WEX Inc. (NYSE:WEX) Expected to Announce Quarterly Sales of $309.33 Million
Brokerages forecast that WEX Inc. (NYSE:WEX) will announce $309.33 million in sales for the current quarter, according to Zacks. Seven analysts have issued estimates for WEX’s earnings. The highest sales estimate is $312.20 million and the lowest is $306.70 million. WEX reported sales of $287.76 million during the same quarter last year, which indicates a positive year over year growth rate of 7.5%. The firm is expected to announce its next earnings report on Thursday, October 26th.
According to Zacks, analysts expect that WEX will report full year sales of $309.33 million for the current financial year, with estimates ranging from $1.21 billion to $1.22 billion. For the next financial year, analysts forecast that the business will post sales of $1.33 billion per share, with estimates ranging from $1.31 billion to $1.36 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow WEX.
WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. WEX had a net margin of 6.09% and a return on equity of 13.03%. The company had revenue of $303.90 million for the quarter, compared to analysts’ expectations of $293.91 million. During the same quarter in the previous year, the firm posted $1.08 earnings per share. WEX’s revenue for the quarter was up 29.9% on a year-over-year basis.
WEX has been the topic of several recent research reports. TheStreet raised shares of WEX from a “c” rating to a “b-” rating in a report on Monday, June 5th. Deutsche Bank AG raised shares of WEX from a “hold” rating to a “buy” rating and increased their target price for the company from $116.00 to $125.00 in a report on Monday, June 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of WEX in a report on Monday, May 15th. Mizuho initiated coverage on shares of WEX in a report on Tuesday, June 27th. They set a “buy” rating and a $115.00 target price on the stock. Finally, BidaskClub raised shares of WEX from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. WEX has a consensus rating of “Buy” and a consensus target price of $120.56.
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Shares of WEX (NYSE WEX) opened at 104.41 on Monday. The company has a 50 day moving average of $107.84 and a 200 day moving average of $106.99. WEX has a 52 week low of $90.84 and a 52 week high of $122.91. The company has a market cap of $4.48 billion, a PE ratio of 62.97 and a beta of 1.80.
In other WEX news, SVP George W. Hogan sold 4,500 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total value of $495,000.00. Following the sale, the senior vice president now owns 15,615 shares of the company’s stock, valued at approximately $1,717,650. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Hilary A. Rapkin sold 2,000 shares of the firm’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $105.00, for a total transaction of $210,000.00. Following the completion of the sale, the senior vice president now directly owns 15,424 shares in the company, valued at approximately $1,619,520. The disclosure for this sale can be found here. 0.86% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the company. FNY Partners Fund LP purchased a new stake in shares of WEX during the first quarter worth about $103,000. Whittier Trust Co. raised its stake in shares of WEX by 5.9% in the first quarter. Whittier Trust Co. now owns 1,027 shares of the business services provider’s stock worth $106,000 after buying an additional 57 shares during the period. Glen Harbor Capital Management LLC raised its stake in shares of WEX by 6.1% in the first quarter. Glen Harbor Capital Management LLC now owns 1,120 shares of the business services provider’s stock worth $116,000 after buying an additional 64 shares during the period. Tyers Asset Management LLC raised its stake in shares of WEX by 6.1% in the first quarter. Tyers Asset Management LLC now owns 1,540 shares of the business services provider’s stock worth $159,000 after buying an additional 88 shares during the period. Finally, First Bank & Trust raised its stake in shares of WEX by 2.6% in the first quarter. First Bank & Trust now owns 1,604 shares of the business services provider’s stock worth $166,000 after buying an additional 41 shares during the period.
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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