Traders Sell FleetCor Technologies, Inc. (FLT) on Strength (FLT)
Investors sold shares of FleetCor Technologies, Inc. (NYSE:FLT) on strength during trading hours on Thursday. $25.14 million flowed into the stock on the tick-up and $43.83 million flowed out of the stock on the tick-down, for a money net flow of $18.69 million out of the stock. Of all stocks tracked, FleetCor Technologies had the 0th highest net out-flow for the day. FleetCor Technologies traded up $1.05 for the day and closed at $177.00
A number of equities analysts have issued reports on FLT shares. Morgan Stanley lifted their target price on shares of FleetCor Technologies from $184.00 to $189.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. Credit Suisse Group restated an “outperform” rating on shares of FleetCor Technologies in a research report on Tuesday, September 5th. Jefferies Group LLC restated a “buy” rating and set a $197.00 target price on shares of FleetCor Technologies in a research report on Saturday, September 16th. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research report on Monday, October 9th. Finally, SunTrust Banks, Inc. set a $180.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. FleetCor Technologies currently has an average rating of “Buy” and a consensus price target of $184.23.
The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $15,852.26, a PE ratio of 23.95, a price-to-earnings-growth ratio of 1.29 and a beta of 1.50.
FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings data on Wednesday, November 1st. The business services provider reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.04. FleetCor Technologies had a net margin of 25.66% and a return on equity of 21.23%. The business had revenue of $577.90 million during the quarter, compared to analyst estimates of $576.78 million. During the same quarter in the previous year, the business posted $1.92 earnings per share. The company’s revenue was up 19.3% on a year-over-year basis. equities research analysts predict that FleetCor Technologies, Inc. will post 7.75 EPS for the current year.
FleetCor Technologies declared that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, CEO Andrew Blazye sold 4,963 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $145.00, for a total transaction of $719,635.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurt Patrick Adams sold 7,099 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $170.00, for a total transaction of $1,206,830.00. Following the transaction, the insider now directly owns 9,246 shares of the company’s stock, valued at approximately $1,571,820. The disclosure for this sale can be found here. Insiders have sold 22,857 shares of company stock valued at $3,480,945 in the last ninety days. 4.30% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Commonwealth Bank of Australia increased its position in FleetCor Technologies by 13.0% during the second quarter. Commonwealth Bank of Australia now owns 740 shares of the business services provider’s stock worth $105,000 after purchasing an additional 85 shares during the last quarter. First Personal Financial Services increased its position in FleetCor Technologies by 49.9% during the second quarter. First Personal Financial Services now owns 790 shares of the business services provider’s stock worth $114,000 after purchasing an additional 263 shares during the last quarter. Fiduciary Trust Co. acquired a new position in FleetCor Technologies during the second quarter worth approximately $115,000. FNY Partners Fund LP acquired a new position in FleetCor Technologies during the third quarter worth approximately $125,000. Finally, Toronto Dominion Bank increased its position in FleetCor Technologies by 11.1% during the second quarter. Toronto Dominion Bank now owns 1,128 shares of the business services provider’s stock worth $163,000 after purchasing an additional 113 shares during the last quarter. 97.62% 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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