Johnson Investment Counsel Inc. Trims Position in WEX Inc. $WEX

Key Points

• Johnson Investment Counsel Inc. reduced its stake in WEX Inc. by 29.1%, holding 9,545 shares worth approximately $1.4 million after selling 3,916 shares in Q2.
• Several large investors significantly increased their positions in WEX during the first quarter, including HSBC Holdings PLC by 20,412.8% and Millennium Management LLC by 652.7%.
• WEX Inc. has received recent price target upgrades from analysts, with Robert W. Baird raising it from $198 to $210 and Mizuho increasing it from $150 to $185.

Johnson Investment Counsel Inc. lessened its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 29.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,545 shares of the business services provider's stock after selling 3,916 shares during the quarter. Johnson Investment Counsel Inc.'s holdings in WEX were worth $1,402,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in WEX. Hsbc Holdings PLC lifted its stake in shares of WEX by 20,412.8% during the 1st quarter. Hsbc Holdings PLC now owns 638,563 shares of the business services provider's stock worth $99,069,000 after purchasing an additional 635,450 shares during the period. Millennium Management LLC increased its holdings in shares of WEX by 652.7% during the 1st quarter. Millennium Management LLC now owns 412,665 shares of the business services provider's stock worth $64,797,000 after buying an additional 357,842 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of WEX by 158.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 350,892 shares of the business services provider's stock worth $55,097,000 after buying an additional 215,036 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of WEX by 79.5% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 381,767 shares of the business services provider's stock worth $59,945,000 after buying an additional 169,137 shares during the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of WEX by 399.9% during the 1st quarter. Jane Street Group LLC now owns 210,707 shares of the business services provider's stock worth $33,085,000 after buying an additional 168,558 shares during the last quarter. Hedge funds and other institutional investors own 97.47% of the company's stock.

WEX Stock Up 0.1%

Shares of NYSE WEX opened at $150.44 on Tuesday. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The company has a market cap of $5.15 billion, a P/E ratio of 19.02, a P/E/G ratio of 1.40 and a beta of 1.26. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. The stock has a fifty day moving average price of $166.96 and a 200 day moving average price of $150.05.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Robert W. Baird upped their price objective on WEX from $198.00 to $210.00 and gave the stock an "outperform" rating in a report on Wednesday, October 1st. UBS Group upped their price objective on WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft assumed coverage on WEX in a report on Thursday, July 17th. They set a "hold" rating and a $150.00 price objective for the company. Mizuho upped their price objective on WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, William Blair restated a "market perform" rating on shares of WEX in a report on Friday, July 25th. Three analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $180.91.

Insider Activity

In other news, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the sale, the insider directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction dated 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 owned 5,270 shares of the company's stock, valued at $904,753.60. This represents a 14.24% 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.

WEX 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.

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