Wex Inc. (WEX) Sets New 12-Month High at $99.64
Wex Inc. (NYSE:WEX) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $99.64 and last traded at $99.13, with a volume of 128,958 shares changing hands. The stock had previously closed at $98.00.
A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Wex from $75.00 to $88.00 and gave the company an “equal weight” rating in a research report on Thursday, April 28th. Zacks Investment Research upgraded Wex from a “hold” rating to a “strong-buy” rating and set a $107.00 price objective for the company in a research report on Tuesday, July 12th. JPMorgan Chase & Co. upgraded Wex from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $72.00 to $91.00 in a research report on Friday, April 29th. TheStreet lowered Wex from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Finally, Barclays PLC upgraded Wex from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $80.00 to $98.00 in a research report on Thursday, July 7th. Eleven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $89.87.
The company has a market cap of $4.23 billion and a P/E ratio of 43.46. The stock has a 50 day moving average price of $94.23 and a 200 day moving average price of $85.86.
Wex (NYSE:WEX) last issued its earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.06. The company earned $233.90 million during the quarter, compared to analyst estimates of $221.64 million. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts anticipate that Wex Inc. will post $4.29 EPS for the current fiscal year.
In related news, CEO Melissa D. Smith sold 5,910 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $93.03, for a total transaction of $549,807.30. Following the sale, the chief executive officer now directly owns 55,820 shares in the company, valued at approximately $5,192,934.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Stephen R. Crowley sold 1,808 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $90.95, for a total value of $164,437.60. The disclosure for this sale can be found here.
A number of large investors have added to or reduced their stakes in WEX. Nicholas Co. Inc. WI raised its stake in Wex by 23.6% in the fourth quarter. Nicholas Co. Inc. WI now owns 52,855 shares of the company’s stock worth $4,672,000 after buying an additional 10,075 shares during the period. Principal Financial Group Inc. raised its stake in Wex by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 123,981 shares of the company’s stock worth $10,960,000 after buying an additional 3,112 shares during the period. Finally, Bank of Montreal Can raised its stake in Wex by 4.9% in the fourth quarter. Bank of Montreal Can now owns 134,941 shares of the company’s stock worth $11,929,000 after buying an additional 6,312 shares during the period.
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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