FleetCor Technologies, Inc. (NYSE:FLT) had its price target upped by Citigroup Inc. from $180.00 to $200.00 in a report released on Thursday, November 2nd. The brokerage currently has a buy rating on the business services provider’s stock.
Other equities analysts have also issued research reports about the company. Jefferies Group LLC reiterated a buy rating and issued a $197.00 price target on shares of FleetCor Technologies in a research report on Saturday, September 16th. Zacks Investment Research upgraded FleetCor Technologies from a hold rating to a buy rating and set a $180.00 price target for the company in a report on Monday, October 9th. Keefe, Bruyette & Woods set a $202.00 price objective on FleetCor Technologies and gave the company a buy rating in a research note on Monday, August 7th. SunTrust Banks, Inc. set a $180.00 price target on FleetCor Technologies and gave the stock a buy rating in a research report on Tuesday, October 24th. Finally, BidaskClub raised FleetCor Technologies from a sell rating to a hold rating in a research report on Thursday, August 17th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $184.23.
FleetCor Technologies (FLT) traded up $0.87 on Thursday, reaching $181.42. 903,100 shares of the company were exchanged, compared to its average volume of 1,176,997. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.84 and a current ratio of 0.84. FleetCor Technologies has a 12-month low of $121.52 and a 12-month high of $183.61. The firm has a market cap of $16,080.00, a P/E ratio of 24.43, a PEG ratio of 1.32 and a beta of 1.50.
FleetCor Technologies (NYSE:FLT) last released its earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.04. The company had revenue of $577.90 million during the quarter, compared to analysts’ expectations of $576.78 million. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The business’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.92 EPS. analysts expect that FleetCor Technologies will post 7.75 EPS for the current year.
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FleetCor Technologies announced that its Board of Directors has initiated a stock repurchase program on Thursday, August 3rd that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO Andrew Blazye sold 8,353 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 24,766 shares of the company’s stock, valued at $3,566,304. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 9,246 shares of the company’s stock, valued at $1,571,820. The disclosure for this sale can be found here. Insiders sold 22,857 shares of company stock valued at $3,480,945 over the last 90 days. Corporate insiders own 4.60% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FLT. Capital Research Global Investors increased its stake in shares of FleetCor Technologies by 156.8% during the second quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock worth $775,419,000 after purchasing an additional 3,283,010 shares during the period. Steadfast Capital Management LP increased its stake in shares of FleetCor Technologies by 251.4% during the second quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock worth $295,590,000 after purchasing an additional 1,466,464 shares during the period. FMR LLC increased its stake in FleetCor Technologies by 50.4% during the 2nd quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock worth $573,905,000 after acquiring an additional 1,334,164 shares during the period. Tiger Global Management LLC increased its stake in 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 worth $328,622,000 after acquiring an additional 879,049 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in FleetCor Technologies by 132.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,296,851 shares of the business services provider’s stock worth $187,025,000 after acquiring an additional 737,854 shares during the period.
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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