Wendell David Associates Inc. Lowers Stake in WEX Inc. (NYSE:WEX)

Wendell David Associates Inc. lowered its position in WEX Inc. (NYSE:WEX) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,215 shares of the business services provider’s stock after selling 395 shares during the period. Wendell David Associates Inc.’s holdings in WEX were worth $1,899,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in WEX during the fourth quarter worth approximately $240,000. Dimensional Fund Advisors LP boosted its stake in WEX by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 317,777 shares of the business services provider’s stock valued at $35,465,000 after buying an additional 10,920 shares during the period. Renaissance Technologies LLC purchased a new stake in WEX during the fourth quarter valued at $2,122,000. Guggenheim Capital LLC boosted its stake in WEX by 161.5% in the fourth quarter. Guggenheim Capital LLC now owns 12,441 shares of the business services provider’s stock valued at $1,388,000 after buying an additional 7,684 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in shares of WEX by 8.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,510 shares of the business services provider’s stock valued at $727,000 after buying an additional 510 shares during the last quarter.

WEX Inc. (WEX) traded up 0.09% on Friday, hitting $111.37. The stock had a trading volume of 731,994 shares. The firm has a market cap of $4.78 billion, a PE ratio of 69.82 and a beta of 1.80. WEX Inc. has a 52-week low of $89.89 and a 52-week high of $122.91. The company has a 50-day moving average price of $107.54 and a 200 day moving average price of $107.19.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The firm had revenue of $303.90 million during the quarter, compared to analyst estimates of $293.91 million. WEX had a return on equity of 13.31% and a net margin of 6.07%. The business’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.08 EPS. Equities analysts forecast that WEX Inc. will post $5.30 earnings per share for the current fiscal year.

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WEX has been the topic of several recent analyst reports. TheStreet raised WEX from a “c” rating to a “b-” rating in a research note on Monday, June 5th. Deutsche Bank AG upgraded WEX from a “hold” rating to a “buy” rating and upped their price objective for the company from $116.00 to $125.00 in a research note on Monday, June 5th. Jefferies Group LLC reissued a “buy” rating and set a $135.00 price objective on shares of WEX in a report on Monday, May 15th. Mizuho initiated coverage on WEX in a report on Tuesday, June 27th. They issued a “buy” rating and a $115.00 price target on the stock. Finally, BidaskClub raised WEX from a “hold” rating to a “buy” rating in a report on Monday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. WEX has a consensus rating of “Buy” and a consensus price target of $118.10.

In other news, SVP Hilary A. Rapkin sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $105.00, for a total transaction of $210,000.00. Following the sale, the senior vice president now directly owns 15,424 shares in the company, valued at approximately $1,619,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott Robert Phillips sold 22,135 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $99.90, for a total value of $2,211,286.50. The disclosure for this sale can be found here. Insiders have sold a total of 28,635 shares of company stock valued at $2,916,287 in the last quarter. Company insiders own 0.86% of the company’s stock.

About WEX

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.