FleetCor Technologies, Inc. (NYSE:FLT) – Investment analysts at SunTrust Banks issued their Q2 2018 earnings per share estimates for shares of FleetCor Technologies in a note issued to investors on Thursday. SunTrust Banks analyst O. Turner forecasts that the business services provider will earn $2.17 per share for the quarter. SunTrust Banks has a “Buy” rating and a $180.00 price objective on the stock. SunTrust Banks also issued estimates for FleetCor Technologies’ Q3 2018 earnings at $2.32 EPS and Q4 2018 earnings at $2.30 EPS.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 EPS for the quarter, topping the Zacks’ 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 last year, the firm earned $1.92 earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year.
FLT has been the subject of a number of other reports. Morgan Stanley lifted their target price on FleetCor Technologies from $184.00 to $189.00 and gave the company an “overweight” rating in a research note on Wednesday, October 18th. BidaskClub upgraded FleetCor Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Credit Suisse Group restated an “outperform” rating on shares of FleetCor Technologies in a research note on Tuesday, September 5th. 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 note on Tuesday, August 8th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $185.00 target price on shares of FleetCor Technologies in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. FleetCor Technologies currently has an average rating of “Buy” and an average price target of $184.23.
Shares of FleetCor Technologies (FLT) traded up $1.20 during mid-day trading on Monday, reaching $180.00. The company’s stock had a trading volume of 39,768 shares, compared to its average volume of 934,165. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $16,013.13, a price-to-earnings ratio of 24.19, a P/E/G ratio of 1.31 and a beta of 1.50.
FleetCor Technologies declared that its board has authorized a stock repurchase program on Thursday, August 3rd that permits the company to buyback $250.00 million in outstanding 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 often an indication that the company’s board believes its stock is undervalued.
In related news, CEO Andrew Blazye sold 4,963 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $145.00, for a total transaction of $719,635.00. Following the sale, the chief executive officer now owns 27,287 shares of the company’s stock, valued at $3,956,615. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 15,758 shares of company stock worth $2,274,115. 4.60% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in FLT. Capital Research Global Investors increased its holdings in shares of FleetCor Technologies by 156.8% in the second quarter. Capital Research Global Investors now owns 5,377,010 shares of the business services provider’s stock valued at $775,419,000 after buying an additional 3,283,010 shares in the last quarter. Steadfast Capital Management LP increased its holdings in shares of FleetCor Technologies by 251.4% in the second quarter. Steadfast Capital Management LP now owns 2,049,719 shares of the business services provider’s stock valued at $295,590,000 after buying an additional 1,466,464 shares in the last quarter. FMR LLC grew its position in FleetCor Technologies by 50.4% during the 2nd quarter. FMR LLC now owns 3,979,648 shares of the business services provider’s stock worth $573,905,000 after purchasing an additional 1,334,164 shares in the last quarter. Tiger Global Management LLC grew its position in FleetCor Technologies by 62.8% during the 2nd quarter. Tiger Global Management LLC now owns 2,278,774 shares of the business services provider’s stock worth $328,622,000 after purchasing an additional 879,049 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in FleetCor Technologies by 132.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,296,851 shares of the business services provider’s stock worth $187,025,000 after purchasing an additional 737,854 shares in the last quarter. 97.62% of the stock is currently owned by hedge funds and other institutional investors.
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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