FleetCor Technologies, Inc. (FLT) Expected to Announce Quarterly Sales of $571.93 Million
Analysts forecast that FleetCor Technologies, Inc. (NYSE:FLT) will post sales of $571.93 million for the current quarter, Zacks reports. Eight analysts have issued estimates for FleetCor Technologies’ earnings. The highest sales estimate is $584.14 million and the lowest is $540.06 million. FleetCor Technologies posted sales of $484.43 million during the same quarter last year, which suggests a positive year-over-year growth rate of 18.1%. The business is expected to report its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that FleetCor Technologies will report full-year sales of $571.93 million for the current financial year, with estimates ranging from $2.20 billion to $2.24 billion. For the next financial year, analysts anticipate that the business will post sales of $2.46 billion per share, with estimates ranging from $2.32 billion to $2.55 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover FleetCor Technologies.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting the consensus estimate of $1.83. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. The company had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. During the same quarter in the previous year, the company earned $1.56 EPS. FleetCor Technologies’s revenue was up 29.5% on a year-over-year basis.
A number of research analysts recently issued reports on FLT shares. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Tuesday, August 8th. Keefe, Bruyette & Woods set a $202.00 target price on shares of FleetCor Technologies and gave the company a “buy” rating in a research report on Monday, August 7th. Citigroup Inc. reissued a “buy” rating and set a $180.00 target price (up previously from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. Jefferies Group LLC reissued a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a research report on Wednesday, May 24th. Finally, BidaskClub raised shares of FleetCor Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 17th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. FleetCor Technologies presently has a consensus rating of “Buy” and an average price target of $180.86.
In related news, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $144.00, for a total value of $1,202,832.00. Following the completion of the sale, the chief executive officer now owns 24,766 shares of the company’s stock, valued at approximately $3,566,304. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 15,758 shares of company stock valued at $2,274,115. 4.30% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of FLT. State of Alaska Department of Revenue acquired a new stake in FleetCor Technologies in the 1st quarter valued at $104,000. Commonwealth Bank of Australia lifted its stake in FleetCor Technologies by 13.0% during the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 85 shares in the last quarter. First Personal Financial Services lifted its stake in FleetCor Technologies by 49.9% during the 2nd quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock valued at $114,000 after acquiring an additional 263 shares in the last quarter. Fiduciary Trust Co. bought a new position in FleetCor Technologies during the 2nd quarter valued at $115,000. Finally, Toronto Dominion Bank lifted its stake in FleetCor Technologies by 26.6% during the 1st quarter. Toronto Dominion Bank now owns 1,015 shares of the business services provider’s stock valued at $154,000 after acquiring an additional 213 shares in the last quarter. 97.61% of the stock is owned by institutional investors and hedge funds.
Shares of FleetCor Technologies (NYSE:FLT) opened at 144.35 on Friday. The firm has a market cap of $13.26 billion, a PE ratio of 28.54 and a beta of 1.43. FleetCor Technologies has a 12 month low of $121.52 and a 12 month high of $176.42. The stock’s 50 day moving average is $145.09 and its 200 day moving average is $147.58.
FleetCor Technologies announced that its board has initiated a stock repurchase plan on Thursday, August 3rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
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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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