FleetCor Technologies, Inc. (FLT) Earns “Buy” Rating from Jefferies Group LLC
FleetCor Technologies, Inc. (NYSE:FLT)‘s stock had its “buy” rating restated by stock analysts at Jefferies Group LLC in a report released on Saturday. They presently have a $197.00 target price on the business services provider’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 35.84% from the stock’s previous close.
Several other brokerages have also recently commented on FLT. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Citigroup Inc. reiterated a “buy” rating and set a $180.00 price objective (up from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the company a “buy” rating in a research report on Monday, August 7th. Finally, Credit Suisse Group restated an “outperform” rating on shares of FleetCor Technologies in a research report on Tuesday, September 5th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $180.86.
FleetCor Technologies (NYSE:FLT) opened at 145.02 on Friday. The company has a 50-day moving average of $144.29 and a 200 day moving average of $146.75. The firm has a market cap of $13.32 billion, a price-to-earnings ratio of 28.67 and a beta of 1.43. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $176.42.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings data on Thursday, August 3rd. The business services provider reported $1.83 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.83. The firm 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 20.87%. The business’s revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.56 EPS. On average, equities research analysts anticipate that FleetCor Technologies will post $8.37 EPS for the current year.
FleetCor Technologies announced that its board has initiated a share repurchase program on Thursday, August 3rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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In related news, CEO Andrew Blazye sold 8,353 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $144.00, for a total transaction of $1,202,832.00. Following the completion of the sale, the chief executive officer now owns 24,766 shares in the company, valued at $3,566,304. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 15,758 shares of company stock valued at $2,274,115 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Bank of Australia increased its holdings in FleetCor Technologies by 13.0% during the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after buying an additional 85 shares during the last quarter. First Personal Financial Services increased its holdings in FleetCor Technologies by 49.9% during the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock worth $114,000 after buying an additional 263 shares during the last quarter. Fiduciary Trust Co. purchased a new stake in FleetCor Technologies during the second quarter worth about $115,000. Toronto Dominion Bank increased its holdings in FleetCor Technologies by 26.6% during the first quarter. Toronto Dominion Bank now owns 1,015 shares of the business services provider’s stock worth $154,000 after buying an additional 213 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in FleetCor Technologies by 1.1% during the first quarter. Tower Research Capital LLC TRC now owns 1,059 shares of the business services provider’s stock worth $160,000 after buying an additional 12 shares during the last quarter. Institutional investors and hedge funds own 97.61% 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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