Harbor Capital Advisors Inc. Acquires 16,049 Shares of WEX Inc. (NYSE:WEX)

Harbor Capital Advisors Inc. grew its position in WEX Inc. (NYSE:WEX - Free Report) by 86.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,557 shares of the business services provider's stock after acquiring an additional 16,049 shares during the period. Harbor Capital Advisors Inc. owned about 0.10% of WEX worth $5,426,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC grew its position in shares of WEX by 161.5% in the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock valued at $44,000 after acquiring an additional 168 shares during the period. Radnor Capital Management LLC grew its position in shares of WEX by 195.0% in the 1st quarter. Radnor Capital Management LLC now owns 5,575 shares of the business services provider's stock valued at $875,000 after acquiring an additional 3,685 shares during the period. Eagle Rock Investment Company LLC grew its position in shares of WEX by 95.0% in the 1st quarter. Eagle Rock Investment Company LLC now owns 10,205 shares of the business services provider's stock valued at $1,602,000 after acquiring an additional 4,971 shares during the period. Lifestyle Asset Management Inc. grew its position in shares of WEX by 7.8% in the 1st quarter. Lifestyle Asset Management Inc. now owns 5,257 shares of the business services provider's stock valued at $825,000 after acquiring an additional 380 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of WEX by 27,871.3% during the 1st quarter. GAMMA Investing LLC now owns 69,089 shares of the business services provider's stock worth $10,848,000 after buying an additional 68,842 shares during the last quarter. Institutional investors own 97.47% of the company's stock.

Wall Street Analyst Weigh In

WEX has been the subject of a number of research reports. UBS Group cut their target price on shares of WEX from $172.00 to $138.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. 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 research note on Tuesday, May 27th. Robert W. Baird set a $186.00 target price on shares of WEX in a research note on Tuesday, February 18th. Oppenheimer initiated coverage on shares of WEX in a research note on Thursday, May 15th. They set a "market perform" rating for the company. Finally, Wells Fargo & Company cut their target price on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $176.90.

WEX Stock Performance

WEX stock traded down $0.48 during midday trading on Thursday, hitting $140.13. The company's stock had a trading volume of 462,664 shares, compared to its average volume of 572,393. WEX Inc. has a 1-year low of $110.45 and a 1-year high of $217.47. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.02 and a quick ratio of 1.04. The company has a 50-day moving average price of $130.87 and a two-hundred day moving average price of $154.97. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.06 and a beta of 1.22.

WEX (NYSE:WEX - Get Free Report) last released its earnings results on Wednesday, April 30th. The business services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.40 by $0.11. WEX had a net margin of 11.78% and a return on equity of 32.35%. The firm had revenue of $636.60 million for the quarter, compared to analyst estimates of $631.42 million. During the same period last year, the firm earned $3.46 EPS. The business's quarterly revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that WEX Inc. will post 14.09 earnings per share for the current year.

Insider Buying and Selling at WEX

In other news, CEO Melissa D. Smith bought 3,721 shares of the firm's stock in a transaction on Thursday, May 29th. The shares were purchased at an average cost of $134.57 per share, with a total value of $500,734.97. Following the acquisition, the chief executive officer now directly owns 101,182 shares in the company, valued at $13,616,061.74. This represents a 3.82% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jennifer Kimball sold 1,400 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $131.08, for a total transaction of $183,512.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,177 shares in the company, valued at approximately $416,441.16. This represents a 30.59% 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.

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.