Trade Report: Today, Neuberger Berman Group LLC Reduces Stake in Wex Inc. (WEX)

Today, Neuberger Berman Group LLC Reduces Stake in Wex Inc. (WEX)

Neuberger Berman Group LLC lowered its position in Wex Inc. (NYSE:WEX) by 12.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,257,295 shares of the company’s stock after selling 171,686 shares during the period. Neuberger Berman Group LLC owned about 2.94% of Wex worth $135,901,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Bank of Montreal Can acquired a new position in shares of Wex during the second quarter worth about $13,832,000. Oakbrook Investments LLC boosted its position in shares of Wex by 17.9% in the second quarter. Oakbrook Investments LLC now owns 3,950 shares of the company’s stock worth $350,000 after buying an additional 600 shares during the last quarter. Hermes Investment Management Ltd. boosted its position in shares of Wex by 10.1% in the second quarter. Hermes Investment Management Ltd. now owns 507,456 shares of the company’s stock worth $44,996,000 after buying an additional 46,676 shares during the last quarter. Parametrica Management Ltd acquired a new position in shares of Wex during the second quarter worth about $449,000. Finally, LS Investment Advisors LLC boosted its position in shares of Wex by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,340 shares of the company’s stock worth $207,000 after buying an additional 993 shares during the last quarter. Institutional investors own 92.73% of the company’s stock.

Shares of Wex Inc. (NYSE:WEX) traded up 0.02% during trading on Friday, reaching $109.06. 70,188 shares of the company traded hands. The firm has a market capitalization of $4.66 billion, a PE ratio of 56.89 and a beta of 1.85. The firm has a 50-day moving average price of $105.51 and a 200-day moving average price of $98.06. Wex Inc. has a 12 month low of $54.42 and a 12 month high of $114.59.

Wex (NYSE:WEX) last announced its earnings results on Thursday, October 27th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.12. The firm earned $287.80 million during the quarter, compared to analyst estimates of $279.28 million. Wex had a net margin of 8.11% and a return on equity of 13.70%. Wex’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.29 EPS. Equities research analysts anticipate that Wex Inc. will post $4.56 EPS for the current year.

A number of brokerages have issued reports on WEX. Credit Suisse Group AG cut shares of Wex from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $108.00 to $113.00 in a research report on Monday, October 31st. They noted that the move was a valuation call. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $120.00 target price (up previously from $101.00) on shares of Wex in a research report on Tuesday, November 1st. Zacks Investment Research upgraded shares of Wex from a “hold” rating to a “buy” rating and set a $120.00 target price for the company in a research report on Thursday, September 29th. Jefferies Group restated a “buy” rating and set a $127.00 target price on shares of Wex in a research report on Sunday, October 23rd. Finally, upgraded shares of Wex from an “underperform” rating to an “outperform” rating and lifted their target price for the stock from $97.00 to $115.00 in a research report on Thursday, September 1st. Twelve research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $99.50.

In related news, SVP George W. Hogan sold 1,950 shares of the stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $103.88, for a total value of $202,566.00. Following the completion of the transaction, the senior vice president now owns 12,824 shares in the company, valued at approximately $1,332,157.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael E. Dubyak sold 5,500 shares of the stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $99.52, for a total transaction of $547,360.00. Following the completion of the transaction, the director now owns 55,416 shares of the company’s stock, valued at approximately $5,515,000.32. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by corporate insiders.

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