FleetCor Technologies (FLT) Sets New 52-Week High on Analyst Upgrade
FleetCor Technologies, Inc. (NYSE:FLT)’s share price reached a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $235.00 to $280.00. Citigroup currently has a positive rating on the stock. FleetCor Technologies traded as high as $245.46 and last traded at $241.91, with a volume of 12284 shares traded. The stock had previously closed at $240.75.
FLT has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $214.00 price objective on shares of FleetCor Technologies in a research note on Monday, January 7th. Zacks Investment Research downgraded FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, February 20th. Jefferies Financial Group initiated coverage on FleetCor Technologies in a research report on Monday, January 28th. They issued a “hold” rating and a $210.00 target price on the stock. SunTrust Banks boosted their target price on FleetCor Technologies from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, February 19th. Finally, Wolfe Research downgraded FleetCor Technologies from an “outperform” rating to a “market perform” rating in a research report on Friday, January 4th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $237.55.
A number of hedge funds have recently modified their holdings of FLT. Capital International Investors purchased a new stake in FleetCor Technologies during the third quarter valued at approximately $193,664,000. Norges Bank purchased a new stake in FleetCor Technologies during the fourth quarter valued at approximately $146,695,000. Capital World Investors raised its position in FleetCor Technologies by 28.2% during the third quarter. Capital World Investors now owns 1,822,700 shares of the business services provider’s stock valued at $415,284,000 after purchasing an additional 401,200 shares during the period. Ackerman Capital Advisors LLC raised its position in FleetCor Technologies by 18,472.0% during the fourth quarter. Ackerman Capital Advisors LLC now owns 278,580 shares of the business services provider’s stock valued at $1,500,000 after purchasing an additional 277,080 shares during the period. Finally, JPMorgan Chase & Co. raised its position in FleetCor Technologies by 213.2% during the third quarter. JPMorgan Chase & Co. now owns 308,196 shares of the business services provider’s stock valued at $70,220,000 after purchasing an additional 209,806 shares during the period. Institutional investors and hedge funds own 94.53% of the company’s stock.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings data on Wednesday, February 6th. The business services provider reported $2.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.08). FleetCor Technologies had a net margin of 33.35% and a return on equity of 25.73%. The company had revenue of $643.40 million for the quarter, compared to analysts’ expectations of $620.45 million. During the same quarter last year, the company earned $2.42 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts forecast that FleetCor Technologies, Inc. will post 11.01 EPS for the current fiscal year.
About FleetCor Technologies (NYSE:FLT)
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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