FleetCor Technologies, Inc. (NYSE:FLT) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.
A number of other equities analysts have also recently issued reports on FLT. Citigroup Inc. raised FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 target price for the company in a report on Tuesday, May 2nd. Zacks Investment Research cut FleetCor Technologies from a “buy” rating to a “hold” rating in a report on Wednesday. William Blair reissued an “outperform” rating on shares of FleetCor Technologies in a report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “buy” rating and set a $197.00 price target on shares of FleetCor Technologies in a report on Wednesday, May 24th. Finally, Keefe, Bruyette & Woods set a $202.00 price objective on FleetCor Technologies and gave the company a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $180.86.
Shares of FleetCor Technologies (NYSE:FLT) traded up 0.07% during midday trading on Thursday, hitting $140.33. The stock had a trading volume of 252,991 shares. FleetCor Technologies has a 12-month low of $121.52 and a 12-month high of $176.42. The firm has a market cap of $12.89 billion, a PE ratio of 27.74 and a beta of 1.45. The firm has a 50-day moving average of $147.15 and a 200 day moving average of $149.51.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, meeting the consensus estimate of $1.83. The firm had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. FleetCor Technologies had a return on equity of 21.20% and a net margin of 23.28%. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 EPS. On average, analysts expect that FleetCor Technologies will post $8.37 earnings per share for the current year.
FleetCor Technologies declared that its board has authorized a stock buyback program on Thursday, August 3rd that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue acquired a new position in FleetCor Technologies during the first quarter valued at $104,000. Commonwealth Bank of Australia raised its position 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 buying an additional 85 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in FleetCor Technologies by 112.9% in the first quarter. Ropes Wealth Advisors LLC now owns 745 shares of the business services provider’s stock valued at $113,000 after buying an additional 395 shares in the last quarter. First Personal Financial Services raised its position in FleetCor Technologies by 49.9% in the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock valued at $114,000 after buying an additional 263 shares in the last quarter. Finally, Fiduciary Trust Co. acquired a new position in FleetCor Technologies during the second quarter valued at $115,000. Hedge funds and other institutional investors own 93.82% 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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