472,212 Shares in WEX Inc (WEX) Purchased by Frontier Capital Management Co. LLC
Frontier Capital Management Co. LLC purchased a new stake in WEX Inc (NYSE:WEX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 472,212 shares of the business services provider’s stock, valued at approximately $66,691,000.
Several other large investors also recently added to or reduced their stakes in WEX. Russell Investments Group Ltd. boosted its position in shares of WEX by 6.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,967 shares of the business services provider’s stock valued at $205,000 after purchasing an additional 122 shares during the period. Prudential Financial Inc. boosted its position in shares of WEX by 1.5% in the 2nd quarter. Prudential Financial Inc. now owns 24,326 shares of the business services provider’s stock valued at $2,536,000 after purchasing an additional 363 shares during the period. Alliancebernstein L.P. boosted its position in shares of WEX by 2.0% in the 2nd quarter. Alliancebernstein L.P. now owns 25,905 shares of the business services provider’s stock valued at $2,701,000 after purchasing an additional 510 shares during the period. Riverhead Capital Management LLC boosted its position in shares of WEX by 83.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,198 shares of the business services provider’s stock valued at $229,000 after purchasing an additional 998 shares during the period. Finally, Raymond James Trust N.A. acquired a new position in shares of WEX in the 2nd quarter valued at $202,000.
WEX has been the subject of a number of recent analyst reports. Oppenheimer increased their price target on WEX from $120.00 to $130.00 and gave the company an “outperform” rating in a research 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 research report on Tuesday, October 17th. TheStreet upgraded WEX from a “c+” rating to a “b” rating in a research report on Wednesday, November 1st. 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 research report on Friday, October 13th. Finally, Citigroup increased their price target on WEX from $120.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $135.69.
WEX (NYSE:WEX) last announced its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.14. WEX had a return on equity of 13.16% and a net margin of 7.09%. The firm had revenue of $324.00 million during the quarter, compared to analyst estimates of $312.57 million. During the same period last year, the company posted $1.25 EPS. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. equities analysts predict that WEX Inc will post 4.9 earnings per share for the current fiscal year.
WEX announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 26th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other WEX news, insider Scott Robert Phillips sold 20,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $127.68, for a total transaction of $2,553,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Melissa D. Smith sold 3,329 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $125.00, for a total value of $416,125.00. Following the sale, the chief executive officer now owns 60,380 shares of the company’s stock, valued at $7,547,500. The disclosure for this sale can be found here. Insiders have sold a total of 200,541 shares of company stock valued at $24,235,190 over the last 90 days. Corporate insiders own 9.00% of the company’s stock.
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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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