KLP Kapitalforvaltning AS Has $1.01 Million Holdings in WEX Inc. (NYSE:WEX)

Key Points

• KLP Kapitalforvaltning AS has reduced its holdings in WEX Inc. by 24.7%, now owning 6,400 shares valued at approximately $1,005,000.
• Analysts have raised their target prices for WEX, with Robert W. Baird setting a new target of $198.00 and Barclays adjusting theirs to $170.00, while the stock has a consensus rating of "Hold".
• WEX reported a quarterly earnings per share (EPS) of $3.51, surpassing analyst expectations, despite a 2.5% decline in revenue year-over-year.

KLP Kapitalforvaltning AS trimmed its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 24.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,400 shares of the business services provider's stock after selling 2,100 shares during the period. KLP Kapitalforvaltning AS's holdings in WEX were worth $1,005,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WEX. JPMorgan Chase & Co. increased its holdings in shares of WEX by 105.8% during the fourth quarter. JPMorgan Chase & Co. now owns 2,046,614 shares of the business services provider's stock valued at $358,812,000 after purchasing an additional 1,052,087 shares during the period. Norges Bank acquired a new position in shares of WEX during the fourth quarter valued at $80,535,000. D. E. Shaw & Co. Inc. increased its holdings in shares of WEX by 1,684.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider's stock valued at $35,401,000 after purchasing an additional 190,605 shares during the period. Ariel Investments LLC increased its holdings in shares of WEX by 113.0% during the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock valued at $55,799,000 after purchasing an additional 168,832 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of WEX by 5,562.2% during the fourth quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock valued at $26,117,000 after purchasing an additional 148,456 shares during the period. 97.47% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other WEX news, CEO Melissa D. Smith acquired 3,721 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was purchased at an average cost of $134.57 per share, for a total transaction of $500,734.97. Following the transaction, the chief executive officer owned 101,182 shares of the company's stock, valued at $13,616,061.74. The trade was a 3.82% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer Kimball sold 1,400 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $131.08, for a total value of $183,512.00. Following the sale, the chief accounting officer owned 3,177 shares of the company's stock, valued at $416,441.16. The trade was a 30.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Morgan Stanley raised their price target on WEX from $142.00 to $170.00 and gave the company an "equal weight" rating in a report on Friday, July 25th. William Blair reaffirmed a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Wells Fargo & Company decreased their target price on WEX from $160.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Barclays raised their target price on WEX from $135.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on WEX in a research note on Thursday, July 17th. They set a "hold" rating and a $150.00 target price for the company. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $181.50.

WEX Trading Down 1.7%

Shares of NYSE:WEX traded down $2.90 during midday trading on Friday, reaching $166.78. The company had a trading volume of 108,135 shares, compared to its average volume of 727,212. The company has a debt-to-equity ratio of 3.99, a quick ratio of 1.04 and a current ratio of 1.04. WEX Inc. has a 1-year low of $110.45 and a 1-year high of $217.47. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 21.05, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. The company has a fifty day simple moving average of $148.21 and a two-hundred day simple moving average of $149.06.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The business services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.40 by $0.11. WEX had a return on equity of 41.87% and a net margin of 11.79%. The business had revenue of $636.60 million during the quarter, compared to analyst estimates of $631.42 million. During the same quarter last year, the company posted $3.46 EPS. WEX's revenue for the quarter was down 2.5% on a year-over-year basis. Research analysts predict that WEX Inc. will post 14.09 earnings per share for the current year.

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.