Psagot Investment House Ltd. Trims Stake in WEX Inc (WEX)

Psagot Investment House Ltd. lowered its holdings in WEX Inc (NYSE:WEX) by 6.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,715 shares of the business services provider’s stock after selling 700 shares during the quarter. Psagot Investment House Ltd.’s holdings in WEX were worth $1,865,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WEX. Bank of New York Mellon Corp grew its stake in WEX by 5.5% in the third quarter. Bank of New York Mellon Corp now owns 446,851 shares of the business services provider’s stock valued at $89,710,000 after acquiring an additional 23,169 shares during the period. Renaissance Technologies LLC raised its holdings in WEX by 281.7% during the third quarter. Renaissance Technologies LLC now owns 66,800 shares of the business services provider’s stock worth $13,411,000 after acquiring an additional 49,300 shares in the last quarter. LPL Financial LLC raised its holdings in WEX by 6.4% during the third quarter. LPL Financial LLC now owns 5,562 shares of the business services provider’s stock worth $1,117,000 after acquiring an additional 333 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in WEX by 15.2% during the third quarter. Advisors Asset Management Inc. now owns 3,093 shares of the business services provider’s stock worth $621,000 after acquiring an additional 407 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in WEX during the third quarter worth about $789,000. 99.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of WEX stock traded down $1.62 on Wednesday, hitting $203.18. The stock had a trading volume of 190,015 shares, compared to its average volume of 351,110. WEX Inc has a twelve month low of $131.35 and a twelve month high of $212.13. The company has a current ratio of 1.39, a quick ratio of 1.47 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 1.56 and a beta of 1.53.

WEX (NYSE:WEX) last posted its earnings results on Thursday, May 2nd. The business services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.53 by $0.19. WEX had a return on equity of 17.88% and a net margin of 8.84%. The company had revenue of $381.90 million for the quarter, compared to the consensus estimate of $379.57 million. During the same quarter in the prior year, the business earned $1.81 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, equities research analysts predict that WEX Inc will post 8.64 earnings per share for the current fiscal year.

In related news, Director Michael E. Dubyak sold 1,048 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $204.31, for a total transaction of $214,116.88. Following the sale, the director now owns 33,484 shares of the company’s stock, valued at $6,841,116.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David G. Cooper sold 167 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $186.05, for a total value of $31,070.35. Following the sale, the insider now directly owns 14,674 shares in the company, valued at approximately $2,730,097.70. The disclosure for this sale can be found here. Insiders have sold 55,511 shares of company stock worth $11,164,891 in the last three months. 4.57% of the stock is currently owned by company insiders.

Several research firms recently issued reports on WEX. William Blair reiterated an “outperform” rating on shares of WEX in a report on Tuesday, April 30th. Mizuho upped their price objective on WEX from $190.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. BTIG Research set a $225.00 price objective on WEX and gave the company a “buy” rating in a research note on Tuesday, April 2nd. SunTrust Banks upped their price objective on WEX from $170.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Finally, Barclays upped their price objective on WEX from $222.00 to $238.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $203.67.

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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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