FleetCor Technologies (NYSE:FLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $228.00 price target on the business services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 20.05% from the stock’s current price.
According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “
Several other brokerages have also recently weighed in on FLT. Oppenheimer raised their target price on shares of FleetCor Technologies from $185.00 to $194.00 and gave the company an “outperform” rating in a report on Thursday, November 2nd. Citigroup boosted their target price on FleetCor Technologies from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. Wells Fargo & Co set a $225.00 target price on FleetCor Technologies and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Credit Suisse Group boosted their target price on FleetCor Technologies from $186.00 to $206.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 17th. Finally, Morgan Stanley boosted their target price on FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. FleetCor Technologies presently has an average rating of “Buy” and a consensus price target of $209.21.
FleetCor Technologies (NYSE:FLT) last released its earnings results on Thursday, February 8th. The business services provider reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.09. The company had revenue of $610.00 million for the quarter, compared to the consensus estimate of $605.87 million. FleetCor Technologies had a net margin of 32.90% and a return on equity of 21.59%. FleetCor Technologies’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.90 EPS. research analysts anticipate that FleetCor Technologies will post 9.39 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in FleetCor Technologies by 42.2% during the fourth quarter. BlackRock Inc. now owns 6,119,055 shares of the business services provider’s stock worth $1,177,491,000 after buying an additional 1,816,729 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of FleetCor Technologies by 31.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,701,521 shares of the business services provider’s stock valued at $263,344,000 after acquiring an additional 404,670 shares during the last quarter. TimesSquare Capital Management LLC increased its stake in shares of FleetCor Technologies by 6.3% during the 3rd quarter. TimesSquare Capital Management LLC now owns 733,640 shares of the business services provider’s stock valued at $113,545,000 after acquiring an additional 43,545 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of FleetCor Technologies by 128.8% during the 3rd quarter. Wells Fargo & Company MN now owns 598,702 shares of the business services provider’s stock valued at $92,661,000 after acquiring an additional 337,073 shares during the last quarter. Finally, Kensico Capital Management Corp increased its stake in shares of FleetCor Technologies by 52.5% during the 3rd quarter. Kensico Capital Management Corp now owns 450,000 shares of the business services provider’s stock valued at $69,647,000 after acquiring an additional 155,000 shares during the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.
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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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