FleetCor Technologies (NYSE:FLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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 research firms have also recently weighed in on FLT. Oppenheimer lifted their price objective on FleetCor Technologies from $185.00 to $194.00 and gave the company an “outperform” rating in a report on Thursday, November 2nd. Citigroup lifted their price objective on FleetCor Technologies from $180.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Wells Fargo & Co set a $225.00 price objective on FleetCor Technologies and gave the company a “buy” rating in a report on Wednesday, January 10th. Morgan Stanley lifted their price objective on FleetCor Technologies from $184.00 to $189.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. Finally, Deutsche Bank lifted their price objective on FleetCor Technologies from $185.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, December 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. FleetCor Technologies presently has an average rating of “Buy” and an average price target of $195.64.
FleetCor Technologies (NYSE:FLT) last posted its earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.14 by $0.04. The company had revenue of $577.90 million during the quarter, compared to analyst estimates of $576.78 million. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The company’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 company earned $1.92 EPS. equities research analysts expect that FleetCor Technologies will post 7.76 EPS for the current fiscal year.
In other FleetCor Technologies news, insider Kurt Patrick Adams sold 7,099 shares of the business’s stock in a transaction that occurred 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 owns 9,246 shares in the company, valued at approximately $1,571,820. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in FLT. American Century Companies Inc. bought a new stake in shares of FleetCor Technologies during the 2nd quarter worth approximately $420,000. Prudential Financial Inc. raised its stake in shares of FleetCor Technologies by 30.7% during the 2nd quarter. Prudential Financial Inc. now owns 11,365 shares of the business services provider’s stock worth $1,639,000 after purchasing an additional 2,670 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of FleetCor Technologies by 4.2% during the 2nd quarter. Principal Financial Group Inc. now owns 14,923 shares of the business services provider’s stock worth $2,152,000 after purchasing an additional 603 shares in the last quarter. Commonwealth Bank of Australia raised its stake in shares of FleetCor Technologies by 13.0% during 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 in the last quarter. Finally, Teachers Advisors LLC raised its stake in shares of FleetCor Technologies by 14.2% during the 2nd quarter. Teachers Advisors LLC now owns 170,488 shares of the business services provider’s stock worth $24,586,000 after purchasing an additional 21,189 shares in the last quarter. Institutional investors own 95.21% of the company’s stock.
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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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