FleetCor Technologies, Inc. to Post FY2018 Earnings of $8.94 Per Share, Jefferies Group Forecasts (FLT)
FleetCor Technologies, Inc. (NYSE:FLT) – Jefferies Group lifted their FY2018 EPS estimates for shares of FleetCor Technologies in a research note issued on Tuesday. Jefferies Group analyst R. El-Assal now forecasts that the business services provider will post earnings of $8.94 per share for the year, up from their prior estimate of $8.89. Jefferies Group has a “Buy” rating and a $197.00 price objective on the stock.
FleetCor Technologies (NYSE:FLT) last released its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, meeting analysts’ consensus estimates of $1.83. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The firm had revenue of $541.24 million for the quarter, compared to analyst estimates of $528.33 million. During the same quarter in the previous year, the company posted $1.56 EPS. The business’s revenue was up 29.5% on a year-over-year basis.
FLT has been the subject of a number of other research reports. William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a report on Wednesday, July 12th. Zacks Investment Research cut shares of FleetCor Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Citigroup Inc. reaffirmed a “buy” rating and issued a $180.00 price objective (up previously from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods set a $202.00 price objective on shares of FleetCor Technologies and gave the company a “buy” rating in a report on Monday, August 7th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $181.33.
FleetCor Technologies (NYSE:FLT) traded down 0.12% during midday trading on Wednesday, hitting $161.35. The company’s stock had a trading volume of 193,383 shares. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $176.42. The company has a market cap of $14.82 billion, a PE ratio of 31.89 and a beta of 1.44. The stock has a 50 day moving average of $149.22 and a 200 day moving average of $145.80.
FleetCor Technologies announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Andrew Blazye sold 4,963 shares of FleetCor Technologies stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $145.00, for a total value of $719,635.00. Following the sale, the chief executive officer now owns 27,287 shares in the company, valued at $3,956,615. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 15,758 shares of company stock worth $2,274,115. Company insiders own 4.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FLT. Capital Research Global Investors grew its position in shares of 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 purchasing an additional 3,283,010 shares during the period. Steadfast Capital Management LP grew its position in shares of 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 purchasing an additional 1,466,464 shares during the period. FMR LLC grew its position in shares of 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 purchasing an additional 1,334,164 shares during the period. Tiger Global Management LLC grew its position in shares of FleetCor Technologies by 62.8% in the second quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock valued at $328,622,000 after purchasing an additional 879,049 shares during the period. Finally, Ameriprise Financial Inc. grew its position in shares of FleetCor Technologies by 132.0% in the second quarter. Ameriprise Financial Inc. now owns 1,296,851 shares of the business services provider’s stock valued at $187,025,000 after purchasing an additional 737,854 shares during the period. 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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