Oppenheimer Holdings Comments on FleetCor Technologies, Inc.’s Q1 2018 Earnings (FLT)
FleetCor Technologies, Inc. (NYSE:FLT) – Research analysts at Oppenheimer Holdings upped their Q1 2018 earnings per share (EPS) estimates for shares of FleetCor Technologies in a note issued to investors on Wednesday. Oppenheimer Holdings analyst G. Greene now forecasts that the business services provider will post earnings per share of $2.09 for the quarter, up from their prior forecast of $2.06. Oppenheimer Holdings also issued estimates for FleetCor Technologies’ Q3 2018 earnings at $2.31 EPS.
A number of other equities research analysts also recently issued reports on FLT. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. Citigroup Inc. reaffirmed a “buy” rating and issued a $180.00 price objective (up from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. Keefe, Bruyette & Woods set a $202.00 price objective on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Monday, August 7th. Finally, Zacks Investment Research raised shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. FleetCor Technologies currently has an average rating of “Buy” and an average price target of $179.67.
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FleetCor Technologies (NYSE:FLT) opened at 153.67 on Monday. The company has a market cap of $14.12 billion, a PE ratio of 30.38 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 company’s 50-day moving average price is $144.30 and its 200-day moving average price is $146.29.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 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 business had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. During the same quarter last year, the company posted $1.56 earnings per share. FleetCor Technologies’s quarterly revenue was up 29.5% on a year-over-year basis.
FleetCor Technologies announced that its Board of Directors has approved a share buyback plan on Thursday, August 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other news, CEO Andrew Blazye sold 4,963 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $145.00, for a total transaction of $719,635.00. Following the completion of the transaction, the chief executive officer now directly owns 27,287 shares of the company’s stock, valued at approximately $3,956,615. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 15,758 shares of company stock valued at $2,274,115 over the last three months. Insiders own 4.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of FleetCor Technologies by 6.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,565,263 shares of the business services provider’s stock valued at $1,090,988,000 after acquiring an additional 474,254 shares during the period. Capital Research Global Investors lifted its stake in shares of FleetCor Technologies by 156.8% during the 2nd 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 in the last quarter. BlackRock Inc. lifted its stake in shares of FleetCor Technologies by 2,721.2% during the 1st 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 in the last quarter. FMR LLC lifted its stake in shares of FleetCor Technologies by 50.4% during the 2nd 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 in the last quarter. Finally, Tiger Global Management LLC lifted its stake in shares of FleetCor Technologies by 62.8% during the 2nd quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock valued at $328,622,000 after buying an additional 879,049 shares in the last quarter. 97.57% of the stock is owned by hedge funds and other institutional investors.
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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