Element Fleet Management Co: A Look at Insider Moves, Institutional Backing, and Financial Performance

Element Fleet Management Corp (EFN:CN), a Toronto-based company founded in 2007 by J. Stephen Sands, specializes in providing services and financing solutions for commercial vehicle fleets across various industries such as construction, food and beverage, healthcare, transportation, and utilities.

Insider Investment

On March 8, Laura L. Dottori-Attanasio, President and CEO of Element Fleet Management Corp, acquired 11,200 EFN shares at 22.37 CAD each, totaling nearly 250,000 CAD and increasing her holdings to 215,100 shares. With her successful track record, this investment signals a positive outlook. 

Additionally, Dottori-Attanasio is actively involved in various organizations and serves on the boards of several companies.

Institutional Support

Over the past two years, the company received significant backing from various institutions. Massachusetts Financial Services Co. expanded its position by over 38.3 million shares, while T. Rowe Price Associates Inc. (Investment Management) acquired more than 13.1 million shares. The Vanguard Group Inc. also increased its holdings in the firm by nearly 8.1 million shares.

Moreover, several mutual funds demonstrated their confidence in the company too. EdgePoint Canadian Portfolio acquired 57,794 shares, and Vanguard Total International Stock Index Fund bought 5.3 million shares.

Strong Q3 Results

Element Fleet Management Corp reported strong fourth-quarter and record 2023 results, driven by a 35.8% increase in new originations and successful conversions of self-managed fleets. The company achieved a record net revenue of $1.3 billion, leading to record operating margins, adjusted earnings, and adjusted free cash flow per share. Additionally, strategic initiatives like the Ireland Leasing Function and Asian Strategic Procurement are on track for mid-2024 implementation. Element also adopted U.S. dollar reporting starting Q1 2024 and returned $344.8 million to shareholders through increased dividends, share buybacks, and preferred share redemption.