Earnest Partners LLC Purchases 22,672 Shares of WEX Inc. $WEX

Key Points

• Earnest Partners LLC increased its stake in WEX Inc. by 2.6% in the first quarter, now owning approximately 895,406 shares valued at $140.6 million.
• WEX's stock currently has a market capitalization of $5.87 billion and a 12-month price range between $110.45 and $217.47.
• Analyst ratings indicate a consensus of Hold for WEX shares, with the average target price set at $179.82.

Earnest Partners LLC lifted its position in WEX Inc. (NYSE:WEX - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895,406 shares of the business services provider's stock after acquiring an additional 22,672 shares during the period. Earnest Partners LLC owned approximately 2.61% of WEX worth $140,597,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Lyrical Asset Management LP raised its position in shares of WEX by 0.3% in the 1st quarter. Lyrical Asset Management LP now owns 826,188 shares of the business services provider's stock valued at $129,728,000 after acquiring an additional 2,754 shares during the period. Hsbc Holdings PLC raised its position in shares of WEX by 20,412.8% in the 1st quarter. Hsbc Holdings PLC now owns 638,563 shares of the business services provider's stock valued at $99,069,000 after acquiring an additional 635,450 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of WEX by 79.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 381,767 shares of the business services provider's stock valued at $59,945,000 after acquiring an additional 169,137 shares during the period. Northern Trust Corp raised its position in shares of WEX by 16.8% in the 4th quarter. Northern Trust Corp now owns 358,371 shares of the business services provider's stock valued at $62,830,000 after acquiring an additional 51,617 shares during the period. Finally, Ariel Investments LLC raised its holdings in WEX by 113.0% during the 4th quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock worth $55,799,000 after buying an additional 168,832 shares during the period. 97.47% of the stock is currently owned by institutional investors and hedge funds.

WEX Stock Up 0.6%

Shares of NYSE WEX traded up $1.09 during midday trading on Monday, reaching $171.54. The company's stock had a trading volume of 387,052 shares, compared to its average volume of 351,429. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. WEX Inc. has a fifty-two week low of $110.45 and a fifty-two week high of $217.47. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 1.60 and a beta of 1.31. The stock has a 50 day simple moving average of $162.21 and a 200-day simple moving average of $148.07.

Insider Buying and Selling

In other news, COO Carlos Carriedo sold 875 shares of WEX stock in a transaction that occurred 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 sale, the chief operating officer directly owned 5,270 shares in the company, valued at $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ann Elena Drew sold 1,931 shares of WEX stock in a transaction that occurred 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 sale, the insider owned 7,295 shares in the company, valued at $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. 1.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

WEX has been the topic of several research analyst reports. William Blair restated a "market perform" rating on shares of WEX in a report on Friday, July 25th. Mizuho raised their target price on shares of WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Jefferies Financial Group raised their target price 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 initiated coverage on shares of WEX in a report on Thursday, May 15th. They set a "market perform" rating on the stock. Finally, Morgan Stanley raised their target price on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $179.82.

WEX Company Profile

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.