Quantitative Systematic Strategies LLC Makes New Investment in WEX Inc (NYSE:WEX)

Quantitative Systematic Strategies LLC acquired a new position in shares of WEX Inc (NYSE:WEX) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 6,494 shares of the business services provider’s stock, valued at approximately $1,351,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legal & General Group Plc grew its position in WEX by 3.0% in the 4th quarter. Legal & General Group Plc now owns 52,012 shares of the business services provider’s stock worth $7,285,000 after purchasing an additional 1,513 shares during the period. Millennium Management LLC purchased a new stake in WEX in the 4th quarter worth $8,719,000. Advisory Services Network LLC lifted its stake in WEX by 79.2% in the 4th quarter. Advisory Services Network LLC now owns 405 shares of the business services provider’s stock worth $57,000 after purchasing an additional 179 shares in the last quarter. FMR LLC lifted its stake in WEX by 124.1% in the 4th quarter. FMR LLC now owns 398,482 shares of the business services provider’s stock worth $55,811,000 after purchasing an additional 220,688 shares in the last quarter. Finally, Norges Bank purchased a new stake in WEX in the 4th quarter worth $32,492,000. Hedge funds and other institutional investors own 98.52% of the company’s stock.

Shares of NYSE:WEX traded up $3.99 during trading on Tuesday, hitting $192.84. 2,996 shares of the company were exchanged, compared to its average volume of 292,668. The stock has a market capitalization of $8.17 billion, a PE ratio of 25.24, a P/E/G ratio of 1.60 and a beta of 1.55. The company has a quick ratio of 1.39, a current ratio of 1.42 and a debt-to-equity ratio of 1.50. WEX Inc has a 12-month low of $131.35 and a 12-month high of $221.66. The company has a 50 day moving average of $211.29.

WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported $2.28 EPS for the quarter, beating the consensus estimate of $2.08 by $0.20. The firm had revenue of $441.81 million during the quarter, compared to the consensus estimate of $440.49 million. WEX had a net margin of 6.84% and a return on equity of 17.88%. WEX’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.07 EPS. As a group, analysts forecast that WEX Inc will post 8.6 EPS for the current fiscal year.

In other WEX news, Director Michael E. Dubyak sold 1,048 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $204.31, for a total value of $214,116.88. Following the transaction, the director now directly owns 33,484 shares in the company, valued at approximately $6,841,116.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael E. Dubyak sold 15,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $200.00, for a total transaction of $3,000,000.00. Following the completion of the transaction, the director now owns 43,008 shares in the company, valued at $8,601,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,863 shares of company stock worth $8,672,358. Corporate insiders own 1.12% of the company’s stock.

Several equities analysts recently commented on the stock. Barclays cut their price target on shares of WEX from $260.00 to $253.00 and set an “overweight” rating on the stock in a report on Monday. Jefferies Financial Group upped their target price on shares of WEX from $210.00 to $230.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Goldman Sachs Group raised shares of WEX from a “neutral” rating to a “buy” rating and upped their price target for the stock from $193.00 to $225.00 in a research report on Wednesday, June 5th. Bank of America assumed coverage on shares of WEX in a research report on Monday, June 3rd. They set a “buy” rating and a $220.00 target price for the company. Finally, Morgan Stanley increased their target price on shares of WEX from $197.00 to $204.00 and gave the company an “equal weight” rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. WEX currently has a consensus rating of “Buy” and an average price target of $223.00.

WEX Profile

WEX Inc provides corporate card payment solutions in North and South 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.

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Institutional Ownership by Quarter for WEX (NYSE:WEX)

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