Freestone Grove Partners LP Invests $1.27 Million in WEX Inc. (NYSE:WEX)

Freestone Grove Partners LP purchased a new stake in shares of WEX Inc. (NYSE:WEX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,234 shares of the business services provider's stock, valued at approximately $1,268,000.

Other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in shares of WEX by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 1,283 shares of the business services provider's stock worth $225,000 after acquiring an additional 65 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in 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 buying an additional 66 shares during the last quarter. Xponance Inc. raised its position in WEX by 1.4% during the fourth quarter. Xponance Inc. now owns 4,864 shares of the business services provider's stock valued at $853,000 after acquiring an additional 68 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its stake in 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 valued at $1,959,000 after acquiring an additional 70 shares during the last quarter. Finally, Truvestments Capital LLC grew its position in 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 in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WEX. William Blair restated a "market perform" rating on shares of WEX in a report on Thursday, February 6th. Wells Fargo & Company lowered their price target on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. UBS Group lowered their price target on WEX from $172.00 to $138.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Keefe, Bruyette & Woods lowered their target price on shares of WEX from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Finally, Bank of America cut shares of WEX from a "buy" rating to a "neutral" rating in a research note on Thursday, February 6th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $182.40.

WEX Stock Down 0.9 %

Shares of NYSE:WEX traded down $1.15 during trading on Wednesday, hitting $121.19. 459,499 shares of the company's stock traded hands, compared to its average volume of 557,578. The company has a current ratio of 1.02, a quick ratio of 1.04 and a debt-to-equity ratio of 2.07. The company has a 50-day moving average price of $140.25 and a 200-day moving average price of $163.74. WEX Inc. has a 52 week low of $110.45 and a 52 week high of $217.47. The company has a market cap of $4.15 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 2.06 and a beta of 1.26.

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

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.