Zacks Investment Research Lowers FleetCor Technologies (FLT) to Sell

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Zacks Investment Research cut shares of FleetCor Technologies (NYSE:FLT) from a hold rating to a sell rating in a research note published on Friday morning.

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 equities research analysts have also recently commented on FLT. Wolfe Research cut shares of FleetCor Technologies from an outperform rating to a market perform rating in a research note on Friday, January 4th. Keefe, Bruyette & Woods restated a buy rating and set a $214.00 target price on shares of FleetCor Technologies in a research note on Monday, January 7th. Deutsche Bank decreased their target price on shares of FleetCor Technologies to $212.00 and set a buy rating on the stock in a research note on Tuesday, December 18th. ValuEngine cut shares of FleetCor Technologies from a buy rating to a hold rating in a research note on Friday, November 2nd. Finally, Barclays assumed coverage on shares of FleetCor Technologies in a research note on Wednesday, November 14th. They set an overweight rating and a $245.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $231.40.

Shares of NYSE:FLT opened at $189.00 on Friday. FleetCor Technologies has a twelve month low of $172.18 and a twelve month high of $230.24. The company has a market capitalization of $23.29 billion, a PE ratio of 23.98, a price-to-earnings-growth ratio of 1.02 and a beta of 1.35. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.78.

FleetCor Technologies (NYSE:FLT) last released its earnings results on Tuesday, October 30th. The business services provider reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $0.02. FleetCor Technologies had a net margin of 33.01% and a return on equity of 24.22%. The company had revenue of $619.60 million for the quarter, compared to analysts’ expectations of $609.75 million. During the same quarter last year, the business earned $2.18 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, analysts expect that FleetCor Technologies will post 9.85 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Strs Ohio raised its position in shares of FleetCor Technologies by 229.9% during the third quarter. Strs Ohio now owns 8,649 shares of the business services provider’s stock valued at $1,970,000 after buying an additional 6,027 shares during the last quarter. Rational Advisors LLC raised its position in shares of FleetCor Technologies by 895.2% during the third quarter. Rational Advisors LLC now owns 617 shares of the business services provider’s stock valued at $140,000 after buying an additional 555 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of FleetCor Technologies during the second quarter valued at approximately $2,065,000. Victory Capital Management Inc. raised its position in shares of FleetCor Technologies by 1.9% during the third quarter. Victory Capital Management Inc. now owns 201,805 shares of the business services provider’s stock valued at $45,979,000 after buying an additional 3,774 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of FleetCor Technologies by 0.9% during the third quarter. Wells Fargo & Company MN now owns 686,436 shares of the business services provider’s stock valued at $156,399,000 after buying an additional 5,855 shares during the last quarter. Hedge funds and other institutional investors own 68.53% 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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