Echo Street Capital Management LLC cut its holdings in WEX Inc. (NYSE:WEX – Get Rating) by 40.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,069 shares of the business services provider’s stock after selling 4,811 shares during the quarter. Echo Street Capital Management LLC’s holdings in WEX were worth $1,261,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CWM LLC boosted its stake in WEX by 276.7% in the first quarter. CWM LLC now owns 162 shares of the business services provider’s stock valued at $29,000 after acquiring an additional 119 shares during the last quarter. Core Alternative Capital bought a new position in WEX in the first quarter valued at approximately $31,000. Lazard Asset Management LLC bought a new position in WEX in the first quarter valued at approximately $44,000. Okabena Investment Services Inc. bought a new position in WEX in the fourth quarter valued at approximately $54,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in WEX by 111.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 950 shares of the business services provider’s stock valued at $170,000 after acquiring an additional 500 shares during the last quarter. 99.50% of the stock is owned by institutional investors.
In related news, CAO Jennifer Kimball sold 764 shares of WEX stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $169.35, for a total transaction of $129,383.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other WEX news, insider Melanie J. Tinto sold 766 shares of WEX stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $165.69, for a total value of $126,918.54. Following the completion of the sale, the insider now owns 6,353 shares in the company, valued at approximately $1,052,628.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jennifer Kimball sold 764 shares of WEX stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $169.35, for a total transaction of $129,383.40. The disclosure for this sale can be found here. Insiders sold a total of 2,730 shares of company stock valued at $460,494 in the last quarter. Company insiders own 1.00% of the company’s stock.
WEX Trading Up 3.0 %
WEX (NYSE:WEX – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The business services provider reported $3.28 EPS for the quarter, topping analysts’ consensus estimates of $3.03 by $0.25. WEX had a net margin of 9.23% and a return on equity of 24.68%. The business had revenue of $598.20 million for the quarter, compared to analyst estimates of $571.33 million. During the same period last year, the business posted $1.93 earnings per share. The firm’s quarterly revenue was up 30.2% on a year-over-year basis. As a group, research analysts forecast that WEX Inc. will post 11.81 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
WEX has been the topic of a number of recent research reports. Citigroup raised shares of WEX from a “neutral” rating to a “buy” rating and raised their price objective for the company from $190.00 to $210.00 in a research note on Thursday, June 9th. Wells Fargo & Company cut their target price on shares of WEX from $210.00 to $194.00 and set an “overweight” rating on the stock in a report on Thursday. Mizuho increased their target price on shares of WEX from $212.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Barclays increased their target price on shares of WEX from $217.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 1st. Finally, Evercore ISI reiterated an “outperform” rating and issued a $230.00 target price on shares of WEX in a report on Thursday, June 2nd. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $205.30.
WEX Inc provides financial technology services in the United States and internationally. 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. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.
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