State Treasurer State of Michigan grew its stake in WEX Inc. (NYSE:WEX) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,600 shares of the business services provider’s stock after purchasing an additional 300 shares during the quarter. State Treasurer State of Michigan’s holdings in WEX were worth $2,287,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. First Mercantile Trust Co. bought a new position in shares of WEX in the fourth quarter valued at approximately $191,000. Advisory Services Network LLC lifted its holdings in shares of WEX by 4,540.6% in the fourth quarter. Advisory Services Network LLC now owns 1,485 shares of the business services provider’s stock valued at $210,000 after purchasing an additional 1,453 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of WEX in the fourth quarter valued at approximately $211,000. Private Advisor Group LLC bought a new position in shares of WEX in the fourth quarter valued at approximately $212,000. Finally, Cigna Investments Inc. New bought a new position in shares of WEX in the fourth quarter valued at approximately $219,000.
A number of research analysts have recently weighed in on WEX shares. Oppenheimer raised their target price on WEX from $130.00 to $176.00 in a report on Monday, February 5th. Citigroup upgraded WEX from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Thursday, April 26th. ValuEngine upgraded WEX from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Mizuho restated a “buy” rating and issued a $185.00 target price on shares of WEX in a report on Friday, February 23rd. Finally, SunTrust Banks set a $175.00 target price on WEX and gave the company a “buy” rating in a report on Thursday, February 22nd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $154.92.
In related news, insider Nicola S. Morris sold 2,700 shares of WEX stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $149.47, for a total transaction of $403,569.00. Following the sale, the insider now directly owns 6,387 shares in the company, valued at $954,664.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.57% of the company’s stock.
Shares of WEX opened at $180.49 on Friday, MarketBeat Ratings reports. The firm has a market cap of $7.79 billion, a P/E ratio of 33.28, a price-to-earnings-growth ratio of 1.71 and a beta of 1.81. WEX Inc. has a 12 month low of $179.29 and a 12 month high of $180.93. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.45 and a current ratio of 1.45.
WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, May 3rd. The business services provider reported $1.81 EPS for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.08. The business had revenue of $354.83 million for the quarter, compared to analyst estimates of $340.04 million. WEX had a return on equity of 13.96% and a net margin of 13.66%. WEX’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company posted $1.23 earnings per share. research analysts anticipate that WEX Inc. will post 7.38 EPS for the current year.
WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment and processing services.
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