FleetCor Technologies, Inc. (FLT) PT Raised to $194.00 at Morgan Stanley
FleetCor Technologies, Inc. (NYSE:FLT) had its price objective increased by stock analysts at Morgan Stanley from $189.00 to $194.00 in a report released on Thursday. The brokerage currently has an “overweight” rating on the business services provider’s stock. Morgan Stanley’s price target points to a potential upside of 8.50% from the stock’s current price.
Several other equities analysts also recently commented on FLT. BidaskClub downgraded FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Oppenheimer Holdings, Inc. increased their target price on FleetCor Technologies from $185.00 to $194.00 and gave the company an “outperform” rating in a research report on Thursday. Citigroup Inc. increased their target price on FleetCor Technologies from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday. Keefe, Bruyette & Woods set a $202.00 target price on FleetCor Technologies and gave the company a “buy” rating in a research report on Monday, August 7th. Finally, Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, August 8th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $184.23.
Shares of FleetCor Technologies (NYSE:FLT) traded down $3.51 during mid-day trading on Thursday, hitting $178.80. The company had a trading volume of 1,214,921 shares, compared to its average volume of 906,125. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $16,013.15, a P/E ratio of 24.19, a P/E/G ratio of 1.31 and a beta of 1.50.
FleetCor Technologies (NYSE:FLT) last announced its quarterly earnings data on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.04. FleetCor Technologies had a return on equity of 21.23% and a net margin of 25.66%. The business had revenue of $577.90 million during the quarter, compared to the consensus estimate of $576.78 million. During the same period in the prior year, the company earned $1.92 EPS. FleetCor Technologies’s revenue for the quarter was up 19.3% on a year-over-year basis. sell-side analysts anticipate that FleetCor Technologies will post 7.74 EPS for the current fiscal year.
FleetCor Technologies announced that its Board of Directors has authorized a stock repurchase plan on Thursday, August 3rd that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the business services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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In other news, CEO Andrew Blazye sold 8,353 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 24,766 shares of the company’s stock, valued at $3,566,304. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 15,758 shares of company stock valued at $2,274,115. Insiders own 4.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Bank of Australia grew its stake in FleetCor Technologies by 13.0% during the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after purchasing an additional 85 shares during the period. First Personal Financial Services grew its stake in FleetCor Technologies by 49.9% during the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock worth $114,000 after purchasing an additional 263 shares during the period. Fiduciary Trust Co. acquired a new stake in FleetCor Technologies during the second quarter worth approximately $115,000. Toronto Dominion Bank grew its stake in FleetCor Technologies by 11.1% during the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock worth $163,000 after purchasing an additional 113 shares during the period. Finally, Fulton Bank N.A. grew its stake in FleetCor Technologies by 7.9% during the second quarter. Fulton Bank N.A. now owns 1,426 shares of the business services provider’s stock worth $206,000 after purchasing an additional 105 shares during the period. 97.64% of the stock is owned by institutional investors and hedge funds.
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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