Freestone Grove Partners LP Invests $1.27 Million in WEX Inc. (NYSE:WEX)

Freestone Grove Partners LP purchased a new stake in shares of WEX Inc. (NYSE:WEX) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 7,234 shares of the business services provider’s stock, valued at approximately $1,268,000.

A number of other large investors also recently bought and sold shares of the stock. CIBC Asset Management Inc increased its holdings in shares of WEX by 5.3% during the 4th quarter. CIBC Asset Management Inc now owns 1,283 shares of the business services provider’s stock valued at $225,000 after purchasing an additional 65 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of WEX by 25.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the business services provider’s stock worth $56,000 after acquiring an additional 66 shares during the period. Xponance Inc. raised its position in shares of WEX by 1.4% in the fourth quarter. Xponance Inc. now owns 4,864 shares of the business services provider’s stock worth $853,000 after acquiring an additional 68 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in shares of WEX by 0.6% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 11,175 shares of the business services provider’s stock worth $1,959,000 after acquiring an additional 70 shares in the last quarter. Finally, Truvestments Capital LLC grew its position in shares of WEX by 4.9% during the 4th quarter. Truvestments Capital LLC now owns 1,686 shares of the business services provider’s stock valued at $296,000 after acquiring an additional 78 shares during the period. 97.47% of the stock is owned by institutional investors and hedge funds.

WEX Stock Up 2.4 %

WEX stock opened at $124.35 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.04 and a debt-to-equity ratio of 2.07. The firm has a 50-day moving average of $141.64 and a two-hundred day moving average of $165.35. WEX Inc. has a 12 month low of $110.45 and a 12 month high of $217.47. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 2.06 and a beta of 1.33.

WEX (NYSE:WEX) last posted its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.40 by $0.11. The firm had revenue of $636.60 million during the quarter, compared to analysts’ expectations of $631.42 million. WEX had a return on equity of 32.35% and a net margin of 11.78%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $3.46 earnings per share. As a group, analysts forecast that WEX Inc. will post 14.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on WEX shares. UBS Group lowered their price target on WEX from $172.00 to $138.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays decreased their target price on WEX from $200.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Monday, February 10th. Bank of America lowered shares of WEX from a “buy” rating to a “neutral” rating in a report on Thursday, February 6th. Mizuho decreased their price objective on shares of WEX from $215.00 to $170.00 and set an “outperform” rating on the stock in a report on Monday, February 10th. Finally, Keefe, Bruyette & Woods cut their target price on shares of WEX from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $182.40.

About WEX

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.