FleetCor Technologies, Inc. (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $180.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.42% from the stock’s previous close.
According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “
Several other research firms have also recently weighed in on FLT. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $185.00 price objective on shares of FleetCor Technologies in a research report on Tuesday, September 26th. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Citigroup Inc. restated a “buy” rating and issued a $180.00 price objective (up from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods set a $202.00 price objective on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Monday, August 7th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. FleetCor Technologies presently has a consensus rating of “Buy” and a consensus price target of $181.33.
Shares of FleetCor Technologies (NYSE:FLT) opened at 161.55 on Monday. The stock has a 50 day moving average of $149.22 and a 200-day moving average of $145.80. The firm has a market capitalization of $14.84 billion, a P/E ratio of 31.94 and a beta of 1.44. FleetCor Technologies has a 1-year low of $121.52 and a 1-year high of $176.42.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings data on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.83. The company had revenue of $541.24 million for the quarter, compared to analysts’ expectations of $528.33 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. FleetCor Technologies’s revenue for the quarter was up 29.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.56 earnings per share. On average, equities analysts expect that FleetCor Technologies will post $8.38 earnings per share for the current year.
FleetCor Technologies announced that its Board of Directors has initiated a stock buyback program on Thursday, August 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the business services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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In other FleetCor Technologies news, CEO Andrew Blazye sold 4,963 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $145.00, for a total value of $719,635.00. Following the completion of the sale, the chief executive officer now owns 27,287 shares of the company’s stock, valued at $3,956,615. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 15,758 shares of company stock valued at $2,274,115. 4.60% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Perpetual Ltd purchased a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $5,656,000. Toronto Dominion Bank boosted its stake in shares of FleetCor Technologies by 11.1% during the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock valued at $163,000 after purchasing an additional 113 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $1,133,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $219,000. Finally, Wafra Investment Advisory Group Inc. NY purchased a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $3,791,000. 97.61% of the stock is owned by institutional investors and hedge funds.
About FleetCor Technologies
FleetCor Technologies, Inc is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. Its products are sold to businesses, retailers, oil companies and marketers and government entities.
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