Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of WEX Inc. (NYSE:WEX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 38,186 shares of the business services provider's stock, valued at approximately $5,388,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of WEX as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Bank of Nova Scotia bought a new stake in shares of WEX during the second quarter worth about $593,000. Foyston Gordon & Payne Inc bought a new position in WEX during the second quarter worth $4,397,000. Commerce Bank acquired a new position in shares of WEX in the 2nd quarter valued at about $559,000. Northwestern Mutual Wealth Management Co. acquired a new position in WEX in the second quarter valued at approximately $41,000. Finally, Evolve Private Wealth LLC bought a new position in WEX during the second quarter worth $269,000. Institutional investors and hedge funds own 97.47% of the company's stock.
Insider Transactions at WEX
In other WEX news, COO Robert Joseph Deshaies sold 2,000 shares of the firm'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 sale, the chief operating officer owned 20,288 shares in the company, valued at $3,010,739.20. This trade represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ann Elena Drew sold 3,400 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $176.02, for a total value of $598,468.00. Following the transaction, the insider owned 7,988 shares in the company, valued at $1,406,047.76. This trade represents a 29.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,658 shares of company stock worth $1,489,027 in the last three months. Insiders own 1.40% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of WEX from $180.00 to $160.00 and set a "hold" rating for the company in a research report on Friday, June 12th. Weiss Ratings raised shares of WEX from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 7th. Cantor Fitzgerald set a $178.00 price target on WEX in a research report on Monday, July 27th. Evercore upgraded WEX to an "outperform" rating in a report on Tuesday, July 21st. Finally, Keefe, Bruyette & Woods boosted their price target on shares of WEX from $200.00 to $210.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, WEX presently has a consensus rating of "Hold" and an average target price of $183.30.
Read Our Latest Stock Report on WEX
WEX Stock Performance
Shares of WEX stock opened at $198.29 on Friday. WEX Inc. has a 12 month low of $125.29 and a 12 month high of $203.99. The firm's 50 day moving average is $169.90 and its 200 day moving average is $158.70. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.62. The stock has a market capitalization of $6.76 billion, a P/E ratio of 19.75, a PEG ratio of 1.04 and a beta of 0.82.
WEX (NYSE:WEX - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $5.35 earnings per share for the quarter, topping analysts' consensus estimates of $5.08 by $0.27. The business had revenue of $753.50 million for the quarter, compared to analyst estimates of $740.72 million. WEX had a net margin of 12.56% and a return on equity of 43.19%. WEX's revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.95 EPS. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. On average, sell-side analysts anticipate that WEX Inc. will post 17.11 earnings per share for the current year.
WEX announced that its board has approved a share buyback plan on Thursday, May 14th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the business services provider to repurchase up to 21.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.
WEX Company Profile
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Free Report)
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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