Ariel Investments LLC Boosts Holdings in WEX Inc. $WEX

Key Points

• Ariel Investments LLC has increased its stock position in WEX Inc. by 29.5% in the first quarter, now owning 412,247 shares worth approximately $64.7 million.
• Analyst ratings for WEX reflect a divided outlook, with an average rating of "Hold" and a target price ranging from $135.00 to $179.82.
• After recent insider transactions, including significant sales by COO and other insiders, insiders now hold just 1.40% of WEX's stock.

Ariel Investments LLC raised its position in WEX Inc. (NYSE:WEX - Free Report) by 29.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 412,247 shares of the business services provider's stock after acquiring an additional 93,975 shares during the quarter. Ariel Investments LLC owned approximately 1.20% of WEX worth $64,731,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its stake in WEX by 1.0% in the first quarter. Envestnet Asset Management Inc. now owns 59,053 shares of the business services provider's stock worth $9,272,000 after acquiring an additional 578 shares during the last quarter. GAMMA Investing LLC lifted its stake in WEX by 27,871.3% in the first quarter. GAMMA Investing LLC now owns 69,089 shares of the business services provider's stock worth $10,848,000 after acquiring an additional 68,842 shares during the last quarter. Cerity Partners LLC lifted its stake in WEX by 88.5% in the first quarter. Cerity Partners LLC now owns 10,002 shares of the business services provider's stock worth $1,571,000 after acquiring an additional 4,695 shares during the last quarter. Jane Street Group LLC lifted its stake in WEX by 399.9% in the first quarter. Jane Street Group LLC now owns 210,707 shares of the business services provider's stock worth $33,085,000 after acquiring an additional 168,558 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in WEX by 161.5% in the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after acquiring an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 97.47% of the company's stock.

Insiders Place Their Bets

In other news, COO Carlos Carriedo sold 875 shares of WEX stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total value of $150,220.00. Following the transaction, the chief operating officer directly owned 5,270 shares of the company's stock, valued at $904,753.60. The trade was a 14.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ann Elena Drew sold 1,931 shares of WEX stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the transaction, the insider owned 7,295 shares in the company, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

WEX Stock Performance

Shares of WEX stock traded down $2.08 during trading on Friday, reaching $171.28. The company's stock had a trading volume of 328,810 shares, compared to its average volume of 323,849. The company has a 50-day moving average price of $164.71 and a two-hundred day moving average price of $148.63. The firm has a market cap of $5.87 billion, a PE ratio of 21.65, a P/E/G ratio of 1.60 and a beta of 1.31. WEX Inc. has a fifty-two week low of $110.45 and a fifty-two week high of $217.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. William Blair reiterated a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Jefferies Financial Group raised their price objective on shares of WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. Oppenheimer started coverage on shares of WEX in a report on Thursday, May 15th. They set a "market perform" rating on the stock. UBS Group raised their price objective on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Mizuho raised their price objective on shares of WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $179.82.

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.