Dimensional Fund Advisors LP grew its holdings in WEX Inc (NYSE:WEX) by 2.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 359,529 shares of the business services provider’s stock after acquiring an additional 9,819 shares during the period. Dimensional Fund Advisors LP’s holdings in WEX were worth $40,348,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC purchased a new position in shares of WEX in the second quarter valued at about $289,000. Mutual of America Capital Management LLC lifted its position in shares of WEX by 1.5% in the third quarter. Mutual of America Capital Management LLC now owns 32,432 shares of the business services provider’s stock valued at $3,640,000 after acquiring an additional 472 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of WEX by 13.3% in the third quarter. JPMorgan Chase & Co. now owns 3,993,322 shares of the business services provider’s stock valued at $452,522,000 after acquiring an additional 468,452 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of WEX by 4.4% in the second quarter. Principal Financial Group Inc. now owns 164,789 shares of the business services provider’s stock valued at $17,183,000 after acquiring an additional 6,909 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of WEX by 7.9% in the third quarter. Schwab Charles Investment Management Inc. now owns 206,735 shares of the business services provider’s stock valued at $23,200,000 after acquiring an additional 15,109 shares in the last quarter.
Shares of WEX Inc (WEX) opened at $142.48 on Thursday. WEX Inc has a twelve month low of $97.26 and a twelve month high of $146.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market capitalization of $6,130.00, a PE ratio of 71.60, a PEG ratio of 1.69 and a beta of 1.87.
WEX announced that its Board of Directors has authorized a stock buyback program on Tuesday, September 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other WEX news, CEO Melissa D. Smith sold 3,329 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $125.00, for a total transaction of $416,125.00. Following the sale, the chief executive officer now directly owns 60,380 shares of the company’s stock, valued at $7,547,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Neary sold 177,207 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $120.00, for a total value of $21,264,840.00. The disclosure for this sale can be found here. Insiders sold 200,541 shares of company stock worth $24,235,190 over the last ninety days. Insiders own 9.00% of the company’s stock.
WEX has been the topic of several research analyst reports. Oppenheimer boosted their price objective 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 objective on the stock in a research report on Tuesday, October 17th. TheStreet raised WEX from a “c+” rating to a “b” rating in a report on Wednesday, November 1st. Zacks Investment Research raised WEX from a “hold” rating to a “buy” rating and set a $134.00 target price on the stock in a report on Friday, October 13th. Finally, Citigroup lifted their target price on WEX from $120.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $133.08.
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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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