FleetCor says completed share repurchase to be accretive to FY12 EPS by 13c FleetCor Technologies announced that it has completed its previously announced purchase of approximately 3.85M shares of FleetCor common stock at $51.91 per share pursuant to a share repurchase agreement with certain of its private equity shareholders associated with Summit Partners and Bain Capital. “On a pro forma basis, using actual results through September 30 and our prior guidance, the repurchase is expected to be accretive to full-year 2012 earnings by approximately 13c per diluted share,” said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc. “We believe that buying back shares from our legacy investors will help to reduce the share overhang and leaves us sufficient liquidity to execute our acquisition plans.” The share repurchase was effected in a private transaction and FleetCor funded the $200 million aggregate purchase price with borrowings under its credit facilities.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Abengoa Yield (ABY) downgraded to Equal Weight from Overweight at Morgan Stanley... American Airlines (AAL) downgraded to Neutral from Buy at Goldman... Baidu (BIDU) downgraded to Hold from Buy at Summit Research... Banco Santander (SAN) downgraded to Neutral from Overweight at JPMorgan... Barracuda (CUDA) downgraded to Equal Weight from Overweight at Stephens... Basic Energy (BAS) downgraded to In-Line from Outperform at Imperial Capital... C.H. Robinson (CHRW) downgraded to Sell from Neutral at Goldman... Cheetah Mobile (CMCM) downgraded to Neutral from Outperform at Credit Suisse... FleetCor (FLT) downgraded to Hold from Buy at Evercore ISI... Gap (GPS) downgraded to Sell from Neutral at UBS... Genuine Parts (GPC) downgraded to Sell from Neutral at Goldman... Grupo Televisa (TV) downgraded to Hold from Buy at HSBC... ITC Holdings (ITC) downgraded to Sell from Neutral at UBS... Lantheus (LNTH) downgraded to Market Perform from Outperform at Wells Fargo... Rentrak (RENT) downgraded to Buy from Strong Buy at Needham... SQM (SQM) downgraded to Neutral from Overweight at JPMorgan... Sequenom (SQNM) downgraded to Hold from Buy at Jefferies... Team (TISI) downgraded to Equal Weight from Overweight at Stephens... Universal Truckload (UACL) downgraded to Hold from Buy at BB&T.