Zacks Investment Research lowered shares of FleetCor Technologies (NYSE:FLT) from a buy rating to a hold rating in a report published on Tuesday.
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. “
A number of other research analysts also recently weighed in on the company. Morgan Stanley upped their price target on FleetCor Technologies from $184.00 to $189.00 and gave the stock an overweight rating in a research note on Wednesday, October 18th. SunTrust Banks set a $180.00 price target on FleetCor Technologies and gave the stock a buy rating in a research note on Tuesday, October 24th. Jefferies Group reissued a buy rating and issued a $197.00 price objective on shares of FleetCor Technologies in a research note on Saturday, September 16th. Oppenheimer increased their price objective on FleetCor Technologies from $185.00 to $194.00 and gave the stock an outperform rating in a research note on Thursday, November 2nd. Finally, Deutsche Bank increased their price objective on FleetCor Technologies from $185.00 to $225.00 and gave the stock a buy rating in a research note on Tuesday, December 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $193.92.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.04. FleetCor Technologies had a return on equity of 20.99% and a net margin of 25.66%. The business had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. During the same period in the prior year, the business earned $1.92 EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. equities analysts predict that FleetCor Technologies will post 7.76 EPS for the current year.
In other news, insider Kurt Patrick Adams sold 7,099 shares of the stock in a transaction that occurred on Thursday, November 2nd. The stock was 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 directly owns 9,246 shares of the company’s stock, valued at $1,571,820. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Commonwealth Bank of Australia increased its position in shares of FleetCor Technologies by 13.0% during 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. Fiduciary Trust Co. purchased a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $115,000. FNY Partners Fund LP purchased a new stake in shares of FleetCor Technologies during the third quarter valued at approximately $125,000. Toronto Dominion Bank increased its position in shares of FleetCor Technologies by 11.1% during the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock valued at $163,000 after acquiring an additional 113 shares during the last quarter. Finally, IBM Retirement Fund purchased a new stake in shares of FleetCor Technologies during the third quarter valued at approximately $211,000. 95.20% of the stock is owned by hedge funds and other institutional investors.
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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