Share Buyback Plan Initiated by FleetCor Technologies (NYSE:FLT) Board
FleetCor Technologies (NYSE:FLT) announced that its board has initiated a stock repurchase plan, which allows the company to buyback $250.00 million in shares on Thursday, August 3rd, EventVestor reports. This buyback authorization allows the business services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
FleetCor Technologies (NYSE FLT) opened at 145.26 on Monday. The stock’s 50 day moving average is $146.81 and its 200 day moving average is $149.68. The company has a market capitalization of $13.40 billion, a P/E ratio of 29.71 and a beta of 1.45. FleetCor Technologies has a 52 week low of $121.52 and a 52 week high of $176.42.
FleetCor Technologies (NYSE:FLT) last released its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting analysts’ consensus estimates of $1.83. FleetCor Technologies had a net margin of 23.28% and a return on equity of 21.20%. The firm had revenue of $541.24 million during the quarter, compared to analysts’ expectations of $528.33 million. During the same period in the previous year, the company earned $1.56 EPS. The firm’s revenue for the quarter was up 29.5% compared to the same quarter last year. On average, equities research analysts expect that FleetCor Technologies will post $8.34 earnings per share for the current year.
Several research firms have issued reports on FLT. Citigroup Inc. upgraded shares of FleetCor Technologies from an “outperform” rating to a “strong-buy” rating and set a $180.00 price target for the company in a research report on Tuesday, May 2nd. William Blair restated an “outperform” rating on shares of FleetCor Technologies in a research report on Wednesday, July 12th. Jefferies Group LLC restated a “buy” rating and set a $197.00 price target on shares of FleetCor Technologies in a research report on Wednesday, May 24th. Deutsche Bank AG restated a “buy” rating and set a $185.00 price target on shares of FleetCor Technologies in a research report on Monday, April 24th. Finally, BidaskClub lowered shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $180.07.
In other news, insider Alexey Gavrilenya purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was purchased at an average cost of $138.50 per share, with a total value of $692,500.00. Following the purchase, the insider now owns 5,000 shares in the company, valued at $692,500. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Steven Sloan purchased 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The shares were purchased at an average cost of $134.43 per share, with a total value of $268,860.00. Following the completion of the purchase, the director now owns 9,991 shares in the company, valued at approximately $1,343,090.13. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 7,750 shares of company stock valued at $1,061,440. 4.30% of the stock is owned by corporate insiders.
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.
Receive News & Ratings for FleetCor Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FleetCor Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.