Lyrical Asset Management LP Raises Position in WEX Inc. (NYSE:WEX)

Lyrical Asset Management LP grew its position in WEX Inc. (NYSE:WEX) by 0.3% during the 1st quarter, Holdings Channel reports. The fund owned 826,188 shares of the business services provider’s stock after buying an additional 2,754 shares during the quarter. WEX comprises about 2.0% of Lyrical Asset Management LP’s holdings, making the stock its 24th biggest position. Lyrical Asset Management LP’s holdings in WEX were worth $129,728,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WEX. D. E. Shaw & Co. Inc. lifted its stake in shares of WEX by 1,684.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider’s stock valued at $35,401,000 after purchasing an additional 190,605 shares during the period. Ariel Investments LLC lifted its stake in shares of WEX by 113.0% in the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider’s stock valued at $55,799,000 after purchasing an additional 168,832 shares during the period. AQR Capital Management LLC lifted its stake in shares of WEX by 5,562.2% in the fourth quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider’s stock valued at $26,117,000 after purchasing an additional 148,456 shares during the period. Nuveen LLC acquired a new stake in shares of WEX in the first quarter valued at about $18,783,000. Finally, Invenomic Capital Management LP acquired a new stake in shares of WEX in the fourth quarter valued at about $16,677,000. Institutional investors and hedge funds own 97.47% of the company’s stock.

Insider Activity at WEX

In related news, insider Ann Elena Drew sold 1,931 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total value of $331,533.39. Following the completion of the sale, the insider directly owned 7,295 shares in the company, valued at approximately $1,252,478.55. The trade was a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer Kimball sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $131.08, for a total transaction of $183,512.00. Following the completion of the sale, the chief accounting officer owned 3,177 shares of the company’s stock, valued at approximately $416,441.16. The trade was a 30.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,206 shares of company stock valued at $665,265 in the last ninety days. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Mizuho raised their price objective on shares of WEX from $150.00 to $185.00 and gave the company an “outperform” rating in a research note on Friday, August 1st. Barclays lifted their target price on shares of WEX from $135.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Monday, July 28th. Jefferies Financial Group lifted their target price on shares of WEX from $130.00 to $135.00 and gave the stock a “hold” rating in a research report on Tuesday, May 27th. Robert W. Baird lifted their target price on shares of WEX from $186.00 to $198.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Finally, UBS Group lifted their target price on shares of WEX from $138.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 25th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $181.50.

WEX Stock Performance

NYSE:WEX opened at $176.36 on Thursday. The firm has a 50 day simple moving average of $154.53 and a 200-day simple moving average of $148.29. The company has a debt-to-equity ratio of 3.99, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $6.04 billion, a PE ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.28. WEX Inc. has a 1-year low of $110.45 and a 1-year high of $217.47.

WEX Company Profile

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.