FleetCor Technologies, Inc. (NYSE:FLT) Cut to “Hold” at Zacks Investment Research
FleetCor Technologies, Inc. (NYSE:FLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
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 topic of a number of other research reports. William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. J P Morgan Chase & Co restated an “overweight” rating and issued a $138.00 price target on shares of FleetCor Technologies in a research report on Thursday, May 4th. Citigroup Inc. restated a “buy” rating and issued a $180.00 price target (up previously from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, Raymond James Financial, Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target on the stock in a research report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. FleetCor Technologies presently has a consensus rating of “Buy” and a consensus price target of $180.86.
FleetCor Technologies (NYSE FLT) traded down 1.53% during midday trading on Wednesday, reaching $140.23. 1,353,944 shares of the company’s stock traded hands. The firm has a market cap of $12.94 billion, a price-to-earnings ratio of 28.68 and a beta of 1.45. The stock’s 50 day moving average price is $147.25 and its 200 day moving average price is $149.71. FleetCor Technologies has a 1-year low of $121.52 and a 1-year high of $176.42.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.83. The firm had revenue of $541.24 million for 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.56 EPS. Equities research analysts anticipate that FleetCor Technologies will post $8.37 EPS for the current year.
FleetCor Technologies declared that its board has initiated a share buyback plan on Thursday, August 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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In related news, insider Alexey Gavrilenya bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The shares were bought at an average price of $138.50 per share, for a total transaction of $692,500.00. Following the transaction, the insider now directly owns 5,000 shares of the company’s stock, valued at $692,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd increased its position in FleetCor Technologies by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 28,350 shares of the business services provider’s stock valued at $4,293,000 after buying an additional 400 shares during the last quarter. National Pension Service increased its position in FleetCor Technologies by 19.6% in the first quarter. National Pension Service now owns 84,796 shares of the business services provider’s stock valued at $12,558,000 after buying an additional 13,910 shares during the last quarter. Gradient Investments LLC acquired a new position in FleetCor Technologies during the first quarter valued at $277,000. Capstone Asset Management Co. increased its position in FleetCor Technologies by 20.9% in the first quarter. Capstone Asset Management Co. now owns 2,428 shares of the business services provider’s stock valued at $368,000 after buying an additional 420 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new position in FleetCor Technologies during the first quarter valued at $243,000. Hedge funds and other institutional investors own 93.82% of the company’s stock.
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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