Wageworks Inc (NYSE:WAGE) Shares Bought by Russell Investments Group Ltd.
Russell Investments Group Ltd. boosted its position in Wageworks Inc (NYSE:WAGE) by 26.1% during the second quarter, Holdings Channel reports. The fund owned 336,117 shares of the business services provider’s stock after buying an additional 69,572 shares during the period. Russell Investments Group Ltd.’s holdings in Wageworks were worth $22,588,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Wageworks by 144,950.2% in the first quarter. BlackRock Inc. now owns 4,392,119 shares of the business services provider’s stock worth $317,551,000 after buying an additional 4,389,091 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Wageworks by 6.0% in the first quarter. Vanguard Group Inc. now owns 3,254,360 shares of the business services provider’s stock worth $235,290,000 after buying an additional 183,172 shares in the last quarter. TimesSquare Capital Management LLC boosted its position in shares of Wageworks by 7.9% in the first quarter. TimesSquare Capital Management LLC now owns 1,657,169 shares of the business services provider’s stock worth $119,813,000 after buying an additional 120,860 shares in the last quarter. Stephens Investment Management Group LLC boosted its position in shares of Wageworks by 4.9% in the first quarter. Stephens Investment Management Group LLC now owns 913,882 shares of the business services provider’s stock worth $66,074,000 after buying an additional 42,850 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Wageworks by 8.1% in the first quarter. State Street Corp now owns 844,713 shares of the business services provider’s stock worth $61,076,000 after buying an additional 63,265 shares in the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wageworks Inc (NYSE:WAGE) traded up 0.85% during trading on Friday, reaching $59.15. The company had a trading volume of 531,611 shares. The firm has a market capitalization of $2.35 billion, a P/E ratio of 54.02 and a beta of 0.86. Wageworks Inc has a 52-week low of $55.65 and a 52-week high of $80.50. The company has a 50 day moving average of $66.86 and a 200-day moving average of $71.48.
Wageworks (NYSE:WAGE) last released its quarterly earnings data on Tuesday, August 1st. The business services provider reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by $0.11. The company had revenue of $119.90 million during the quarter, compared to the consensus estimate of $119.18 million. Wageworks had a net margin of 15.94% and a return on equity of 15.06%. The company’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 EPS. Equities analysts expect that Wageworks Inc will post $1.75 earnings per share for the current year.
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WAGE has been the topic of a number of analyst reports. TheStreet raised Wageworks from a “c+” rating to a “b” rating in a research note on Friday, May 5th. Zacks Investment Research raised Wageworks from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research note on Wednesday, May 10th. BidaskClub cut Wageworks from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 14th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $85.00 price target on shares of Wageworks in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $78.37.
In related news, CEO Joseph L. Jackson sold 495,148 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $69.25, for a total value of $34,288,999.00. Following the completion of the sale, the chief executive officer now owns 103,363 shares in the company, valued at $7,157,887.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Edgar O. Montes sold 50,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $3,462,500.00. Following the completion of the sale, the chief operating officer now owns 71,895 shares of the company’s stock, valued at approximately $4,978,728.75. The disclosure for this sale can be found here. Corporate insiders own 3.54% of the company’s stock.
Wageworks Company Profile
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits.
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