WEX Inc (NYSE:WEX) Expected to Post Quarterly Sales of $461.07 Million

Brokerages forecast that WEX Inc (NYSE:WEX) will announce $461.07 million in sales for the current quarter, according to Zacks. Eight analysts have issued estimates for WEX’s earnings. The lowest sales estimate is $458.02 million and the highest is $463.70 million. WEX posted sales of $382.69 million during the same quarter last year, which suggests a positive year-over-year growth rate of 20.5%. The company is scheduled to report its next quarterly earnings report on Wednesday, October 30th.

On average, analysts expect that WEX will report full year sales of $1.74 billion for the current year, with estimates ranging from $1.73 billion to $1.75 billion. For the next year, analysts forecast that the business will report sales of $1.94 billion, with estimates ranging from $1.90 billion to $1.96 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow WEX.

WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.20. WEX had a net margin of 6.84% and a return on equity of 17.88%. The business had revenue of $441.81 million for the quarter, compared to analysts’ expectations of $440.49 million. During the same quarter in the previous year, the business posted $2.07 earnings per share. The firm’s revenue for the quarter was up 19.2% compared to the same quarter last year.

A number of equities analysts have weighed in on WEX shares. Goldman Sachs Group raised WEX from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $193.00 to $225.00 in a research report on Wednesday, June 5th. Deutsche Bank upped their price target on WEX from $209.00 to $223.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Bank of America began coverage on WEX in a research note on Monday, June 3rd. They issued a “buy” rating and a $220.00 price target for the company. Morgan Stanley upped their price target on WEX from $197.00 to $204.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Jefferies Financial Group upped their price target on WEX from $210.00 to $230.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $223.00.

In other news, insider Scott Robert Phillips sold 8,298 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $205.00, for a total transaction of $1,701,090.00. Following the completion of the transaction, the insider now directly owns 9,850 shares in the company, valued at approximately $2,019,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Melissa D. Smith sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $205.00, for a total value of $1,025,000.00. Following the transaction, the chief executive officer now owns 70,783 shares of the company’s stock, valued at $14,510,515. The disclosure for this sale can be found here. Insiders have sold a total of 14,346 shares of company stock valued at $2,940,207 over the last quarter. Corporate insiders own 1.12% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in WEX by 37.5% during the first quarter. JPMorgan Chase & Co. now owns 1,141,383 shares of the business services provider’s stock valued at $219,135,000 after purchasing an additional 311,484 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in WEX during the second quarter valued at about $57,508,000. Invesco Ltd. boosted its position in WEX by 877.0% during the second quarter. Invesco Ltd. now owns 289,257 shares of the business services provider’s stock valued at $60,195,000 after purchasing an additional 259,651 shares in the last quarter. Norges Bank bought a new stake in WEX during the fourth quarter valued at about $32,492,000. Finally, Atlanta Capital Management Co. L L C boosted its position in WEX by 10.5% during the second quarter. Atlanta Capital Management Co. L L C now owns 2,223,934 shares of the business services provider’s stock valued at $462,801,000 after purchasing an additional 211,481 shares in the last quarter. Hedge funds and other institutional investors own 98.63% of the company’s stock.

WEX stock traded up $4.81 during mid-day trading on Friday, reaching $204.29. The stock had a trading volume of 4,910 shares, compared to its average volume of 345,726. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 1.59 and a beta of 1.55. The company has a 50-day moving average price of $209.94 and a two-hundred day moving average price of $195.96. WEX has a one year low of $131.35 and a one year high of $221.66. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.42 and a quick ratio of 1.39.

WEX Company Profile

WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services.

Recommended Story: Buy-Side Analysts

Get a free copy of the Zacks research report on WEX (WEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for WEX (NYSE:WEX)

Receive News & Ratings for WEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEX and related companies with MarketBeat.com's FREE daily email newsletter.