TimesSquare Capital Management LLC Lowers Holdings in WEX Inc. (NYSE:WEX)

TimesSquare Capital Management LLC decreased its stake in WEX Inc. (NYSE:WEX) by 9.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 262,452 shares of the business services provider’s stock after selling 26,075 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.63% of WEX worth $62,340,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. boosted its position in WEX by 229.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,164 shares of the business services provider’s stock worth $989,000 after purchasing an additional 2,901 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in WEX by 15.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,253 shares of the business services provider’s stock worth $535,000 after purchasing an additional 299 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in WEX by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 37,403 shares of the business services provider’s stock worth $8,884,000 after purchasing an additional 484 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in WEX during the first quarter worth approximately $652,000. Finally, Chase Investment Counsel Corp acquired a new position in shares of WEX during the first quarter valued at approximately $3,646,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Insider Buying and Selling at WEX

In other news, CFO Jagtar Narula sold 540 shares of WEX stock in a transaction on Monday, July 8th. The stock was sold at an average price of $180.00, for a total value of $97,200.00. Following the completion of the sale, the chief financial officer now directly owns 8,168 shares of the company’s stock, valued at $1,470,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Jennifer Kimball sold 1,200 shares of WEX stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $211.55, for a total value of $253,860.00. Following the completion of the sale, the chief accounting officer now directly owns 1,909 shares of the company’s stock, valued at $403,848.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jagtar Narula sold 540 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $180.00, for a total value of $97,200.00. Following the transaction, the chief financial officer now directly owns 8,168 shares of the company’s stock, valued at $1,470,240. The disclosure for this sale can be found here. Insiders have sold 4,371 shares of company stock worth $905,802 over the last quarter. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WEX shares. JPMorgan Chase & Co. reduced their target price on WEX from $246.00 to $210.00 and set a “neutral” rating for the company in a report on Friday. Robert W. Baird increased their target price on WEX from $272.00 to $285.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods reduced their target price on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a report on Monday, July 8th. Evercore ISI increased their target price on WEX from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Finally, Citigroup increased their target price on WEX from $240.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $237.93.

WEX Trading Up 0.5 %

NYSE:WEX traded up $0.86 on Friday, reaching $183.13. The company’s stock had a trading volume of 264,368 shares, compared to its average volume of 386,469. WEX Inc. has a 12-month low of $161.95 and a 12-month high of $244.04. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.73. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 29.78, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. The stock has a 50 day moving average price of $185.04 and a 200 day moving average price of $206.70.

WEX (NYSE:WEX) last posted its earnings results on Thursday, April 25th. The business services provider reported $2.98 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.15. WEX had a return on equity of 30.92% and a net margin of 10.21%. The company had revenue of $652.70 million for the quarter, compared to the consensus estimate of $653.52 million. On average, equities analysts anticipate that WEX Inc. will post 13.95 EPS for the current fiscal year.

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.