Millennium Management LLC Lowers Stock Holdings in WEX Inc. (NYSE:WEX)

Millennium Management LLC cut its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 41.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,823 shares of the business services provider's stock after selling 39,114 shares during the quarter. Millennium Management LLC owned approximately 0.14% of WEX worth $9,612,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. CIBC Asset Management Inc lifted its holdings in WEX by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 1,283 shares of the business services provider's stock valued at $225,000 after purchasing an additional 65 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of WEX by 25.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the business services provider's stock worth $56,000 after acquiring an additional 66 shares during the period. Xponance Inc. boosted its holdings in shares of WEX by 1.4% in the fourth quarter. Xponance Inc. now owns 4,864 shares of the business services provider's stock worth $853,000 after acquiring an additional 68 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of WEX by 0.6% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 11,175 shares of the business services provider's stock worth $1,959,000 after acquiring an additional 70 shares during the period. Finally, Truvestments Capital LLC boosted its holdings in shares of WEX by 4.9% in the fourth quarter. Truvestments Capital LLC now owns 1,686 shares of the business services provider's stock worth $296,000 after acquiring an additional 78 shares during the period. 97.47% of the stock is owned by hedge funds and other institutional investors.

WEX Price Performance

Shares of WEX stock traded down $0.94 on Thursday, reaching $135.63. The company's stock had a trading volume of 49,549 shares, compared to its average volume of 815,077. The company has a quick ratio of 1.04, a current ratio of 1.02 and a debt-to-equity ratio of 2.07. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The company has a market capitalization of $4.64 billion, a P/E ratio of 18.08, a PEG ratio of 2.06 and a beta of 1.26. The stock's 50 day simple moving average is $133.56 and its 200-day simple moving average is $158.32.

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 32.35% and a net margin of 11.78%. The business had revenue of $636.60 million for the quarter, compared to the consensus estimate of $631.42 million. During the same quarter last year, the business posted $3.46 earnings per share. The company's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts predict that WEX Inc. will post 14.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WEX has been the subject of a number of analyst reports. Mizuho cut their price target on WEX from $215.00 to $170.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Jefferies Financial Group raised their price target on WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a report on Tuesday. UBS Group cut their price target on WEX from $172.00 to $138.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Barclays cut their price target on WEX from $200.00 to $155.00 and set an "equal weight" rating for the company in a report on Monday, February 10th. Finally, Bank of America downgraded WEX from a "buy" rating to a "neutral" rating in a research report on Thursday, February 6th. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $176.90.

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.