FleetCor Technologies (FLT) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of FleetCor Technologies (NYSE:FLT) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
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. “
FLT has been the topic of several other reports. Morgan Stanley raised their price target on FleetCor Technologies from $184.00 to $189.00 and gave the company an overweight rating in a research report on Wednesday, October 18th. SunTrust Banks set a $180.00 price target on FleetCor Technologies and gave the company a buy rating in a research report on Tuesday, October 24th. Citigroup raised their price target on FleetCor Technologies from $180.00 to $200.00 and gave the company a buy rating in a research report on Thursday, November 2nd. Oppenheimer reaffirmed an outperform rating and issued a $185.00 price target on shares of FleetCor Technologies in a research report on Tuesday, September 26th. Finally, Jefferies Group reaffirmed a buy rating and issued a $197.00 price target on shares of FleetCor Technologies in a research report on Saturday, September 16th. One equities research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $194.31.
FleetCor Technologies (NYSE:FLT) traded up $0.69 during trading on Tuesday, reaching $203.27. 353,400 shares of the company’s stock traded hands, compared to its average volume of 507,398. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $18,182.36, a P/E ratio of 34.57, a price-to-earnings-growth ratio of 1.27 and a beta of 1.53. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $203.85.
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, beating the Thomson Reuters’ consensus estimate of $2.14 by $0.04. The company had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The firm’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the business posted $1.92 earnings per share. equities research analysts forecast that FleetCor Technologies will post 7.76 EPS for the current year.
In related news, insider Kurt Patrick Adams sold 7,099 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $170.00, for a total value of $1,206,830.00. Following the completion of the sale, the insider now owns 9,246 shares in the company, valued at $1,571,820. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Bank of Australia lifted 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 buying an additional 85 shares during the period. Fiduciary Trust Co. bought a new stake in shares of FleetCor Technologies in the second quarter valued at about $115,000. FNY Partners Fund LP bought a new stake in shares of FleetCor Technologies in the third quarter valued at about $125,000. Toronto Dominion Bank lifted 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 buying an additional 113 shares during the period. Finally, IBM Retirement Fund bought a new stake in shares of FleetCor Technologies in the third quarter valued at about $211,000. Institutional investors and hedge funds own 95.20% 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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