Hawk Ridge Capital Management LP Acquires New Stake in WEX Inc. $WEX

Key Points

• Hawk Ridge Capital Management LP acquired 39,867 shares of WEX Inc. for approximately $6.26 million, increasing its ownership to 0.12%.
• Institutional investors overwhelmingly dominate WEX Inc. ownership, with 97.47% of shares held by institutional investors and hedge funds.
• WEX's stock has recently seen various analyst ratings, with a current average price target of $179.82, indicating a cautious outlook among analysts.

Hawk Ridge Capital Management LP purchased a new stake in shares of WEX Inc. (NYSE:WEX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,867 shares of the business services provider's stock, valued at approximately $6,260,000. Hawk Ridge Capital Management LP owned 0.12% of WEX at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Isthmus Partners LLC increased its stake in shares of WEX by 5.4% during the first quarter. Isthmus Partners LLC now owns 1,987 shares of the business services provider's stock valued at $312,000 after buying an additional 101 shares during the period. Cornerstone Investment Partners LLC boosted its position in WEX by 2.9% during the first quarter. Cornerstone Investment Partners LLC now owns 4,705 shares of the business services provider's stock valued at $739,000 after purchasing an additional 133 shares in the last quarter. Foyston Gordon & Payne Inc boosted its holdings in WEX by 0.7% in the fourth quarter. Foyston Gordon & Payne Inc now owns 19,657 shares of the business services provider's stock worth $3,446,000 after acquiring an additional 137 shares in the last quarter. Brooklyn Investment Group boosted its holdings in WEX by 50.7% in the first quarter. Brooklyn Investment Group now owns 422 shares of the business services provider's stock worth $66,000 after acquiring an additional 142 shares in the last quarter. Finally, Investment Management Corp VA ADV acquired a new stake in WEX in the fourth quarter worth about $25,000. Hedge funds and other institutional investors own 97.47% of the company's stock.

WEX Trading Up 0.3%

NYSE WEX traded up $0.56 on Tuesday, reaching $173.04. 97,042 shares of the company were exchanged, compared to its average volume of 669,462. The business's fifty day moving average price is $165.22 and its 200 day moving average price is $148.76. The stock has a market capitalization of $5.93 billion, a P/E ratio of 21.88, a price-to-earnings-growth ratio of 1.60 and a beta of 1.31. 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Mizuho lifted their target price on WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Jefferies Financial Group boosted their price objective on WEX from $130.00 to $135.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Robert W. Baird boosted their price objective on WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. William Blair restated a "market perform" rating on shares of WEX in a research report on Friday, July 25th. Finally, UBS Group boosted their price objective on WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $179.82.

Insiders Place Their Bets

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

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.