FleetCor Technologies (NYSE:FLT) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley lowered shares of FleetCor Technologies (NYSE:FLT) from an overweight rating to an equal weight rating in a research note published on Thursday morning, BenzingaRatingsTable reports. They currently have $284.00 target price on the business services provider’s stock, up from their previous target price of $240.00.

Several other brokerages also recently commented on FLT. Zacks Investment Research downgraded shares of Glu Mobile from a buy rating to a hold rating in a research note on Tuesday, April 9th. GMP Securities restated an average rating and issued a $4.00 price target on shares of FleetCor Technologies in a research report on Wednesday, June 5th. Mizuho set a $27.00 price target on shares of Horizon Therapeutics and gave the company a hold rating in a research report on Wednesday, May 8th. Citigroup set a $68.00 price target on shares of Colgate-Palmolive and gave the company a hold rating in a research report on Tuesday, March 19th. Finally, Goldman Sachs Group cut shares of to a sell rating and set a GBX 270 ($3.53) price target for the company. in a research report on Wednesday, June 5th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $260.14.

NYSE FLT opened at $292.16 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.77. The company has a market cap of $25.18 billion, a P/E ratio of 29.42, a P/E/G ratio of 1.71 and a beta of 1.16. FleetCor Technologies has a 12-month low of $172.18 and a 12-month high of $296.79. The firm has a 50-day simple moving average of $273.63.

FleetCor Technologies (NYSE:FLT) last posted its quarterly earnings data on Tuesday, May 7th. The business services provider reported $2.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.46 by $0.10. FleetCor Technologies had a net margin of 32.74% and a return on equity of 26.56%. The firm had revenue of $621.80 million during the quarter, compared to the consensus estimate of $608.40 million. During the same quarter in the previous year, the firm posted $2.50 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that FleetCor Technologies will post 11.12 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Advisor Group Inc. lifted its stake in shares of FleetCor Technologies by 0.7% in the first quarter. Advisor Group Inc. now owns 5,714 shares of the business services provider’s stock valued at $1,409,000 after buying an additional 38 shares in the last quarter. Meridian Management Co. lifted its position in shares of FleetCor Technologies by 0.5% during the first quarter. Meridian Management Co. now owns 8,050 shares of the business services provider’s stock valued at $1,985,000 after purchasing an additional 44 shares in the last quarter. Creative Planning lifted its position in shares of FleetCor Technologies by 0.4% during the first quarter. Creative Planning now owns 10,949 shares of the business services provider’s stock valued at $2,700,000 after purchasing an additional 46 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of FleetCor Technologies by 0.6% during the first quarter. CIBC Asset Management Inc now owns 7,957 shares of the business services provider’s stock valued at $1,962,000 after purchasing an additional 46 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in shares of FleetCor Technologies by 0.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 17,315 shares of the business services provider’s stock valued at $3,216,000 after purchasing an additional 54 shares in the last quarter. Institutional investors own 93.81% of the company’s stock.

About FleetCor Technologies

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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Analyst Recommendations for FleetCor Technologies (NYSE:FLT)

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