FleetCor Technologies Inc. (FLT) Given Buy Rating at Jefferies Group
“We hosted FLT’s CEO and CFO in Boston yesterday and came away with the following key takeaways: 1) FLT’s methodical approach to unlocking STP synergies should make the deal more accretive than anticipated, 2) the company’s corporate payments/virtual card business is set to return to sustainable high-teens growth, 3) we don’t believe Street estimates have sufficiently factored in a potential improvement in 2017 macro/fuel/FX environment.”,” Jefferies Group’s analyst commented.
Several other brokerages have also issued reports on FLT. Barclays PLC lifted their price target on shares of FleetCor Technologies from $170.00 to $190.00 and gave the company an overweight rating in a research note on Wednesday, September 21st. Monness Crespi & Hardt boosted their price objective on shares of FleetCor Technologies from $173.00 to $186.00 and gave the stock a buy rating in a research note on Monday, September 19th. Deutsche Bank AG restated a buy rating and set a $163.00 price objective (down from $180.00) on shares of FleetCor Technologies in a research note on Thursday, September 1st. Zacks Investment Research lowered shares of FleetCor Technologies from a buy rating to a hold rating in a research note on Wednesday, August 10th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of FleetCor Technologies from $159.00 to $160.00 and gave the stock an overweight rating in a research note on Friday, August 5th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $169.25.
Shares of FleetCor Technologies (NYSE:FLT) traded down 0.48% during midday trading on Thursday, reaching $171.83. 108,182 shares of the company were exchanged. The company has a market capitalization of $15.90 billion, a P/E ratio of 41.20 and a beta of 1.25. The stock has a 50-day moving average price of $167.28 and a 200 day moving average price of $153.50. FleetCor Technologies has a 52-week low of $107.56 and a 52-week high of $174.84.
FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.02. FleetCor Technologies had a net margin of 22.97% and a return on equity of 18.16%. The firm had revenue of $417.90 million for the quarter, compared to analyst estimates of $415.20 million. During the same period in the previous year, the business earned $1.48 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. Equities research analysts expect that FleetCor Technologies will post $6.86 EPS for the current fiscal year.
In other news, CEO Ronald Clarke sold 243,617 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $167.37, for a total value of $40,774,177.29. Following the sale, the chief executive officer now directly owns 349,283 shares of the company’s stock, valued at approximately $58,459,495.71. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Todd House sold 8,000 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $163.00, for a total transaction of $1,304,000.00. Following the completion of the sale, the insider now directly owns 19,637 shares in the company, valued at $3,200,831. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of FLT. Norges Bank purchased a new stake in FleetCor Technologies during the fourth quarter worth approximately $55,599,000. Aperio Group LLC raised its stake in FleetCor Technologies by 56.9% in the first quarter. Aperio Group LLC now owns 14,360 shares of the company’s stock worth $2,136,000 after buying an additional 5,206 shares in the last quarter. Mn Services Vermogensbeheer B.V. purchased a new stake in FleetCor Technologies during the first quarter worth approximately $253,000. Nisa Investment Advisors L.L.C. purchased a new stake in FleetCor Technologies during the first quarter worth approximately $431,000. Finally, Allegis Investment Advisors LLC raised its stake in FleetCor Technologies by 15.0% in the first quarter. Allegis Investment Advisors LLC now owns 4,688 shares of the company’s stock worth $697,000 after buying an additional 611 shares in the last quarter. 92.15% of the stock is currently owned by institutional investors.
About FleetCor Technologies
FleetCor Technologies, Inc is an independent global provider of fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand.
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