Smith Asset Management Group LP Cuts Stake in FleetCor Technologies, Inc. (FLT)

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Smith Asset Management Group LP lowered its position in shares of FleetCor Technologies, Inc. (NYSE:FLT) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 133,924 shares of the business services provider’s stock after selling 5,328 shares during the period. Smith Asset Management Group LP owned about 0.15% of FleetCor Technologies worth $30,437,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in FleetCor Technologies by 20.2% during the second quarter. BlackRock Inc. now owns 7,464,198 shares of the business services provider’s stock valued at $1,572,333,000 after purchasing an additional 1,254,098 shares in the last quarter. Jennison Associates LLC boosted its position in FleetCor Technologies by 14.4% during the second quarter. Jennison Associates LLC now owns 4,598,370 shares of the business services provider’s stock valued at $968,647,000 after purchasing an additional 577,206 shares in the last quarter. Northern Trust Corp boosted its position in FleetCor Technologies by 76.7% during the second quarter. Northern Trust Corp now owns 941,094 shares of the business services provider’s stock valued at $198,242,000 after purchasing an additional 408,595 shares in the last quarter. Bank of New York Mellon Corp boosted its position in FleetCor Technologies by 146.2% during the second quarter. Bank of New York Mellon Corp now owns 892,986 shares of the business services provider’s stock valued at $188,107,000 after purchasing an additional 530,211 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its position in FleetCor Technologies by 0.9% during the third quarter. Wells Fargo & Company MN now owns 686,436 shares of the business services provider’s stock valued at $156,399,000 after purchasing an additional 5,855 shares in the last quarter. Hedge funds and other institutional investors own 98.08% of the company’s stock.

Shares of NYSE FLT opened at $197.84 on Monday. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.92 and a quick ratio of 0.88. The stock has a market capitalization of $17.44 billion, a price-to-earnings ratio of 25.11, a price-to-earnings-growth ratio of 1.21 and a beta of 1.51. FleetCor Technologies, Inc. has a fifty-two week low of $174.31 and a fifty-two week high of $230.24.

FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Tuesday, October 30th. The business services provider reported $2.68 earnings per share for the quarter, topping the consensus estimate of $2.66 by $0.02. The business had revenue of $619.60 million during the quarter, compared to the consensus estimate of $609.75 million. FleetCor Technologies had a return on equity of 24.22% and a net margin of 33.01%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company earned $2.18 earnings per share. On average, equities analysts anticipate that FleetCor Technologies, Inc. will post 9.85 earnings per share for the current year.

A number of brokerages recently weighed in on FLT. Deutsche Bank reaffirmed a “buy” rating on shares of FleetCor Technologies in a research report on Thursday, September 27th. Zacks Investment Research downgraded FleetCor Technologies from a “buy” rating to a “sell” rating in a report on Wednesday, October 3rd. Morgan Stanley raised their price target on FleetCor Technologies from $238.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Citigroup raised their price target on FleetCor Technologies from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Finally, Wolfe Research initiated coverage on FleetCor Technologies in a report on Tuesday, July 17th. They issued an “outperform” rating for the company. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $234.89.

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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Institutional Ownership by Quarter for FleetCor Technologies (NYSE:FLT)

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