Morgan Stanley Initiates Coverage on WEX (NYSE:WEX)

Analysts at Morgan Stanley started coverage on shares of WEX (NYSE:WEX) in a report released on Monday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $144.00 price target on the business services provider’s stock. Morgan Stanley’s target price points to a potential downside of 0.28% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of WEX from $195.00 to $175.00 and set a “neutral” rating for the company in a report on Friday, October 31st. UBS Group dropped their price target on shares of WEX from $185.00 to $172.00 and set a “neutral” rating for the company in a research report on Friday, October 31st. Bank of America raised shares of WEX from a “neutral” rating to a “buy” rating and set a $178.00 price objective for the company in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c)” rating on shares of WEX in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised shares of WEX from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Four investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $168.08.

WEX Stock Performance

NYSE:WEX opened at $144.41 on Monday. The company has a debt-to-equity ratio of 3.33, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day simple moving average of $153.46 and a two-hundred day simple moving average of $158.30. The firm has a market capitalization of $4.95 billion, a PE ratio of 18.78, a P/E/G ratio of 1.14 and a beta of 0.98. WEX has a 52-week low of $110.45 and a 52-week high of $187.44.

Insiders Place Their Bets

In other WEX news, CAO Jennifer Kimball sold 494 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $151.40, for a total transaction of $74,791.60. Following the completion of the transaction, the chief accounting officer owned 3,671 shares of the company’s stock, valued at $555,789.40. This represents a 11.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Robert Joseph Deshaies sold 1,506 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $149.62, for a total value of $225,327.72. Following the transaction, the chief operating officer owned 15,699 shares of the company’s stock, valued at approximately $2,348,884.38. The trade was a 8.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of WEX

A number of large investors have recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. boosted its position in shares of WEX by 47.5% during the 4th quarter. Crossmark Global Holdings Inc. now owns 29,207 shares of the business services provider’s stock valued at $4,351,000 after acquiring an additional 9,410 shares during the last quarter. Equitable Trust Co. purchased a new stake in WEX during the fourth quarter valued at $295,000. Delta Investment Management LLC purchased a new stake in WEX during the fourth quarter valued at $222,000. State of New Jersey Common Pension Fund D lifted its position in WEX by 25.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 15,793 shares of the business services provider’s stock valued at $2,353,000 after purchasing an additional 3,252 shares during the last quarter. Finally, M&T Bank Corp purchased a new position in shares of WEX in the 4th quarter worth $609,000. Institutional investors own 97.47% of the company’s stock.

WEX Company Profile

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.