Zacks Investment Research upgraded shares of WEX (NYSE:WEX) from a sell rating to a hold rating in a report published on Saturday.
According to Zacks, “WEX continues to grow organically driven by its extensive network of fuel and service providers, transaction volume growth, product excellence, marketing capabilities, sales force productivity and other strategies. The company’s Health and Employee Benefit Solutions segment is doing well on the back of increasing number of customer signings, solid sales pipeline and addition of numerous partners. WEX is active on the acquisitions and partnership front. On the flip side, WEX’s businesses continue to suffer from seasonal changes. Global presence exposes WEX to foreign currency exchange rate fluctuations. A debt-laden balance sheet may limit WEX’s future expansion and worsen its risk profile. Further, the company’s shares have underperformed its industry’s growth in the past year.”
Several other equities analysts also recently commented on the stock. Goldman Sachs Group downgraded shares of WEX from a buy rating to a neutral rating and decreased their price target for the company from $205.00 to $167.00 in a research note on Tuesday, December 11th. Deutsche Bank restated a buy rating and issued a $186.00 price target on shares of WEX in a research note on Wednesday, November 21st. Wells Fargo & Co upgraded shares of WEX from a market perform rating to an outperform rating and upped their price target for the company from $190.00 to $200.00 in a research note on Thursday, November 1st. ValuEngine downgraded shares of WEX from a buy rating to a hold rating in a research note on Tuesday, November 6th. Finally, Barclays started coverage on shares of WEX in a research note on Wednesday, November 14th. They issued an overweight rating and a $211.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $195.64.
WEX (NYSE:WEX) last released its quarterly earnings results on Wednesday, October 31st. The business services provider reported $2.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.12 by $0.07. WEX had a net margin of 15.63% and a return on equity of 16.92%. The business had revenue of $382.70 million for the quarter, compared to the consensus estimate of $375.15 million. During the same period in the prior year, the company posted $1.43 earnings per share. WEX’s revenue was up 18.1% compared to the same quarter last year. On average, analysts predict that WEX will post 7.58 EPS for the current year.
In related news, insider David G. Cooper sold 607 shares of the company’s stock in a transaction dated Monday, December 17th. The shares were sold at an average price of $145.15, for a total transaction of $88,106.05. Following the completion of the sale, the insider now owns 1,065 shares of the company’s stock, valued at $154,584.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.57% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates lifted its position in WEX by 14.3% during the second quarter. Raymond James & Associates now owns 7,778 shares of the business services provider’s stock worth $1,482,000 after purchasing an additional 971 shares during the period. State Treasurer State of Michigan lifted its position in WEX by 15.3% during the third quarter. State Treasurer State of Michigan now owns 27,100 shares of the business services provider’s stock worth $5,441,000 after purchasing an additional 3,600 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of WEX by 281.7% in the third quarter. Renaissance Technologies LLC now owns 66,800 shares of the business services provider’s stock worth $13,411,000 after acquiring an additional 49,300 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of WEX by 3.2% in the third quarter. Aperio Group LLC now owns 14,129 shares of the business services provider’s stock worth $2,837,000 after acquiring an additional 440 shares during the last quarter. Finally, Natixis lifted its holdings in shares of WEX by 86.4% in the second quarter. Natixis now owns 6,044 shares of the business services provider’s stock worth $1,152,000 after acquiring an additional 2,801 shares during the last quarter. 97.11% of the stock is owned by institutional investors and hedge funds.
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 and processing services.
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