Zacks Investment Research Downgrades FleetCor Technologies (FLT) to Sell

Zacks Investment Research downgraded shares of FleetCor Technologies (NYSE:FLT) from a hold rating to a sell rating in a report issued on Wednesday 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 analysts also recently weighed in on FLT. SunTrust Banks increased their price target on shares of FleetCor Technologies from $240.00 to $260.00 and gave the company a buy rating in a report on Tuesday, February 19th. Keefe, Bruyette & Woods reissued a buy rating and issued a $238.00 price target on shares of FleetCor Technologies in a report on Wednesday, February 20th. ValuEngine upgraded shares of FleetCor Technologies from a hold rating to a buy rating in a research note on Friday, February 8th. Jefferies Financial Group initiated coverage on shares of FleetCor Technologies in a research note on Monday, January 28th. They issued a hold rating and a $210.00 price objective for the company. Finally, Deutsche Bank dropped their price objective on shares of FleetCor Technologies to $212.00 and set a buy rating for the company in a research note on Tuesday, December 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. FleetCor Technologies currently has a consensus rating of Buy and a consensus target price of $235.73.

FleetCor Technologies stock traded up $0.05 during mid-day trading on Wednesday, reaching $233.33. The company had a trading volume of 547,418 shares, compared to its average volume of 611,866. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.86 and a quick ratio of 0.92. FleetCor Technologies has a 52 week low of $172.18 and a 52 week high of $234.98. The company has a market cap of $28.06 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.30 and a beta of 1.29.

FleetCor Technologies (NYSE:FLT) last issued its quarterly earnings results on Wednesday, February 6th. The business services provider reported $2.64 earnings per share for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.08). FleetCor Technologies had a net margin of 33.35% and a return on equity of 25.73%. The company had revenue of $643.40 million during the quarter, compared to the consensus estimate of $620.45 million. During the same period last year, the company earned $2.42 earnings per share. FleetCor Technologies’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts expect that FleetCor Technologies will post 11.01 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY raised its stake in shares of FleetCor Technologies by 0.3% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 17,315 shares of the business services provider’s stock valued at $3,216,000 after buying an additional 54 shares in the last quarter. Commonwealth Equity Services LLC increased its position in shares of FleetCor Technologies by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,977 shares of the business services provider’s stock worth $552,000 after purchasing an additional 56 shares in the last quarter. Captrust Financial Advisors increased its position in shares of FleetCor Technologies by 8.5% during the 4th quarter. Captrust Financial Advisors now owns 830 shares of the business services provider’s stock worth $154,000 after purchasing an additional 65 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of FleetCor Technologies by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 3,909 shares of the business services provider’s stock worth $726,000 after purchasing an additional 68 shares in the last quarter. Finally, BB&T Securities LLC increased its position in shares of FleetCor Technologies by 1.8% during the 4th quarter. BB&T Securities LLC now owns 4,063 shares of the business services provider’s stock worth $754,000 after purchasing an additional 71 shares in the last quarter. Institutional investors own 67.39% 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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