FleetCor Technologies, Inc. (NYSE:FLT) – Equities researchers at Jefferies Group upped their FY2018 earnings per share estimates for FleetCor Technologies in a report released on Tuesday. Jefferies Group analyst R. El-Assal now forecasts that the business services provider will post earnings of $8.94 per share for the year, up from their previous estimate of $8.89. Jefferies Group currently has a “Buy” rating and a $197.00 target price on the stock.
FleetCor Technologies (NYSE:FLT) last announced its earnings results on Thursday, August 3rd. The business services provider reported $1.83 EPS for the quarter, hitting the consensus estimate of $1.83. The business had revenue of $541.24 million during the quarter, compared to the consensus estimate of $528.33 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. FleetCor Technologies’s revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.56 EPS.
Several other analysts have also recently weighed in on FLT. William Blair reaffirmed an “outperform” rating on shares of FleetCor Technologies in a research note on Wednesday, July 12th. Citigroup Inc. reaffirmed a “buy” rating and set a $180.00 price objective (up from $165.00) on shares of FleetCor Technologies in a research note on Thursday, July 13th. Keefe, Bruyette & Woods set a $202.00 price objective on shares of FleetCor Technologies and gave the stock a “buy” rating in a research note on Monday, August 7th. Zacks Investment Research raised shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Tuesday, August 8th. Finally, BidaskClub cut shares of FleetCor Technologies from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $181.33.
FleetCor Technologies declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 3rd that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the business services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, CEO Andrew Blazye sold 8,353 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $144.00, for a total value of $1,202,832.00. Following the completion of the transaction, the chief executive officer now directly owns 24,766 shares in the company, valued at approximately $3,566,304. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 15,758 shares of company stock valued at $2,274,115 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.
Several large investors have recently modified their holdings of FLT. Raymond James Financial Services Advisors Inc. raised its position in shares of FleetCor Technologies by 42.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 2,183 shares of the business services provider’s stock valued at $331,000 after buying an additional 653 shares in the last quarter. Prudential Financial Inc. raised its position in shares of FleetCor Technologies by 29.5% in the 1st quarter. Prudential Financial Inc. now owns 8,695 shares of the business services provider’s stock valued at $1,317,000 after buying an additional 1,980 shares in the last quarter. Stifel Financial Corp acquired a new position in shares of FleetCor Technologies in the 1st quarter valued at approximately $254,000. PNC Financial Services Group Inc. raised its position in shares of FleetCor Technologies by 12.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,909 shares of the business services provider’s stock valued at $593,000 after buying an additional 426 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new position in shares of FleetCor Technologies in the 1st quarter valued at approximately $5,061,000. Institutional investors own 97.61% 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.
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.