TheStreet Downgrades WEX Inc. (WEX) to C+

TheStreet cut shares of WEX Inc. (NYSE:WEX) from a b- rating to a c+ rating in a report released on Monday.

Several other research firms have also issued reports on WEX. BidaskClub raised shares of WEX from a hold rating to a buy rating in a report on Monday, July 24th. Barclays PLC lifted their price objective on shares of WEX from $115.00 to $119.00 and gave the stock an equal weight rating in a research note on Tuesday, July 18th. Zacks Investment Research upgraded shares of WEX from a sell rating to a hold rating and set a $124.00 price objective for the company in a research note on Friday, July 14th. William Blair reiterated an outperform rating on shares of WEX in a research note on Wednesday, July 12th. Finally, Credit Suisse Group upgraded shares of WEX from a neutral rating to an outperform rating in a research note on Thursday, April 27th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $121.50.

WEX (NYSE:WEX) opened at 102.50 on Monday. The company has a 50-day moving average price of $107.62 and a 200 day moving average price of $106.13. The company has a market capitalization of $4.40 billion, a PE ratio of 61.82 and a beta of 1.80. WEX has a 52-week low of $93.57 and a 52-week high of $122.91.

WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.11. WEX had a net margin of 6.09% and a return on equity of 13.03%. The business had revenue of $303.90 million for the quarter, compared to analyst estimates of $293.91 million. During the same period in the previous year, the company earned $1.08 earnings per share. The business’s revenue for the quarter was up 29.9% on a year-over-year basis. Equities research analysts anticipate that WEX will post $5.27 earnings per share for the current year.

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In related news, SVP George W. Hogan sold 4,500 shares of the business’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total transaction of $495,000.00. Following the completion of the transaction, the senior vice president now directly owns 15,615 shares in the company, valued at $1,717,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The disclosure for this sale can be found here. Insiders have sold 2,396,500 shares of company stock valued at $245,082,500 over the last 90 days. 0.86% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new position in WEX during the fourth quarter worth about $2,122,000. Capstone Asset Management Co. increased its position in WEX by 8.5% in the first quarter. Capstone Asset Management Co. now owns 3,441 shares of the business services provider’s stock worth $356,000 after buying an additional 270 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in WEX during the first quarter worth about $600,000. Louisiana State Employees Retirement System increased its position in WEX by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 9,700 shares of the business services provider’s stock worth $1,004,000 after buying an additional 200 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in WEX by 6.1% in the first quarter. Nisa Investment Advisors LLC now owns 26,200 shares of the business services provider’s stock worth $2,712,000 after buying an additional 1,500 shares in the last quarter.

About WEX

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.

Analyst Recommendations for WEX (NYSE:WEX)

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