FleetCor Technologies (FLT) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of FleetCor Technologies (NYSE:FLT) from a buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “FleetCor is a leading independent global provider of fuel cards, commercial payment and data solutions, lodging and transportation management services, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. They also provide a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. “

A number of other research analysts have also commented on the company. Deutsche Bank reaffirmed a buy rating on shares of FleetCor Technologies in a report on Thursday, September 27th. Morgan Stanley upped their price objective on FleetCor Technologies from $238.00 to $240.00 and gave the company a buy rating in a report on Friday, August 3rd. Citigroup upped their price objective on FleetCor Technologies from $240.00 to $260.00 and gave the company a buy rating in a report on Friday, July 20th. Finally, Wolfe Research began coverage on FleetCor Technologies in a report on Tuesday, July 17th. They issued an outperform rating on the stock. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. FleetCor Technologies has a consensus rating of Buy and a consensus price target of $234.89.

FLT stock opened at $197.34 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.78. The company has a market cap of $17.68 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 1.23 and a beta of 1.51. FleetCor Technologies has a 1-year low of $174.31 and a 1-year high of $230.24.

FleetCor Technologies (NYSE:FLT) last posted its earnings results on Tuesday, October 30th. The business services provider reported $2.68 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $0.02. The business had revenue of $619.60 million for the quarter, compared to analyst estimates of $609.75 million. FleetCor Technologies had a return on equity of 24.22% and a net margin of 33.01%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.18 EPS. Equities analysts forecast that FleetCor Technologies will post 9.86 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. grew its holdings in shares of FleetCor Technologies by 3.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,707 shares of the business services provider’s stock worth $1,984,000 after purchasing an additional 260 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of FleetCor Technologies by 9.2% during the 2nd quarter. IFP Advisors Inc now owns 3,501 shares of the business services provider’s stock worth $737,000 after purchasing an additional 295 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of FleetCor Technologies by 14.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,406 shares of the business services provider’s stock worth $508,000 after purchasing an additional 307 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of FleetCor Technologies by 33.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 1,575 shares of the business services provider’s stock worth $319,000 after purchasing an additional 391 shares in the last quarter. Finally, Pendal Group Ltd grew its holdings in shares of FleetCor Technologies by 18.6% during the 2nd quarter. Pendal Group Ltd now owns 2,824 shares of the business services provider’s stock worth $595,000 after purchasing an additional 443 shares in the last quarter. 98.21% of the stock is currently owned by hedge funds and other institutional investors.

FleetCor Technologies Company Profile

FleetCor Technologies, Inc provides commercial payment solutions in North America, Latin America, Europe, and Australasia. The company offers fuel payment solutions to businesses and government entities that operate vehicle fleets, as well as to oil and leasing companies, and fuel marketers. Its fuel payment products are in the form of plastic cards, electronic RFID tags, and paper vouchers to purchase fuel, oil, vehicle maintenance supplies and services, and building supplies.

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