Northern Trust Corp increased its holdings in shares of WEX Inc. (NYSE:WEX) by 7.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 374,591 shares of the business services provider’s stock after purchasing an additional 27,411 shares during the quarter. Northern Trust Corp’s holdings in WEX were worth $78,372,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of WEX. Artemis Investment Management LLP purchased a new stake in WEX during the first quarter worth approximately $119,201,000. Oak Ridge Investments LLC lifted its stake in WEX by 815.8% during the first quarter. Oak Ridge Investments LLC now owns 516,198 shares of the business services provider’s stock worth $107,999,000 after purchasing an additional 459,831 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in WEX by 412.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 531,907 shares of the business services provider’s stock worth $108,260,000 after purchasing an additional 428,025 shares during the last quarter. Norges Bank purchased a new stake in WEX during the fourth quarter worth approximately $87,044,000. Finally, Wells Fargo & Company MN lifted its stake in WEX by 31.3% during the fourth quarter. Wells Fargo & Company MN now owns 1,089,009 shares of the business services provider’s stock worth $221,646,000 after purchasing an additional 259,466 shares during the last quarter.
WEX stock opened at $198.44 on Friday. WEX Inc. has a 12 month low of $122.64 and a 12 month high of $234.64. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.12 and a quick ratio of 1.12. The business’s 50 day moving average is $202.73. The stock has a market capitalization of $8.88 billion, a PE ratio of -38.23, a PEG ratio of 1.02 and a beta of 1.96.
A number of equities research analysts have weighed in on the company. Cowen upgraded WEX from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $235.00 to $268.00 in a research note on Monday, April 12th. Robert W. Baird reiterated a “buy” rating and issued a $236.00 price objective on shares of WEX in a research note on Wednesday, April 14th. Wolfe Research cut WEX from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 25th. Zacks Investment Research cut WEX from a “buy” rating to a “hold” rating and set a $217.00 price objective for the company. in a research note on Wednesday, May 5th. Finally, Credit Suisse Group boosted their price objective on WEX from $205.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, February 25th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. WEX has an average rating of “Hold” and a consensus price target of $216.07.
In related news, insider Scott Robert Phillips sold 20,649 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $215.79, for a total transaction of $4,455,847.71. Following the transaction, the insider now owns 24,785 shares of the company’s stock, valued at $5,348,355.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Melissa D. Smith sold 13,739 shares of the company’s stock in a transaction on Monday, March 29th. The stock was sold at an average price of $208.47, for a total value of $2,864,169.33. Following the transaction, the chief executive officer now directly owns 51,779 shares in the company, valued at approximately $10,794,368.13. The disclosure for this sale can be found here. Insiders have sold 141,038 shares of company stock worth $31,193,464 in the last ninety days. 0.76% of the stock is currently owned by corporate insiders.
WEX Inc provides financial technology services in North America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; premium fleet services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.
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