FleetCor Technologies, Inc. (FLT) Given New $189.00 Price Target at Morgan Stanley
FleetCor Technologies, Inc. (NYSE:FLT) had its target price upped by Morgan Stanley from $184.00 to $189.00 in a research report sent to investors on Wednesday morning. They currently have an overweight rating on the business services provider’s stock.
Several other analysts also recently commented on the company. William Blair restated an outperform rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. BidaskClub downgraded FleetCor Technologies from a hold rating to a sell rating in a research note on Thursday, August 10th. Keefe, Bruyette & Woods set a $202.00 target price on FleetCor Technologies and gave the company a buy rating in a research note on Monday, August 7th. Jefferies Group LLC restated a buy rating and issued a $197.00 target price on shares of FleetCor Technologies in a research note on Saturday, September 16th. Finally, Zacks Investment Research upgraded FleetCor Technologies from a hold rating to a buy rating and set a $180.00 target price for the company in a research note on Monday, October 9th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. FleetCor Technologies presently has an average rating of Buy and a consensus target price of $181.75.
FleetCor Technologies (NYSE:FLT) traded down 1.16% on Wednesday, reaching $164.04. The company’s stock had a trading volume of 651,631 shares. FleetCor Technologies has a 52-week low of $121.52 and a 52-week high of $176.42. The stock has a market cap of $15.07 billion, a price-to-earnings ratio of 32.43 and a beta of 1.44. The firm’s 50-day moving average price is $152.56 and its 200-day moving average price is $146.24.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 3rd. The business services provider reported $1.83 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.83. FleetCor Technologies had a return on equity of 20.87% and a net margin of 23.28%. The firm had revenue of $541.24 million during the quarter, compared to the consensus estimate of $528.33 million. During the same period last year, the business posted $1.56 EPS. The business’s revenue was up 29.5% compared to the same quarter last year. On average, equities analysts expect that FleetCor Technologies will post $8.38 earnings per share for the current year.
FleetCor Technologies declared that its board has initiated a share repurchase plan on Thursday, August 3rd that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the business services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In other FleetCor Technologies 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 transaction of $1,202,832.00. Following the completion of the transaction, the chief executive officer now owns 24,766 shares in the company, valued at approximately $3,566,304. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 15,758 shares of company stock valued at $2,274,115 in the last quarter. Company insiders own 4.30% of the company’s stock.
Several institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its position in shares of FleetCor Technologies by 1.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,059 shares of the business services provider’s stock worth $160,000 after buying an additional 12 shares in the last quarter. World Asset Management Inc lifted its position 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 buying an additional 36 shares in the last quarter. Advisor Group Inc. lifted its position in shares of FleetCor Technologies by 1.1% during the 2nd quarter. Advisor Group Inc. now owns 3,890 shares of the business services provider’s stock worth $543,000 after buying an additional 41 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its position in shares of FleetCor Technologies by 0.7% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 6,912 shares of the business services provider’s stock worth $996,000 after buying an additional 48 shares in the last quarter. Finally, Commonwealth Bank of Australia lifted its position in shares of FleetCor Technologies by 13.0% during the 2nd quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after buying an additional 85 shares in the last quarter. 97.61% 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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