Forward Management LLC Has $311,000 Position in WEX Inc. (NYSE:WEX)
Forward Management LLC boosted its position in shares of WEX Inc. (NYSE:WEX) by 11.0% during the second quarter, Holdings Channel reports. The fund owned 2,983 shares of the business services provider’s stock after buying an additional 295 shares during the period. Forward Management LLC’s holdings in WEX were worth $311,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Whittier Trust Co. raised its stake in shares of WEX by 5.9% in the first quarter. Whittier Trust Co. now owns 1,027 shares of the business services provider’s stock worth $106,000 after buying an additional 57 shares during the last quarter. Janney Capital Management LLC purchased a new stake in shares of WEX during the first quarter worth $235,000. Glen Harbor Capital Management LLC raised its stake in shares of WEX by 6.1% in the first quarter. Glen Harbor Capital Management LLC now owns 1,120 shares of the business services provider’s stock worth $116,000 after buying an additional 64 shares during the last quarter. BTIM Corp. purchased a new stake in shares of WEX during the first quarter worth $13,981,000. Finally, Hermes Investment Management Ltd. raised its stake in shares of WEX by 1.4% in the first quarter. Hermes Investment Management Ltd. now owns 524,042 shares of the business services provider’s stock worth $54,238,000 after buying an additional 7,373 shares during the last quarter.
WEX Inc. (NYSE:WEX) opened at 103.39 on Friday. WEX Inc. has a 52-week low of $93.89 and a 52-week high of $122.91. The stock has a market capitalization of $4.44 billion, a P/E ratio of 62.36 and a beta of 1.80. The company has a 50 day moving average of $107.66 and a 200-day moving average of $106.47.
WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. The firm had revenue of $303.90 million for the quarter, compared to analysts’ expectations of $293.91 million. WEX had a net margin of 6.09% and a return on equity of 13.03%. The firm’s quarterly revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.08 earnings per share. Equities research analysts anticipate that WEX Inc. will post $5.27 EPS for the current year.
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A number of equities research analysts have recently weighed in on the stock. BidaskClub upgraded shares of WEX from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Barclays PLC raised their price objective on shares of WEX from $115.00 to $119.00 and gave the company an “equal weight” rating in a report on Tuesday, July 18th. Zacks Investment Research upgraded shares of WEX from a “sell” rating to a “hold” rating and set a $124.00 price objective on the stock in a report on Friday, July 14th. William Blair restated an “outperform” rating on shares of WEX in a report on Wednesday, July 12th. Finally, Credit Suisse Group upgraded shares of WEX from a “neutral” rating to an “outperform” rating in a report on Thursday, April 27th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $120.56.
In related news, SVP George W. Hogan sold 4,500 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total value of $495,000.00. Following the sale, the senior vice president now directly owns 15,615 shares of the company’s stock, valued at $1,717,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Hilary A. Rapkin sold 2,000 shares of the company’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $105.00, for a total transaction of $210,000.00. Following the completion of the sale, the senior vice president now directly owns 15,424 shares in the company, valued at $1,619,520. The disclosure for this sale can be found here. Corporate insiders own 0.86% of the company’s stock.
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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