Robeco Institutional Asset Management B.V. trimmed its holdings in WEX Inc (NYSE:WEX) by 86.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,845 shares of the business services provider’s stock after selling 23,655 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in WEX were worth $543,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hermes Investment Management Ltd. lifted its stake in WEX by 4.3% in the 4th quarter. Hermes Investment Management Ltd. now owns 476,322 shares of the business services provider’s stock worth $67,271,000 after purchasing an additional 19,720 shares in the last quarter. SG Americas Securities LLC purchased a new position in WEX in the 4th quarter worth approximately $1,943,000. Smith Graham & Co. Investment Advisors LP lifted its stake in WEX by 1.9% in the 4th quarter. Smith Graham & Co. Investment Advisors LP now owns 61,131 shares of the business services provider’s stock worth $8,634,000 after purchasing an additional 1,160 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in WEX in the 4th quarter worth approximately $465,000. Finally, Frontier Capital Management Co. LLC purchased a new position in WEX in the 4th quarter worth approximately $66,691,000.
In related news, insider Scott Robert Phillips sold 20,000 shares of WEX stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $127.68, for a total value of $2,553,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Neary sold 177,207 shares of WEX stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $120.00, for a total transaction of $21,264,840.00. The disclosure for this sale can be found here. 9.00% of the stock is currently owned by insiders.
A number of research analysts have weighed in on the stock. Oppenheimer raised their target price on shares of WEX from $130.00 to $176.00 in a research note on Monday. Morgan Stanley raised their target price on shares of WEX from $123.00 to $149.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 25th. Credit Suisse Group reissued an “outperform” rating and issued a $167.00 target price (up from $141.00) on shares of WEX in a research note on Wednesday, January 17th. They noted that the move was a valuation call. Mizuho reissued a “buy” rating and issued a $180.00 target price on shares of WEX in a research note on Thursday, January 4th. Finally, Zacks Investment Research lowered shares of WEX from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $141.23.
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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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