Zacks Investment Research Lowers FleetCor Technologies (FLT) to Hold

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FleetCor Technologies (NYSE:FLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “

A number of other research firms also recently commented on FLT. Deutsche Bank reaffirmed a “buy” rating on shares of FleetCor Technologies in a report on Thursday, September 27th. Morgan Stanley raised their target price on FleetCor Technologies from $238.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Citigroup raised their target price on FleetCor Technologies from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Finally, Wolfe Research began coverage on FleetCor Technologies in a research note on Tuesday, July 17th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $231.40.

FleetCor Technologies stock traded up $2.02 during mid-day trading on Tuesday, reaching $185.25. The company’s stock had a trading volume of 1,434,601 shares, compared to its average volume of 737,723. The company has a market cap of $16.65 billion, a PE ratio of 23.51, a P/E/G ratio of 1.16 and a beta of 1.46. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.88 and a quick ratio of 0.88. FleetCor Technologies has a twelve month low of $163.39 and a twelve month high of $230.24.

FleetCor Technologies (NYSE:FLT) last released its quarterly earnings data on Thursday, August 2nd. The business services provider reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.05. The firm had revenue of $585.00 million during the quarter, compared to the consensus estimate of $596.27 million. FleetCor Technologies had a net margin of 35.50% and a return on equity of 23.23%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. Equities research analysts anticipate that FleetCor Technologies will post 9.85 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of FLT. Fort L.P. bought a new stake in shares of FleetCor Technologies during the second quarter valued at about $122,000. Meeder Asset Management Inc. bought a new stake in shares of FleetCor Technologies during the second quarter valued at about $150,000. Captrust Financial Advisors raised its stake in shares of FleetCor Technologies by 262.0% during the second quarter. Captrust Financial Advisors now owns 782 shares of the business services provider’s stock valued at $165,000 after purchasing an additional 566 shares in the last quarter. NuWave Investment Management LLC bought a new stake in shares of FleetCor Technologies during the second quarter valued at about $180,000. Finally, Peregrine Capital Management LLC bought a new stake in shares of FleetCor Technologies during the second quarter valued at about $190,000. Institutional investors own 98.21% of the company’s stock.

About FleetCor Technologies

FleetCor Technologies, Inc provides commercial payment solutions in North America, Latin America, Europe, and Australasia. The company offers fuel payment solutions to businesses and government entities that operate vehicle fleets, as well as to oil and leasing companies, and fuel marketers. Its fuel payment products are in the form of plastic cards, electronic RFID tags, and paper vouchers to purchase fuel, oil, vehicle maintenance supplies and services, and building supplies.

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