Algert Global LLC Lowers Stock Position in WEX Inc. (NYSE:WEX)

Algert Global LLC decreased its stake in shares of WEX Inc. (NYSE:WEX - Free Report) by 59.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,380 shares of the business services provider's stock after selling 12,260 shares during the period. Algert Global LLC's holdings in WEX were worth $1,758,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Factorial Partners LLC purchased a new position in WEX in the third quarter valued at about $2,244,000. Commerce Bank lifted its stake in WEX by 1.7% in the third quarter. Commerce Bank now owns 3,624 shares of the business services provider's stock valued at $760,000 after purchasing an additional 60 shares during the last quarter. Premier Fund Managers Ltd grew its holdings in WEX by 18.1% during the third quarter. Premier Fund Managers Ltd now owns 300,000 shares of the business services provider's stock valued at $62,750,000 after purchasing an additional 46,000 shares during the period. PNC Financial Services Group Inc. increased its position in WEX by 21.6% in the third quarter. PNC Financial Services Group Inc. now owns 10,630 shares of the business services provider's stock worth $2,229,000 after buying an additional 1,886 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of WEX in the third quarter valued at $3,733,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at WEX

In other WEX news, CFO Jagtar Narula sold 508 shares of the company's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares of the company's stock, valued at $1,424,000. This represents a 6.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company's stock.

Wall Street Analyst Weigh In

WEX has been the subject of a number of recent research reports. Bank of America lifted their price objective on shares of WEX from $238.00 to $255.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Jefferies Financial Group upped their target price on shares of WEX from $190.00 to $210.00 and gave the stock a "hold" rating in a report on Wednesday, October 16th. Robert W. Baird cut their price target on shares of WEX from $285.00 to $230.00 and set an "outperform" rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. reduced their price target on shares of WEX from $210.00 to $200.00 and set a "neutral" rating for the company in a research report on Tuesday, August 20th. Finally, Wolfe Research downgraded WEX from an "outperform" rating to a "peer perform" rating in a research report on Monday, October 28th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, WEX has an average rating of "Moderate Buy" and a consensus price target of $235.91.

WEX Trading Up 2.1 %

Shares of WEX traded up $3.86 during trading hours on Thursday, hitting $189.80. The company had a trading volume of 297,165 shares, compared to its average volume of 410,230. The firm has a market cap of $7.55 billion, a P/E ratio of 24.09, a P/E/G ratio of 1.47 and a beta of 1.57. WEX Inc. has a 52-week low of $165.51 and a 52-week high of $244.04. The stock's 50 day moving average price is $195.19 and its 200 day moving average price is $187.53. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.87.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 earnings per share for the quarter, beating analysts' consensus estimates of $3.82 by $0.53. WEX had a return on equity of 31.35% and a net margin of 12.45%. The firm had revenue of $665.50 million during the quarter, compared to analyst estimates of $688.03 million. During the same quarter in the prior year, the firm posted $3.44 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year. On average, research analysts predict that WEX Inc. will post 13.1 EPS for the current year.

WEX Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.