Lakewood Capital Management LP purchased a new position in WEX Inc. (NYSE:WEX – Free Report) during the 2nd quarter, Holdings Channel reports. The firm purchased 200,968 shares of the business services provider’s stock, valued at approximately $28,355,000. WEX accounts for about 1.5% of Lakewood Capital Management LP’s holdings, making the stock its 27th largest holding.
Several other institutional investors and hedge funds also recently made changes to their positions in WEX. Legal & General Group Plc bought a new stake in shares of WEX in the second quarter valued at about $6,091,000. The Manufacturers Life Insurance Company bought a new position in WEX during the second quarter valued at about $3,480,000. Sone Capital Management LLC bought a new position in WEX during the second quarter valued at about $3,709,000. Algert Global LLC acquired a new position in WEX in the 2nd quarter valued at approximately $1,156,000. Finally, Sanctuary Advisors LLC acquired a new position in WEX in the 2nd quarter valued at approximately $703,000. Institutional investors own 97.47% of the company’s stock.
WEX Stock Up 1.8%
NYSE WEX opened at $203.43 on Tuesday. WEX Inc. has a 1-year low of $125.29 and a 1-year high of $203.99. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 1.04 and a beta of 0.82. The stock’s 50 day moving average is $165.69 and its two-hundred day moving average is $157.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.62.
WEX declared that its board has approved a share buyback plan on Thursday, May 14th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 21.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
WEX has been the topic of several recent research reports. Weiss Ratings raised WEX from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 7th. Keefe, Bruyette & Woods upped their target price on WEX from $200.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Cantor Fitzgerald set a $178.00 target price on WEX in a research report on Monday, July 27th. Loop Capital started coverage on shares of WEX in a research note on Monday, April 27th. They set a “buy” rating and a $195.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of WEX from $180.00 to $160.00 and set a “hold” rating on the stock in a report on Friday, June 12th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $183.30.
View Our Latest Stock Report on WEX
Insider Buying and Selling
In other news, COO Carlos Carriedo sold 1,075 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $186.00, for a total value of $199,950.00. Following the sale, the chief operating officer owned 11,076 shares in the company, valued at approximately $2,060,136. The trade was a 8.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert Joseph Deshaies sold 2,000 shares of the company’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $148.40, for a total transaction of $296,800.00. Following the completion of the sale, the chief operating officer directly owned 20,288 shares in the company, valued at approximately $3,010,739.20. The trade was a 8.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 9,858 shares of company stock valued at $1,662,835. 1.40% of the stock is owned by insiders.
WEX Company Profile
WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.
Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.
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