WEX Inc (WEX) Stake Lowered by Martin & Co. Inc. TN
Martin & Co. Inc. TN lowered its holdings in WEX Inc (NYSE:WEX) by 7.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 18,460 shares of the business services provider’s stock after selling 1,450 shares during the quarter. Martin & Co. Inc. TN’s holdings in WEX were worth $2,072,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of WEX by 31.5% in the 3rd quarter. Janus Henderson Group PLC now owns 4,172,380 shares of the business services provider’s stock valued at $468,224,000 after acquiring an additional 1,000,507 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of WEX by 13.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,993,322 shares of the business services provider’s stock valued at $452,522,000 after acquiring an additional 468,452 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of WEX by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 3,228,500 shares of the business services provider’s stock valued at $336,635,000 after acquiring an additional 153,106 shares during the last quarter. Atlanta Capital Management Co. L L C grew its stake in WEX by 5.2% during the 3rd quarter. Atlanta Capital Management Co. L L C now owns 3,159,659 shares of the business services provider’s stock worth $354,577,000 after buying an additional 156,252 shares during the last quarter. Finally, BlackRock Inc. grew its stake in WEX by 0.7% during the 2nd quarter. BlackRock Inc. now owns 3,065,817 shares of the business services provider’s stock worth $319,673,000 after buying an additional 21,065 shares during the last quarter.
In other WEX news, Director James Neary sold 177,207 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $120.00, for a total transaction of $21,264,840.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Hilary A. Rapkin sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total value of $287,500.00. Following the sale, the senior vice president now directly owns 15,224 shares of the company’s stock, valued at $1,750,760. The disclosure for this sale can be found here. Insiders have sold a total of 209,707 shares of company stock valued at $25,305,945 over the last ninety days. 9.00% of the stock is owned by insiders.
WEX Inc (NYSE:WEX) traded down $0.26 during trading on Wednesday, reaching $128.77. The company’s stock had a trading volume of 302,900 shares, compared to its average volume of 403,049. WEX Inc has a 52 week low of $97.26 and a 52 week high of $130.11. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.20. The firm has a market cap of $5,536.67, a PE ratio of 26.94, a price-to-earnings-growth ratio of 1.84 and a beta of 1.88.
WEX (NYSE:WEX) last posted its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.14. WEX had a return on equity of 13.16% and a net margin of 7.09%. The company had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $312.57 million. During the same period last year, the firm earned $1.25 EPS. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. equities analysts predict that WEX Inc will post 4.9 EPS for the current year.
WEX announced that its board has authorized a share repurchase program on Tuesday, September 26th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
WEX has been the topic of a number of research reports. Raymond James Financial initiated coverage on WEX in a research note on Friday, August 25th. They set an “outperform” rating and a $115.00 price target on the stock. BidaskClub upgraded WEX from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Credit Suisse Group restated an “outperform” rating on shares of WEX in a research note on Tuesday, September 5th. Goldman Sachs Group upgraded WEX from a “neutral” rating to a “buy” rating and raised their price target for the stock from $114.00 to $126.00 in a research note on Monday, September 11th. Finally, Zacks Investment Research downgraded WEX from a “hold” rating to a “sell” rating in a research note on Thursday, September 28th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $127.67.
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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