Zacks Investment Research Lowers FleetCor Technologies (FLT) to Hold

FleetCor Technologies (NYSE:FLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, January 9th.

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 analysts also recently commented on the stock. Morgan Stanley raised their price target on shares of FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. SunTrust Banks set a $180.00 target price on shares of FleetCor Technologies and gave the company a “buy” rating in a research report on Tuesday, October 24th. Jefferies Group reissued a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a research report on Saturday, September 16th. Deutsche Bank lifted their price objective on shares of FleetCor Technologies from $185.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, December 5th. Finally, Oppenheimer lifted their price objective on shares of FleetCor Technologies from $185.00 to $194.00 and gave the stock an “outperform” rating in a research report on Thursday, November 2nd. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $198.36.

Shares of FleetCor Technologies (FLT) opened at $207.51 on Tuesday. The stock has a market cap of $18,580.00, a PE ratio of 35.29, a PEG ratio of 1.37 and a beta of 1.51. FleetCor Technologies has a twelve month low of $121.52 and a twelve month high of $213.74. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.86.

A number of hedge funds and other institutional investors have recently made changes to their positions in FLT. Commonwealth Bank of Australia lifted its stake in shares of FleetCor Technologies by 13.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock valued at $105,000 after purchasing an additional 85 shares during the period. Fiduciary Trust Co. acquired a new position in shares of FleetCor Technologies in the 2nd quarter valued at $115,000. FNY Partners Fund LP acquired a new position in shares of FleetCor Technologies in the 3rd quarter valued at $125,000. Toronto Dominion Bank lifted its stake in shares of FleetCor Technologies by 11.1% in the 2nd 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. Finally, First Personal Financial Services lifted its stake in shares of FleetCor Technologies by 31.4% in the 4th quarter. First Personal Financial Services now owns 1,020 shares of the business services provider’s stock valued at $196,000 after purchasing an additional 244 shares during the period. Institutional investors and hedge funds own 95.18% of the company’s stock.

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FleetCor Technologies Company Profile

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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