WEX’s (WEX) “Buy” Rating Reiterated at Mizuho
Several other brokerages have also issued reports on WEX. Oppenheimer lifted their price target on WEX from $120.00 to $130.00 and gave the company an outperform rating in a report on Thursday, November 2nd. SunTrust Banks upgraded WEX from a hold rating to a buy rating and set a $145.00 price target for the company in a report on Tuesday, October 17th. Goldman Sachs Group upgraded WEX from a neutral rating to a buy rating and lifted their price target for the company from $114.00 to $126.00 in a report on Monday, September 11th. TheStreet upgraded WEX from a c+ rating to a b rating in a report on Wednesday, November 1st. Finally, Zacks Investment Research upgraded WEX from a hold rating to a buy rating and set a $134.00 price target for the company in a report on Friday, October 13th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $133.08.
Shares of WEX (NYSE WEX) traded up $0.32 during midday trading on Thursday, reaching $144.93. The company’s stock had a trading volume of 200,223 shares, compared to its average volume of 296,073. WEX has a 12-month low of $97.26 and a 12-month high of $146.74. The firm has a market cap of $6,218.95, a price-to-earnings ratio of 30.26, a PEG ratio of 1.74 and a beta of 1.88. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.69 and a quick ratio of 0.69.
WEX declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 26th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, CEO Melissa D. Smith sold 3,329 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $125.00, for a total value of $416,125.00. Following the transaction, the chief executive officer now directly owns 60,380 shares of the company’s stock, valued at approximately $7,547,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Neary sold 177,207 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total value of $21,264,840.00. The disclosure for this sale can be found here. Insiders sold a total of 203,874 shares of company stock worth $24,635,150 over the last three months. 9.00% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Jane Street Group LLC raised its stake in shares of WEX by 104.3% in the 3rd quarter. Jane Street Group LLC now owns 1,786 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 43,763 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new position in shares of WEX in the 3rd quarter valued at approximately $203,000. Fiduciary Trust Co. bought a new position in shares of WEX in the 2nd quarter valued at approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of WEX by 9.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock valued at $193,000 after acquiring an additional 162 shares in the last quarter. Finally, Raymond James Trust N.A. bought a new position in shares of WEX in the 2nd quarter valued at approximately $202,000.
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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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