FleetCor Technologies, Inc. (NYSE:FLT) had its price objective increased by analysts at Oppenheimer Holdings, Inc. from $185.00 to $194.00 in a report released on Thursday, November 2nd. The firm presently has an “outperform” rating on the business services provider’s stock. Oppenheimer Holdings, Inc.’s price objective points to a potential upside of 7.83% from the company’s previous close.
Several other equities research analysts have also issued reports on FLT. William Blair reissued an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Citigroup Inc. restated a “buy” rating and set a $180.00 price target (up previously from $165.00) on shares of FleetCor Technologies in a research report on Thursday, July 13th. Keefe, Bruyette & Woods set a $202.00 price target on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Monday, August 7th. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Tuesday, August 8th. Finally, BidaskClub downgraded shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $184.23.
Shares of FleetCor Technologies (FLT) opened at $179.92 on Thursday. The stock has a market capitalization of $16,007.20, a P/E ratio of 24.18, a P/E/G ratio of 1.30 and a beta of 1.50. FleetCor Technologies has a twelve month low of $121.52 and a twelve month high of $183.61. 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 (NYSE:FLT) last issued its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.04. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The business had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. During the same period in the prior year, the firm posted $1.92 earnings per share. The business’s quarterly revenue was up 19.3% on a year-over-year basis. research analysts expect that FleetCor Technologies will post 7.75 EPS for the current fiscal year.
FleetCor Technologies announced that its board has initiated a stock buyback program on Thursday, August 3rd that permits the company to buyback $250.00 million in shares. This buyback authorization permits the business services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, insider Kurt Patrick Adams sold 7,099 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total transaction of $1,206,830.00. Following the sale, the insider now owns 9,246 shares of the company’s stock, valued at $1,571,820. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Andrew Blazye sold 8,353 shares of the business’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 sale, the chief executive officer now directly owns 24,766 shares in the company, valued at approximately $3,566,304. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,894 shares of company stock valued at $2,761,310. Corporate insiders own 4.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital Research Global Investors raised its position in shares of FleetCor Technologies by 156.8% in the second quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock valued at $775,419,000 after buying an additional 3,283,010 shares during the last quarter. Steadfast Capital Management LP increased its position in 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 last quarter. FMR LLC increased its position in FleetCor Technologies by 50.4% during the second quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock worth $573,905,000 after purchasing an additional 1,334,164 shares during the last quarter. Tiger Global Management LLC increased its position in FleetCor Technologies by 62.8% during the second quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock worth $328,622,000 after purchasing an additional 879,049 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in FleetCor Technologies by 132.0% during the second quarter. Ameriprise Financial Inc. now owns 1,296,851 shares of the business services provider’s stock worth $187,025,000 after purchasing an additional 737,854 shares during the last quarter. 99.44% of the stock is currently owned by institutional investors.
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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