FleetCor Technologies, Inc. (FLT) Expected to Post Quarterly Sales of $571.93 Million
Wall Street brokerages forecast that FleetCor Technologies, Inc. (NYSE:FLT) will announce sales of $571.93 million for the current fiscal quarter, Zacks reports. Eight analysts have provided estimates for FleetCor Technologies’ earnings. The highest sales estimate is $584.14 million and the lowest is $540.06 million. FleetCor Technologies reported sales of $484.43 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.1%. The business is expected to issue its next quarterly earnings report on Tuesday, November 7th.
On average, analysts expect that FleetCor Technologies will report full year sales of $571.93 million for the current fiscal year, with estimates ranging from $2.20 billion to $2.24 billion. For the next year, analysts expect that the company will report sales of $2.46 billion per share, with estimates ranging from $2.32 billion to $2.55 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow FleetCor Technologies.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings data on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.83. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The company had revenue of $541.24 million for the quarter, compared to analysts’ expectations of $528.33 million. During the same quarter in the prior year, the business posted $1.56 EPS. The business’s revenue was up 29.5% compared to the same quarter last year.
A number of analysts recently commented on the company. BidaskClub lowered FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 price target on FleetCor Technologies and gave the stock a “buy” rating in a report on Monday, August 7th. Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Tuesday, August 8th. Citigroup Inc. reiterated a “buy” rating and set a $180.00 price target (up from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $138.00 price target on shares of FleetCor Technologies in a report on Thursday, May 4th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $180.86.
Shares of FleetCor Technologies (NYSE:FLT) opened at 143.25 on Tuesday. The company has a market cap of $13.16 billion, a PE ratio of 28.32 and a beta of 1.45. The stock’s 50 day moving average price is $146.72 and its 200-day moving average price is $149.12. FleetCor Technologies has a 52 week low of $121.52 and a 52 week high of $176.42.
FleetCor Technologies declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other news, CEO Andrew Blazye sold 4,963 shares of FleetCor Technologies stock in a transaction 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 transaction, the chief executive officer now directly owns 27,287 shares in the company, valued at $3,956,615. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.60% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in FleetCor Technologies by 2,721.2% in the first quarter. BlackRock Inc. now owns 5,251,662 shares of the business services provider’s stock valued at $795,260,000 after buying an additional 5,065,513 shares during the last quarter. Capital Research Global Investors boosted its position in FleetCor Technologies by 156.8% in the second quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock valued at $775,419,000 after buying an additional 3,283,010 shares during the last quarter. Steadfast Capital Management LP boosted its position in FleetCor Technologies by 251.4% in the second quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock valued at $295,590,000 after buying an additional 1,466,464 shares during the last quarter. FMR LLC boosted its position in FleetCor Technologies by 50.4% in the second quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock valued at $573,905,000 after buying an additional 1,334,164 shares during the last quarter. Finally, Egerton Capital UK LLP acquired a new position in FleetCor Technologies during the first quarter valued at approximately $155,014,000. Institutional investors own 94.53% of the company’s stock.
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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