FleetCor Technologies, Inc. (NYSE:FLT) had its price objective hoisted by equities researchers at Oppenheimer Holdings, Inc. from $185.00 to $194.00 in a research report issued on Thursday. The firm currently has an “outperform” rating on the business services provider’s stock. Oppenheimer Holdings, Inc.’s price target would indicate a potential upside of 17.38% from the stock’s previous close.
A number of other equities analysts have also weighed in on the company. Morgan Stanley lifted their price objective on FleetCor Technologies from $184.00 to $189.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. Credit Suisse Group reiterated an “outperform” rating on shares of FleetCor Technologies in a research note on Tuesday, September 5th. Jefferies Group LLC reiterated a “buy” rating and set a $197.00 price objective on shares of FleetCor Technologies in a research note on Saturday, September 16th. William Blair reiterated an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Finally, Zacks Investment Research upgraded FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Monday, October 9th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $182.50.
FleetCor Technologies (NYSE:FLT) last issued its earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.14 by $0.04. The company had revenue of $577.90 million during the quarter, compared to analyst estimates of $576.78 million. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the business posted $1.92 EPS.
FleetCor Technologies announced that its board has initiated a stock buyback program on Thursday, August 3rd that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
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In related news, CEO Andrew Blazye sold 8,353 shares of FleetCor Technologies 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 sale, the chief executive officer now directly owns 24,766 shares in the company, valued at approximately $3,566,304. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 15,758 shares of company stock worth $2,274,115. 4.30% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. World Asset Management Inc boosted its holdings in shares of FleetCor Technologies by 0.9% during the 2nd quarter. World Asset Management Inc now owns 4,182 shares of the business services provider’s stock worth $603,000 after purchasing an additional 36 shares during the last quarter. Advisor Group Inc. lifted its holdings in FleetCor Technologies by 1.1% in the second quarter. Advisor Group Inc. now owns 3,890 shares of the business services provider’s stock valued at $543,000 after acquiring an additional 41 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in FleetCor Technologies by 0.7% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 6,912 shares of the business services provider’s stock valued at $996,000 after acquiring an additional 48 shares during the last quarter. Commonwealth Bank of Australia lifted its holdings in 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 during the last quarter. Finally, Aperio Group LLC lifted its holdings in FleetCor Technologies by 0.8% in the second quarter. Aperio Group LLC now owns 13,630 shares of the business services provider’s stock valued at $1,966,000 after acquiring an additional 102 shares during the last quarter. Institutional investors and hedge funds own 97.64% 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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