Daiwa Securities Group Inc. reduced its position in shares of WEX Inc (NYSE:WEX) by 9.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,901 shares of the business services provider’s stock after selling 2,210 shares during the period. Daiwa Securities Group Inc.’s holdings in WEX were worth $4,223,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in WEX by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 3,998,029 shares of the business services provider’s stock valued at $831,990,000 after purchasing an additional 10,763 shares during the last quarter. BlackRock Inc. raised its stake in shares of WEX by 1.5% in the second quarter. BlackRock Inc. now owns 3,892,337 shares of the business services provider’s stock worth $809,995,000 after acquiring an additional 56,101 shares during the last quarter. Atlanta Capital Management Co. L L C raised its stake in shares of WEX by 10.5% in the second quarter. Atlanta Capital Management Co. L L C now owns 2,223,934 shares of the business services provider’s stock worth $462,801,000 after acquiring an additional 211,481 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of WEX by 0.6% in the second quarter. Wells Fargo & Company MN now owns 1,366,507 shares of the business services provider’s stock worth $284,370,000 after acquiring an additional 8,735 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of WEX by 0.8% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,214,287 shares of the business services provider’s stock worth $252,694,000 after acquiring an additional 9,644 shares during the last quarter. 99.47% of the stock is owned by hedge funds and other institutional investors.
WEX opened at $196.30 on Friday. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.30 and a quick ratio of 1.42. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.54. The firm has a 50 day simple moving average of $200.71 and a 200 day simple moving average of $204.01. WEX Inc has a fifty-two week low of $131.35 and a fifty-two week high of $221.66.
WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, October 31st. The business services provider reported $2.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.35 by $0.24. The business had revenue of $459.96 million during the quarter, compared to the consensus estimate of $460.00 million. WEX had a net margin of 3.95% and a return on equity of 18.86%. WEX’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.23 earnings per share. As a group, analysts expect that WEX Inc will post 8.38 EPS for the current year.
WEX has been the subject of a number of research analyst reports. ValuEngine downgraded shares of WEX from a “hold” rating to a “sell” rating in a research note on Friday, November 1st. Robert W. Baird raised shares of WEX from a “neutral” rating to an “outperform” rating and set a $234.00 target price for the company in a research note on Friday, November 1st. Raymond James initiated coverage on shares of WEX in a research note on Monday, September 30th. They issued a “market perform” rating and a $260.00 target price for the company. Citigroup boosted their target price on shares of WEX from $235.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Finally, Morgan Stanley boosted their target price on shares of WEX from $197.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $227.33.
In related news, CEO Melissa D. Smith sold 15,556 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $209.99, for a total transaction of $3,266,604.44. Following the completion of the sale, the chief executive officer now directly owns 78,839 shares of the company’s stock, valued at $16,555,401.61. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott Robert Phillips sold 15,973 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $208.44, for a total transaction of $3,329,412.12. Following the sale, the insider now directly owns 9,850 shares of the company’s stock, valued at $2,053,134. The disclosure for this sale can be found here. Insiders own 1.12% of the company’s stock.
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 processing services.
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