Equities Analysts Set Expectations for FleetCor Technologies, Inc.’s FY2019 Earnings (FLT)
FleetCor Technologies, Inc. (NYSE:FLT) – Equities researchers at Oppenheimer Holdings issued their FY2019 earnings estimates for FleetCor Technologies in a report released on Monday. Oppenheimer Holdings analyst G. Greene expects that the business services provider will earn $10.34 per share for the year. Oppenheimer Holdings has a “Outperform” rating and a $194.00 price objective on the stock.
FLT has been the topic of a number of other reports. Barclays PLC boosted their target price on shares of FleetCor Technologies from $180.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, November 2nd. Jefferies Group LLC restated a “buy” rating and issued a $197.00 target price on shares of FleetCor Technologies in a report on Saturday, September 16th. BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a report on Monday, August 7th. Finally, Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a report on Monday, October 9th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $184.23.
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Shares of FleetCor Technologies (NYSE:FLT) traded down $2.74 during midday trading on Wednesday, reaching $178.68. 528,800 shares of the company’s stock were exchanged, compared to its average volume of 1,174,050. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market cap of $16,000.00, a P/E ratio of 24.55, a P/E/G ratio of 1.32 and a beta of 1.50. FleetCor Technologies has a one year low of $121.52 and a one year high of $183.61.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.04. The company had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. FleetCor Technologies had a net margin of 25.66% and a return on equity of 20.99%. FleetCor Technologies’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.92 EPS.
Institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Bank of Australia lifted its position in shares of FleetCor Technologies by 13.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after purchasing an additional 85 shares during the period. First Personal Financial Services lifted its position in shares of FleetCor Technologies by 49.9% in the 2nd quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock worth $114,000 after purchasing an additional 263 shares during the period. Fiduciary Trust Co. purchased a new stake in shares of FleetCor Technologies in the 2nd quarter worth approximately $115,000. FNY Partners Fund LP purchased a new stake in shares of FleetCor Technologies in the 3rd quarter worth approximately $125,000. Finally, Toronto Dominion Bank lifted its position in shares of FleetCor Technologies by 11.1% in the 2nd quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock worth $163,000 after purchasing an additional 113 shares during the period.
In other news, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the completion of the sale, the insider now owns 9,246 shares of the company’s stock, valued at approximately $1,571,820. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Blazye sold 8,353 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was 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 directly owns 24,766 shares of the company’s stock, valued at approximately $3,566,304. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,894 shares of company stock valued at $2,761,310. 4.60% of the stock is owned by corporate insiders.
FleetCor Technologies declared that its board has approved a stock repurchase program on Thursday, August 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
About FleetCor Technologies
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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