WEX Inc (WEX) Holdings Raised by BlackRock Inc.

BlackRock Inc. boosted its stake in shares of WEX Inc (NYSE:WEX) by 6.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,720,426 shares of the business services provider’s stock after purchasing an additional 236,285 shares during the quarter. BlackRock Inc. owned about 8.63% of WEX worth $746,912,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Frontier Capital Management Co. LLC boosted its position in WEX by 1.6% during the third quarter. Frontier Capital Management Co. LLC now owns 882,349 shares of the business services provider’s stock worth $177,140,000 after purchasing an additional 13,890 shares during the period. Victory Capital Management Inc. boosted its position in shares of WEX by 31.6% in the third quarter. Victory Capital Management Inc. now owns 658,395 shares of the business services provider’s stock valued at $132,180,000 after acquiring an additional 158,212 shares during the period. Bank of New York Mellon Corp boosted its position in shares of WEX by 5.5% in the third quarter. Bank of New York Mellon Corp now owns 446,851 shares of the business services provider’s stock valued at $89,710,000 after acquiring an additional 23,169 shares during the period. Millennium Management LLC boosted its position in shares of WEX by 305.9% in the second quarter. Millennium Management LLC now owns 349,272 shares of the business services provider’s stock valued at $66,529,000 after acquiring an additional 263,217 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of WEX by 5.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 244,344 shares of the business services provider’s stock valued at $46,543,000 after acquiring an additional 13,379 shares during the period. 99.04% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on WEX shares. Zacks Investment Research raised WEX from a “hold” rating to a “buy” rating and set a $211.00 price objective for the company in a research report on Saturday, October 13th. Deutsche Bank reissued a “buy” rating and issued a $186.00 price objective on shares of WEX in a research report on Wednesday, November 21st. ValuEngine cut WEX from a “buy” rating to a “hold” rating in a research report on Tuesday, November 6th. Wells Fargo & Co raised WEX from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $190.00 to $200.00 in a research report on Thursday, November 1st. Finally, Barclays started coverage on WEX in a research report on Wednesday, November 14th. They issued an “overweight” rating and a $211.00 price objective for the company. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $198.50.

WEX opened at $154.97 on Monday. WEX Inc has a 1-year low of $123.87 and a 1-year high of $203.49. The company has a debt-to-equity ratio of 1.16, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $6.68 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 1.36 and a beta of 1.73.

WEX (NYSE:WEX) last issued its earnings results on Wednesday, October 31st. The business services provider reported $2.19 EPS for the quarter, topping the consensus estimate of $2.12 by $0.07. The firm had revenue of $382.70 million during the quarter, compared to analysts’ expectations of $375.15 million. WEX had a return on equity of 16.92% and a net margin of 15.63%. WEX’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the business earned $1.43 earnings per share. As a group, sell-side analysts predict that WEX Inc will post 7.59 EPS for the current year.

COPYRIGHT VIOLATION WARNING: This story was first posted by American Banking News and is the property of of American Banking News. If you are reading this story on another site, it was illegally copied and reposted in violation of United States and international trademark & copyright legislation. The original version of this story can be accessed at https://www.americanbankingnews.com/2018/12/03/wex-inc-wex-holdings-raised-by-blackrock-inc.html.

WEX Company Profile

WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment and processing services.

See Also: How Short Selling Works

Want to see what other hedge funds are holding WEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WEX Inc (NYSE:WEX).

Institutional Ownership by Quarter for WEX (NYSE:WEX)

Receive News & Ratings for WEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEX and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply