Zacks Investment Research downgraded shares of FleetCor Technologies (NYSE:FLT) from a buy rating to a hold rating in a research report released on Tuesday morning.
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 analysts also recently weighed in on FLT. Wells Fargo & Co set a $225.00 price objective on FleetCor Technologies and gave the company a buy rating in a research report on Wednesday, January 10th. Oppenheimer reiterated an outperform rating and issued a $185.00 price objective on shares of FleetCor Technologies in a research report on Tuesday, September 26th. Citigroup boosted their price objective on FleetCor Technologies from $180.00 to $200.00 and gave the company a buy rating in a research report on Thursday, November 2nd. Morgan Stanley boosted their price objective on FleetCor Technologies from $189.00 to $194.00 and gave the company an overweight rating in a research report on Thursday, November 2nd. Finally, Barclays boosted their price objective on FleetCor Technologies from $180.00 to $200.00 and gave the company an overweight rating in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $194.85.
Shares of FleetCor Technologies (NYSE:FLT) traded down $1.47 during mid-day trading on Tuesday, reaching $201.80. The company’s stock had a trading volume of 348,900 shares, compared to its average volume of 604,230. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. FleetCor Technologies has a 12-month low of $121.52 and a 12-month high of $206.20. The company has a market capitalization of $18,240.00, a P/E ratio of 34.32, a P/E/G ratio of 1.27 and a beta of 1.53.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings data on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.04. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The firm had revenue of $577.90 million during the quarter, compared to the consensus estimate of $576.78 million. During the same quarter in the previous year, the company posted $1.92 earnings per share. The business’s revenue was up 19.3% on a year-over-year basis. equities analysts forecast that FleetCor Technologies will post 7.76 EPS for the current year.
In related news, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $170.00, for a total value of $1,206,830.00. Following the sale, the insider now directly owns 9,246 shares of the company’s stock, valued at $1,571,820. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.60% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of FleetCor Technologies by 207.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,708 shares of the business services provider’s stock worth $967,000 after buying an additional 4,525 shares during the period. Davidson Kempner Capital Management LP purchased a new stake in FleetCor Technologies during the 3rd quarter valued at about $11,608,000. California Public Employees Retirement System grew its stake in FleetCor Technologies by 4.5% during the 3rd quarter. California Public Employees Retirement System now owns 170,177 shares of the business services provider’s stock valued at $26,338,000 after purchasing an additional 7,377 shares during the last quarter. Ameriprise Financial Inc. grew its stake in 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 purchasing an additional 404,670 shares during the last quarter. Finally, Kensico Capital Management Corp grew its stake in 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 purchasing an additional 155,000 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.
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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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