WEX Inc. (NYSE:WEX) CEO Melissa D. Smith sold 3,333 shares of the firm’s stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $120.00, for a total transaction of $399,960.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Shares of WEX Inc. (NYSE:WEX) opened at 122.72 on Friday. The stock has a 50 day moving average of $114.84 and a 200-day moving average of $107.47. WEX Inc. has a 52-week low of $97.26 and a 52-week high of $123.62. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 74.02 and a beta of 1.79.
WEX (NYSE:WEX) last posted its earnings results on Thursday, July 27th. The business services provider reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.11. WEX had a return on equity of 13.03% and a net margin of 6.09%. The company had revenue of $303.90 million during the quarter, compared to analyst estimates of $293.91 million. During the same period in the previous year, the company earned $1.08 EPS. The company’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities research analysts predict that WEX Inc. will post $5.30 EPS for the current fiscal year.
WEX declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 26th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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Several institutional investors and hedge funds have recently modified their holdings of WEX. UBS Asset Management Americas Inc. grew its position in shares of WEX by 23.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 23,782 shares of the business services provider’s stock valued at $2,461,000 after purchasing an additional 4,510 shares during the period. Prudential Financial Inc. grew its position in shares of WEX by 5.9% in the 1st quarter. Prudential Financial Inc. now owns 23,963 shares of the business services provider’s stock valued at $2,480,000 after purchasing an additional 1,325 shares during the period. Alliancebernstein L.P. grew its position in shares of WEX by 2.7% in the 1st quarter. Alliancebernstein L.P. now owns 25,395 shares of the business services provider’s stock valued at $2,628,000 after purchasing an additional 670 shares during the period. Credit Agricole S A acquired a new position in shares of WEX in the 1st quarter valued at approximately $2,641,000. Finally, OppenheimerFunds Inc. grew its position in shares of WEX by 11.5% in the 1st quarter. OppenheimerFunds Inc. now owns 126,363 shares of the business services provider’s stock valued at $13,079,000 after purchasing an additional 13,004 shares during the period.
Several equities analysts have recently weighed in on the stock. Wedbush restated an “outperform” rating on shares of WEX in a research report on Friday, October 20th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $120.00 price objective on shares of WEX in a research report on Thursday, August 10th. Mizuho restated a “buy” rating and set a $115.00 price objective on shares of WEX in a research report on Sunday, October 15th. SunTrust Banks, Inc. upgraded shares of WEX from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a report on Tuesday, October 17th. Finally, Zacks Investment Research cut shares of WEX from a “hold” rating to a “sell” rating in a report on Thursday, September 28th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. WEX presently has a consensus rating of “Buy” and an average target price of $125.17.
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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