FleetCor Technologies, Inc. (FLT) Releases Earnings Results, Beats Estimates By $0.04 EPS
FleetCor Technologies, Inc. (NYSE:FLT) released its quarterly earnings results on Monday. The business services provider reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.04, Bloomberg Earnings reports. The business had revenue of $577.90 million for the quarter, compared to the consensus estimate of $576.78 million. FleetCor Technologies had a net margin of 23.28% and a return on equity of 20.87%. FleetCor Technologies’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.92 EPS.
In other news, CEO Andrew Blazye sold 8,353 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 24,766 shares of the company’s stock, valued at $3,566,304. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 15,758 shares of company stock worth $2,274,115 over the last three months. Insiders own 4.60% of the company’s stock.
FleetCor Technologies declared that its board has initiated a stock repurchase program on Thursday, August 3rd that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
A number of research analysts have recently weighed in on FLT shares. Zacks Investment Research upgraded shares of FleetCor Technologies from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Tuesday, August 8th. Keefe, Bruyette & Woods set a $202.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a report on Monday, August 7th. Citigroup Inc. reiterated a “buy” rating and issued a $180.00 target price (up previously from $165.00) on shares of FleetCor Technologies in a report on Thursday, July 13th. Jefferies Group LLC reiterated a “buy” rating and issued a $197.00 target price on shares of FleetCor Technologies in a report on Saturday, September 16th. Finally, SunTrust Banks, Inc. set a $180.00 target price on shares of FleetCor Technologies and gave the stock a “buy” rating in a report on Tuesday, October 24th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $180.08.
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.
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