New York State Common Retirement Fund decreased its position in WEX Inc. (NYSE:WEX) by 8.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,400 shares of the business services provider’s stock after selling 6,300 shares during the period. New York State Common Retirement Fund owned approximately 0.15% of WEX worth $8,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of WEX. Bessemer Group Inc. raised its stake in WEX by 51.0% in the 2nd quarter. Bessemer Group Inc. now owns 853,442 shares of the business services provider’s stock worth $140,828,000 after acquiring an additional 288,104 shares during the last quarter. Ardevora Asset Management LLP purchased a new position in WEX in the 2nd quarter valued at about $37,684,000. Wasatch Advisors Inc. lifted its stake in WEX by 9,917.3% in the 2nd quarter. Wasatch Advisors Inc. now owns 212,768 shares of the business services provider’s stock valued at $35,109,000 after buying an additional 210,644 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in WEX by 7.5% in the 2nd quarter. Neuberger Berman Group LLC now owns 1,672,321 shares of the business services provider’s stock valued at $275,948,000 after buying an additional 116,087 shares in the last quarter. Finally, Marshall Wace North America L.P. lifted its stake in WEX by 765.0% in the 2nd quarter. Marshall Wace North America L.P. now owns 119,166 shares of the business services provider’s stock valued at $19,664,000 after buying an additional 105,390 shares in the last quarter. Institutional investors own 98.73% of the company’s stock.
In related news, insider Kenneth Janosick sold 10,500 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $170.00, for a total value of $1,785,000.00. Following the completion of the sale, the insider now directly owns 25,091 shares of the company’s stock, valued at $4,265,470. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.76% of the stock is owned by insiders.
Shares of WEX opened at $171.71 on Friday. WEX Inc. has a 1-year low of $71.12 and a 1-year high of $236.51. The stock has a market cap of $7.58 billion, a PE ratio of 60.04, a price-to-earnings-growth ratio of 1.68 and a beta of 1.86. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a fifty day moving average price of $148.72 and a 200 day moving average price of $152.76.
WEX (NYSE:WEX) last announced its quarterly earnings results on Thursday, October 29th. The business services provider reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.13). WEX had a net margin of 7.47% and a return on equity of 16.87%. The company had revenue of $392.90 million during the quarter, compared to analysts’ expectations of $395.95 million. During the same period last year, the firm earned $2.59 earnings per share. WEX’s revenue was down 14.6% on a year-over-year basis. As a group, equities analysts expect that WEX Inc. will post 5.84 EPS for the current fiscal year.
A number of research analysts recently weighed in on WEX shares. Wells Fargo & Company lowered shares of WEX from an “overweight” rating to an “equal weight” rating and set a $155.00 price target on the stock. in a research note on Monday, August 3rd. JPMorgan Chase & Co. raised their price target on shares of WEX from $172.00 to $189.00 and gave the company a “neutral” rating in a research note on Monday, August 17th. Zacks Investment Research lowered shares of WEX from a “hold” rating to a “sell” rating and set a $151.00 target price on the stock. in a research note on Monday, October 5th. Morgan Stanley decreased their target price on shares of WEX from $163.00 to $150.00 and set an “equal weight” rating on the stock in a research note on Friday, October 30th. Finally, Truist decreased their target price on shares of WEX from $150.00 to $135.00 in a research note on Monday, November 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. WEX presently has a consensus rating of “Hold” and an average target price of $184.41.
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 processing services.
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