Wex Inc. (WEX) PT Raised to $120.00
WEX has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Wex from a strong-buy rating to a hold rating in a research note on Wednesday, September 7th. Credit Agricole SA upgraded shares of Wex from an underperform rating to an outperform rating and raised their price objective for the company from $97.00 to $115.00 in a research note on Thursday, September 1st. Morgan Stanley raised their price objective on shares of Wex from $94.00 to $95.00 and gave the company an equal weight rating in a research note on Thursday, July 28th. Deutsche Bank AG raised their price objective on shares of Wex from $83.00 to $90.00 and gave the company a hold rating in a research note on Thursday, July 28th. Finally, TheStreet lowered shares of Wex from a buy rating to a hold rating in a research note on Wednesday, July 27th. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $94.31.
Wex (NYSE:WEX) opened at 107.07 on Monday. The firm’s 50 day moving average price is $99.68 and its 200-day moving average price is $91.24. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 46.96 and a beta of 1.89. Wex has a 52 week low of $54.42 and a 52 week high of $108.80.
Wex (NYSE:WEX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.06. The company had revenue of $233.90 million for the quarter, compared to analysts’ expectations of $221.64 million. Wex had a return on equity of 14.77% and a net margin of 10.10%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Analysts expect that Wex will post $4.31 EPS for the current year.
In related news, SVP Stephen R. Crowley sold 1,808 shares of Wex stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $90.95, for a total value of $164,437.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric Duprat sold 1,100 shares of Wex stock in a transaction on Friday, July 29th. The shares were sold at an average price of $93.73, for a total transaction of $103,103.00. Following the completion of the sale, the director now directly owns 1,593 shares of the company’s stock, valued at approximately $149,311.89. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Forward Management LLC raised its stake in Wex by 6.1% in the first quarter. Forward Management LLC now owns 8,692 shares of the company’s stock valued at $725,000 after buying an additional 497 shares during the last quarter. Rafferty Asset Management LLC raised its stake in Wex by 49.5% in the first quarter. Rafferty Asset Management LLC now owns 5,107 shares of the company’s stock valued at $426,000 after buying an additional 1,691 shares during the last quarter. State Street Corp raised its stake in Wex by 1.9% in the first quarter. State Street Corp now owns 1,025,183 shares of the company’s stock valued at $85,459,000 after buying an additional 19,307 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Wex during the first quarter valued at about $542,000. Finally, Canada Pension Plan Investment Board raised its stake in Wex by 70.2% in the first quarter. Canada Pension Plan Investment Board now owns 105,200 shares of the company’s stock valued at $8,769,000 after buying an additional 43,400 shares during the last quarter. 93.03% of the stock is owned by institutional investors and hedge funds.
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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