FleetCor Technologies, Inc. (FLT) Downgraded to “Hold” at Zacks Investment Research

FleetCor Technologies, Inc. (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, November 7th.

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. “

Other research analysts also recently issued reports about the company. William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Barclays PLC boosted their target price on FleetCor Technologies from $180.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, November 2nd. Jefferies Group LLC restated a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a research note on Saturday, September 16th. BidaskClub cut FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Finally, Keefe, Bruyette & Woods set a $202.00 price target on FleetCor Technologies and gave the stock a “buy” rating in a research report on Monday, August 7th. Two investment 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. FleetCor Technologies has an average rating of “Buy” and a consensus price target of $184.23.

Shares of FleetCor Technologies (NYSE FLT) opened at $178.69 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $16,000.00, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.50. FleetCor Technologies has a 1 year low of $121.52 and a 1 year high of $183.61.

FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. During the same period last year, the business posted $1.92 EPS. The business’s revenue was up 19.3% compared to the same quarter last year. equities research analysts predict that FleetCor Technologies will post 7.75 earnings per share for the current year.

FleetCor Technologies announced that its board has approved 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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In related news, insider Kurt Patrick Adams sold 7,099 shares of the 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 completion of the transaction, the insider now directly owns 9,246 shares in the company, valued at $1,571,820. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Blazye sold 8,353 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $144.00, for a total value of $1,202,832.00. Following the completion of the transaction, the chief executive officer now owns 24,766 shares of the company’s stock, valued at $3,566,304. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,894 shares of company stock valued at $2,761,310. 4.60% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. Commonwealth Bank of Australia raised its stake in shares of FleetCor Technologies by 13.0% in the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 85 shares in the last quarter. First Personal Financial Services raised its stake in shares of FleetCor Technologies by 49.9% in the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock valued at $114,000 after acquiring an additional 263 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in shares of FleetCor Technologies in the second quarter valued at $115,000. FNY Partners Fund LP acquired a new stake in shares of FleetCor Technologies in the third quarter valued at $125,000. Finally, Toronto Dominion Bank raised its stake in shares of FleetCor Technologies by 11.1% in the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock valued at $163,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 99.44% of the company’s stock.

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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