Jefferies Group Increases Wex Inc. (WEX) Price Target to $120.00
Wex Inc. (NYSE:WEX) had its price target hoisted by stock analysts at Jefferies Group from $114.00 to $120.00 in a research note issued to investors on Monday. The brokerage currently has a “buy” rating on the stock. Jefferies Group’s price target indicates a potential upside of 15.61% from the company’s previous close.
Several other analysts have also recently commented on WEX. Credit Agricole SA upgraded shares of 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 report on Thursday, September 1st. Zacks Investment Research cut shares of Wex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 7th. SunTrust Banks Inc. started coverage on shares of Wex in a research report on Friday, June 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Barclays PLC upgraded shares of Wex from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $80.00 to $98.00 in a research report on Thursday, July 7th. Finally, TheStreet cut shares of Wex from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $94.31.
Shares of Wex (NYSE:WEX) opened at 103.80 on Monday. The firm has a market cap of $4.43 billion, a PE ratio of 45.53 and a beta of 1.89. Wex has a 52-week low of $54.42 and a 52-week high of $105.84. The company’s 50-day moving average price is $98.74 and its 200-day moving average price is $91.01.
Wex (NYSE:WEX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.06. Wex had a net margin of 10.10% and a return on equity of 14.77%. The firm earned $233.90 million during the quarter, compared to analysts’ expectations of $221.64 million. During the same quarter in the previous year, the company posted $1.25 EPS. Wex’s revenue was up 9.5% on a year-over-year basis. Equities analysts expect that Wex will post $4.31 earnings per share for the current fiscal year.
In related news, SVP Stephen R. Crowley sold 1,808 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $90.95, for a total value of $164,437.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric Duprat sold 1,100 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $93.73, for a total transaction of $103,103.00. Following the completion of the sale, the director now owns 1,593 shares of the company’s stock, valued at $149,311.89. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Williams Jones & Associates LLC purchased a new stake in shares of Wex during the second quarter valued at about $22,951,000. Mason Street Advisors LLC bought a new position in Wex during the second quarter valued at $1,565,000. Royal Bank of Canada boosted its position in Wex by 7.4% in the second quarter. Royal Bank of Canada now owns 146,446 shares of the company’s stock valued at $12,985,000 after buying an additional 10,081 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Wex by 0.7% in the second quarter. Public Employees Retirement System of Ohio now owns 44,522 shares of the company’s stock valued at $3,948,000 after buying an additional 326 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Wex by 6.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 143,348 shares of the company’s stock valued at $12,711,000 after buying an additional 8,478 shares in the last quarter. Institutional investors and hedge funds 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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