Zacks Investment Research lowered shares of FleetCor Technologies (NYSE:FLT) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
FLT has been the subject of a number of other research reports. Oppenheimer restated an outperform rating and issued a $185.00 target price on shares of FleetCor Technologies in a report on Tuesday, September 26th. Barclays increased their target price on FleetCor Technologies from $180.00 to $200.00 and gave the company an overweight rating in a report on Thursday, November 2nd. SunTrust Banks set a $180.00 target price on FleetCor Technologies and gave the company a buy rating in a report on Tuesday, October 24th. Morgan Stanley increased their target price on FleetCor Technologies from $189.00 to $194.00 and gave the company an overweight rating in a report on Thursday, November 2nd. Finally, Jefferies Group restated a buy rating and issued a $197.00 target price on shares of FleetCor Technologies in a report on Saturday, September 16th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $194.31.
FleetCor Technologies (NYSE FLT) traded up $0.69 on Tuesday, hitting $203.27. The stock had a trading volume of 353,400 shares, compared to its average volume of 507,398. The stock has a market capitalization of $18,182.36, a price-to-earnings ratio of 34.57, a P/E/G ratio of 1.27 and a beta of 1.53. FleetCor Technologies has a one year low of $121.52 and a one year high of $203.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.84.
FleetCor Technologies (NYSE:FLT) last released its earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.14 by $0.04. The company had revenue of $577.90 million during the quarter, compared to analyst estimates of $576.78 million. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The company’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.92 earnings per share. equities analysts expect that FleetCor Technologies will post 7.76 earnings per share for the current year.
In other news, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the transaction, the insider now directly owns 9,246 shares of the company’s stock, valued at $1,571,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. increased its stake in shares of FleetCor Technologies by 1.1% in the second quarter. Advisor Group Inc. now owns 3,890 shares of the business services provider’s stock worth $543,000 after acquiring an additional 41 shares during the last quarter. Commonwealth Bank of Australia increased its position in FleetCor Technologies by 13.0% during the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after buying an additional 85 shares during the last quarter. Toronto Dominion Bank increased its position in FleetCor Technologies by 11.1% during the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock worth $163,000 after buying an additional 113 shares during the last quarter. Nordea Investment Management AB increased its position in FleetCor Technologies by 4.3% during the second quarter. Nordea Investment Management AB now owns 2,859 shares of the business services provider’s stock worth $412,000 after buying an additional 119 shares during the last quarter. Finally, Commerce Bank increased its position in FleetCor Technologies by 11.2% during the second quarter. Commerce Bank now owns 1,580 shares of the business services provider’s stock worth $228,000 after buying an additional 159 shares during the last quarter. 95.20% of the stock is currently owned by institutional investors and hedge funds.
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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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