TheStreet Upgrades WEX Inc. (WEX) to B
WEX Inc. (NYSE:WEX) was upgraded by equities research analysts at TheStreet from a “c+” rating to a “b” rating in a research note issued on Wednesday.
Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods set a $130.00 price target on shares of WEX and gave the company a “buy” rating in a research report on Sunday, August 13th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $120.00 price target on shares of WEX in a research report on Thursday, August 10th. BidaskClub upgraded shares of WEX from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Morgan Stanley upped their price objective on shares of WEX from $113.00 to $123.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Barclays PLC upped their price objective on shares of WEX from $124.00 to $129.00 and gave the company an “equal weight” rating in a report on Thursday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $127.25.
WEX (NYSE:WEX) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.14. The business had revenue of $324.00 million during the quarter, compared to analyst estimates of $312.57 million. WEX had a net margin of 7.09% and a return on equity of 13.16%. The company’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share.
WEX announced that its Board of Directors has approved a share repurchase program on Tuesday, September 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, CEO Melissa D. Smith sold 3,333 shares of the stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $120.00, for a total transaction of $399,960.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Hilary A. Rapkin sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total value of $287,500.00. Following the transaction, the senior vice president now owns 15,224 shares in the company, valued at approximately $1,750,760. The disclosure for this sale can be found here. Insiders have sold a total of 2,399,166 shares of company stock worth $245,448,255 in the last ninety days. Corporate insiders own 0.86% of the company’s stock.
Several large investors have recently made changes to their positions in WEX. Saturna Capital purchased a new position in shares of WEX during the 3rd quarter valued at approximately $28,000. FNY Partners Fund LP purchased a new position in shares of WEX during the 1st quarter valued at approximately $103,000. US Bancorp DE lifted its position in shares of WEX by 41.2% during the 3rd quarter. US Bancorp DE now owns 959 shares of the business services provider’s stock valued at $104,000 after buying an additional 280 shares in the last quarter. Whittier Trust Co. lifted its position in shares of WEX by 5.9% during the 1st quarter. Whittier Trust Co. now owns 1,027 shares of the business services provider’s stock valued at $106,000 after buying an additional 57 shares in the last quarter. Finally, Glen Harbor Capital Management LLC lifted its position in shares of WEX by 6.1% during the 1st quarter. Glen Harbor Capital Management LLC now owns 1,120 shares of the business services provider’s stock valued at $116,000 after buying an additional 64 shares in the last quarter.
WEX Company Profile
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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