FleetCor Technologies, Inc. (FLT) Upgraded to Buy at Zacks Investment Research
FleetCor Technologies, Inc. (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $160.00 price target on the business services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.35% from the company’s current price.
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. “
Other research analysts also recently issued reports about the stock. Citigroup Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target for the company in a report on Tuesday, May 2nd. William Blair reissued an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Keefe, Bruyette & Woods set a $202.00 price objective on shares of FleetCor Technologies and gave the stock a “buy” rating in a research note on Monday. Jefferies Group LLC reissued a “buy” rating and issued a $197.00 price objective on shares of FleetCor Technologies in a research note on Wednesday, May 24th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $185.00 price objective on shares of FleetCor Technologies in a research note on Monday, April 24th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $180.86.
Shares of FleetCor Technologies (NYSE FLT) traded down 0.04% on Tuesday, reaching $142.41. The company’s stock had a trading volume of 1,578,266 shares. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $176.42. The company has a market cap of $13.14 billion, a PE ratio of 29.13 and a beta of 1.45. The firm has a 50 day moving average of $147.25 and a 200 day moving average of $149.71.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.83. The company had revenue of $541.24 million during the quarter, compared to the consensus estimate of $528.33 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 21.20%. The company’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. Analysts predict that FleetCor Technologies will post $8.37 earnings per share for the current year.
FleetCor Technologies announced that its Board of Directors has approved a share buyback plan on Thursday, August 3rd that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 1.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, insider Alexey Gavrilenya purchased 5,000 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were acquired at an average price of $138.50 per share, with a total value of $692,500.00. Following the completion of the transaction, the insider now owns 5,000 shares of the company’s stock, valued at approximately $692,500. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of FLT. Honeywell International Inc. boosted its position in FleetCor Technologies by 19.2% in the first quarter. Honeywell International Inc. now owns 119,200 shares of the business services provider’s stock worth $18,050,000 after buying an additional 19,200 shares during the period. First National Bank of Hutchinson bought a new position in FleetCor Technologies during the first quarter worth about $373,000. Russell Investments Group Ltd. boosted its position in FleetCor Technologies by 5.9% in the first quarter. Russell Investments Group Ltd. now owns 390,775 shares of the business services provider’s stock worth $59,173,000 after buying an additional 21,727 shares during the period. First Bank & Trust boosted its position in FleetCor Technologies by 12.2% in the first quarter. First Bank & Trust now owns 2,442 shares of the business services provider’s stock worth $370,000 after buying an additional 266 shares during the period. Finally, Deltec Asset Management LLC boosted its position in FleetCor Technologies by 62.5% in the first quarter. Deltec Asset Management LLC now owns 13,000 shares of the business services provider’s stock worth $1,969,000 after buying an additional 5,000 shares during the period. 93.82% of the stock is currently owned by institutional investors and hedge funds.
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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