Wrapmanager Inc. Increases Position in WageWorks, Inc. (WAGE)
Wrapmanager Inc. boosted its position in shares of WageWorks, Inc. (NYSE:WAGE) by 17.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,748 shares of the business services provider’s stock after buying an additional 570 shares during the period. Wrapmanager Inc.’s holdings in WageWorks were worth $252,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in shares of WageWorks by 8.0% in the first quarter. Victory Capital Management Inc. now owns 1,819 shares of the business services provider’s stock worth $132,000 after buying an additional 134 shares during the last quarter. First Mercantile Trust Co. increased its stake in WageWorks by 20.7% in the second quarter. First Mercantile Trust Co. now owns 1,925 shares of the business services provider’s stock worth $129,000 after buying an additional 330 shares during the last quarter. LS Investment Advisors LLC increased its stake in WageWorks by 86.1% in the first quarter. LS Investment Advisors LLC now owns 2,637 shares of the business services provider’s stock worth $191,000 after buying an additional 1,220 shares during the last quarter. BlueCrest Capital Management Ltd bought a new stake in WageWorks during the first quarter worth $200,000. Finally, Nomura Holdings Inc. bought a new stake in WageWorks during the first quarter worth $213,000. Institutional investors own 98.50% of the company’s stock.
WageWorks, Inc. (NYSE WAGE) opened at 58.10 on Wednesday. The company has a market cap of $2.31 billion, a PE ratio of 53.06 and a beta of 0.86. WageWorks, Inc. has a 52-week low of $55.65 and a 52-week high of $80.50. The stock’s 50 day moving average is $63.62 and its 200-day moving average is $70.51.
WageWorks (NYSE:WAGE) last announced its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.11. WageWorks had a net margin of 9.60% and a return on equity of 9.52%. The company had revenue of $119.90 million for the quarter, compared to analysts’ expectations of $119.18 million. During the same quarter in the prior year, the firm earned $0.36 EPS. WageWorks’s quarterly revenue was up 36.7% compared to the same quarter last year. Equities research analysts predict that WageWorks, Inc. will post $1.75 EPS for the current fiscal year.
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A number of research firms recently weighed in on WAGE. Zacks Investment Research downgraded WageWorks from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 8th. BidaskClub downgraded WageWorks from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 14th. Stifel Nicolaus restated a “buy” rating and issued a $85.00 price objective on shares of WageWorks in a report on Monday, July 17th. Finally, TheStreet upgraded WageWorks from a “c+” rating to a “b” rating in a report on Friday, May 5th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $80.04.
In other WageWorks news, COO Edgar O. Montes sold 50,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $69.25, for a total value of $3,462,500.00. Following the sale, the chief operating officer now owns 71,895 shares in the company, valued at $4,978,728.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph L. Jackson sold 495,148 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $69.25, for a total transaction of $34,288,999.00. Following the completion of the sale, the chief executive officer now owns 103,363 shares in the company, valued at approximately $7,157,887.75. The disclosure for this sale can be found here. 3.54% of the stock is owned by insiders.
WageWorks, Inc is engaged in administering Consumer-Directed Benefits (CDBs). The Company administers CBDs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, Consolidated Omnibus Budget Reconciliation Act (COBRA) and other employee benefits.
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