Wedge Capital Management L L P NC, a well-known institutional investor, has recently decided to reduce its stake in FLEETCOR Technologies, Inc. (NYSE: FLT) by 5.1% during the second quarter of the fiscal year. This information was disclosed in Wedge Capital Management’s most recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 319,699 shares of FLEETCOR Technologies’ stock, representing a decrease of 17,050 shares from its previous holdings.
FLEETCOR Technologies is a prominent business payments company that specializes in helping businesses optimize their purchasing and vendor payment processes. By offering corporate payments solutions such as accounts payable automation and Virtual Card services, FLEETCOR assists businesses in minimizing their expenses.
One specific offering provided by FLEETCOR Technologies is its Virtual Card service. This service allows businesses to generate single-use card numbers for specific amounts within defined timeframes. This enables better control over spending and enhances security measures for businesses.
In addition to Virtual Card services, FLEETCOR also offers Cross-Border solutions for its customers. These solutions enable efficient international payments to vendors, cover foreign office and personnel expenses, facilitate capital expenditures, and assist with profit repatriation and dividends.
To further assist its customers in managing corporate spending effectively, FLEETCOR provides purchasing cards and travel and entertainment cards. These offerings allow businesses to analyze and manage their spending efficiently.
Wedge Capital Management’s recent reduction of its stake in FLEETCOR Technologies brings the company’s portfolio allocation of the stock down to approximately 1.3%, making it Wedge Capital’s ninth largest position overall. It is worth noting that Wedge Capital Management previously held around 0.43% ownership of FLEETCOR Technologies prior to this reduction.
As of the most recent filing with the SEC, Wedge Capital Management estimated the value of its remaining shares of FLEETCOR Technologies to be approximately $80,270,000. This demonstrates the significant investment that Wedge Capital has made in this business payments company.
Investors and industry experts may find it useful to keep an eye on FLEETCOR Technologies going forward, as its innovative solutions in business payments continue to attract attention. The comprehensive suite of corporate payment offerings provided by FLEETCOR empowers businesses to spend less while streamlining their expense-related processes.
As mentioned earlier, this information is based on the most recent filing by Wedge Capital Management with the SEC, as of September 24, 2023. It is recommended for interested parties to consult the official filing and conduct further research before making any investment decisions regarding FLEETCOR Technologies.
[bs_slider_forecast ticker=”WFC”]
FLEETCOR Technologies Receives Mixed Ratings and Fluctuations in Stock Ownership as Hedge Funds and Institutional Investors Show Interest
September 24, 2023 – FLEETCOR Technologies (NYSE:FLT), a leading business services provider, has recently experienced some fluctuations in its stock ownership and received mixed ratings from research firms. The company’s performance and future prospects have garnered interest from several hedge funds and institutional investors, causing them to either increase or decrease their stakes in the stock.
Steward Partners Investment Advisory LLC, for instance, grew its position in FLEETCOR Technologies by 13.5% in the first quarter. They now own 421 shares of the company’s stock, worth approximately $89,000 after acquiring an additional 50 shares. Ossiam also boosted its position in FLEETCOR Technologies by 7.9% during the same period, owning 682 shares valued at $144,000 after purchasing an additional 50 shares. Cetera Investment Advisers saw a modest increase of 3.1% and now owns 1,832 shares valued at $456,000 after purchasing an additional 55 shares.
Czech National Bank followed suit and increased its position in FLEETCOR Technologies by 0.7% during the second quarter. They currently own 8,740 shares valued at $2.19 million after buying an additional 58 shares. Raymond James Financial Services Advisors Inc., on the other hand, increased their position by 2.0% during the first quarter and now hold 3,154 shares with a value of $665,000 after acquiring an additional 62 shares.
These moves by prominent hedge funds and institutional investors demonstrate their confidence in FLEETCOR Technologies’ growth potential and value as a long-term investment option. Currently, hedge funds and other institutional investors own approximately 94.93% of the company’s stock.
Several research firms have also weighed in on FLT’s performance and provided recommendations based on their analyses. In a recent research report, StockNews.com downgraded FLEETCOR Technologies from a “buy” rating to a “hold” rating. Morgan Stanley, in a research report on Wednesday, August 9th, increased their price target on the company’s stock from $243.00 to $244.00 and assigned an “equal weight” rating.
JPMorgan Chase & Co., another research firm, raised their price objective from $275.00 to $326.00 and gave FLEETCOR Technologies an “overweight” rating in a research note on Tuesday, August 22nd. Royal Bank of Canada also raised their price objective from $240.00 to $277.00 and provided the company with a “sector perform” rating.
Lastly, Deutsche Bank Aktiengesellschaft lowered its price objective from $310.00 to $300.00 but maintained a “buy” rating for the stock in its research note on Wednesday, August 9th. Overall, five research analysts have rated the stock as a hold, while ten have assigned it a buy rating.
According to Bloomberg data, as of now, FLEETCOR Technologies has an average analyst consensus of “Moderate Buy,” with an average target price of approximately $277.67.
On Friday, September 22nd trading session, FLT stock traded up by $0.03 and reached $269.98 per share with a trading volume of 300,512 shares compared to its average volume of 381,138 shares. The company has experienced highs and lows over the past year with a 52-week low of $161.69 and a 52-week high of $278.35.
FLEETCOR Technologies currently boasts a market capitalization of $19.98 billion and exhibits commendable financial indicators like a P/E ratio of 21.77 and PEG ratio of 1.37 which aligns with industry standards.Furthermore, the company’s beta stands at 1.20, signaling a moderate level of volatility compared to the overall market.
The business sustains a 50-day moving average of $262.70 and a 200-day moving average of $238.37. FLEETCOR Technologies has maintained a solid balance sheet with a debt-to-equity ratio of 1.43, emphasizing its financial stability in the market.
During its most recent earnings announcement on Tuesday, August 8th, FLEETCOR Technologies reported earnings per share of $3.85 for the quarter, slightly missing analysts’ consensus estimates by ($0.02). However, the company generated revenue of $948.17 million during the quarter, surpassing analysts’ expectations of $945.21 million.
FLEETCOR Technologies has exhibited strong profitability indicators with a return on equity of 41.53% and a net margin of 25.61%. Analysts predict that the company will post earnings per share of approximately $15.83 for the current fiscal year.
As FLEETCOR Technologies navigates through changing market conditions and continues to expand its business offerings, these recent developments in stock ownership and research ratings provide valuable insights into investors’ perceptions and expectations for the future direction of the company’s
