FMR LLC raised its stake in WEX Inc. (NYSE:WEX) by 40.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,228,277 shares of the business services provider’s stock after buying an additional 352,040 shares during the period. FMR LLC owned about 2.86% of WEX worth $128,072,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WEX. FNY Partners Fund LP acquired a new position in shares of WEX in the 1st quarter valued at about $103,000. First Bank & Trust lifted its stake in shares of WEX by 5.1% in the 2nd quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock valued at $176,000 after purchasing an additional 82 shares during the period. Fiduciary Trust Co. acquired a new position in shares of WEX in the 2nd quarter valued at about $192,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of WEX by 9.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock valued at $193,000 after purchasing an additional 162 shares during the period. Finally, Huntington National Bank raised its stake in WEX by 13.3% during the 2nd quarter. Huntington National Bank now owns 1,908 shares of the business services provider’s stock worth $199,000 after buying an additional 224 shares during the period.
Shares of WEX Inc. (WEX) opened at 120.25 on Tuesday. WEX Inc. has a 52-week low of $97.26 and a 52-week high of $122.91. The stock has a market cap of $5.16 billion, a P/E ratio of 72.53 and a beta of 1.79. The firm’s 50 day moving average price is $111.98 and its 200 day moving average price is $106.38.
WEX (NYSE:WEX) last issued its earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $303.90 million for the quarter, compared to the consensus estimate of $293.91 million. WEX had a net margin of 6.09% and a return on equity of 13.03%. WEX’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 earnings per share. On average, analysts expect that WEX Inc. will post $5.29 EPS for the current year.
WEX declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, September 26th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
A number of research analysts recently weighed in on the company. SunTrust Banks, Inc. raised WEX from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research raised WEX from a “hold” rating to a “buy” rating and set a $134.00 price objective for the company in a research note on Friday. Mizuho reissued a “buy” rating and issued a $115.00 price objective on shares of WEX in a research note on Sunday. Barclays PLC increased their price objective on WEX from $118.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 11th. Finally, BidaskClub raised WEX from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. WEX presently has a consensus rating of “Buy” and a consensus price target of $123.36.
In other WEX news, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the business’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $383,295.00. Following the transaction, the chief executive officer now owns 67,047 shares of the company’s stock, valued at approximately $7,710,405. The disclosure for this sale can be found here. Insiders sold 2,399,166 shares of company stock valued at $245,448,255 in the last 90 days. Company insiders own 0.86% of the company’s stock.
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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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