Wex Inc. (NYSE:WEX) reached a new 52-week high on Wednesday . The stock traded as high as $106.38 and last traded at $106.34, with a volume of 119,481 shares trading hands. The stock had previously closed at $103.80.
Several research firms have recently weighed in on WEX. Jefferies Group increased their price objective on Wex from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Monday. Zacks Investment Research lowered Wex from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 7th. Credit Agricole SA upgraded Wex from an “underperform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $115.00 in a research note on Thursday, September 1st. TheStreet lowered Wex from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Finally, Morgan Stanley upped their target price on Wex from $94.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Wex currently has an average rating of “Hold” and a consensus target price of $94.31.
The firm’s 50 day moving average price is $98.74 and its 200 day moving average price is $91.01. The firm has a market capitalization of $4.54 billion, a P/E ratio of 46.60 and a beta of 1.89.
Wex (NYSE:WEX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.06. The business earned $233.90 million during the quarter, compared to the consensus estimate of $221.64 million. Wex had a return on equity of 14.77% and a net margin of 10.10%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 EPS. Equities research analysts predict that Wex Inc. will post $4.31 EPS for the current year.
In other news, CEO Melissa D. Smith sold 5,910 shares of the company’s stock in a transaction 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 completion of 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 is accessible through this hyperlink. Also, SVP Stephen R. Crowley sold 1,808 shares of the company’s 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 disclosure for this sale can be found here. Insiders own 0.86% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in WEX. Wellington Management Group LLP increased its stake in Wex by 3.6% in the first quarter. Wellington Management Group LLP now owns 3,716,443 shares of the company’s stock worth $309,804,000 after buying an additional 128,178 shares during the last quarter. Vanguard Group Inc. increased its stake in Wex by 2.6% in the second quarter. Vanguard Group Inc. now owns 2,789,449 shares of the company’s stock worth $247,341,000 after buying an additional 69,459 shares during the last quarter. Janus Capital Management LLC increased its stake in Wex by 6.1% in the second quarter. Janus Capital Management LLC now owns 2,335,030 shares of the company’s stock worth $207,047,000 after buying an additional 134,818 shares during the last quarter. Atlanta Capital Management Co. L L C increased its stake in Wex by 34.0% in the first quarter. Atlanta Capital Management Co. L L C now owns 2,047,845 shares of the company’s stock worth $170,708,000 after buying an additional 519,530 shares during the last quarter. Finally, Champlain Investment Partners LLC increased its stake in Wex by 0.6% in the second quarter. Champlain Investment Partners LLC now owns 1,558,955 shares of the company’s stock worth $138,233,000 after buying an additional 8,945 shares during the last quarter. Hedge funds and other institutional investors own 93.03% of the company’s stock.
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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