
FLEETCOR Technologies, Inc engages in the provision of digital payment solutions that enables businesses to control purchases and make payments. It operates through the following geographical segments: North America, International, and Brazil. The company was founded by William Boatner Reily III and Ronald F.
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