Wolfe Research cut shares of WESCO International, Inc. (NYSE:WCC) from an outperform rating to a market perform rating in a research note published on Friday, The Fly reports.
A number of other equities research analysts also recently weighed in on the stock. Robert W. Baird reaffirmed a hold rating and issued a $67.00 target price on shares of WESCO International in a research note on Friday. Standpoint Research downgraded shares of WESCO International from a buy rating to a hold rating in a research note on Wednesday, October 18th. They noted that the move was a valuation call. KeyCorp reaffirmed a buy rating and issued a $64.00 target price on shares of WESCO International in a research note on Thursday, October 12th. Wells Fargo & Company raised their target price on shares of WESCO International from $65.00 to $67.00 and gave the company an outperform rating in a research note on Friday, October 6th. Finally, Morgan Stanley reaffirmed an overweight rating and issued a $70.00 target price (up from $68.00) on shares of WESCO International in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $68.29.
WESCO International (NYSE WCC) opened at 64.00 on Friday. The firm has a market capitalization of $3.07 billion, a PE ratio of 30.35 and a beta of 1.80. The company’s 50-day moving average is $57.95 and its 200-day moving average is $57.69. WESCO International has a 52-week low of $48.95 and a 52-week high of $76.15.
WESCO International (NYSE:WCC) last announced its earnings results on Thursday, October 26th. The technology company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.09. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.93 billion. WESCO International had a net margin of 2.52% and a return on equity of 9.17%. WESCO International’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm posted $1.05 earnings per share. Analysts forecast that WESCO International will post $3.77 EPS for the current fiscal year.
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In other news, CFO David S. Schulz bought 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $51.57 per share, with a total value of $206,280.00. Following the completion of the purchase, the chief financial officer now directly owns 9,000 shares in the company, valued at $464,130. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of WCC. UBS Asset Management Americas Inc. increased its stake in shares of WESCO International by 10.0% in the first quarter. UBS Asset Management Americas Inc. now owns 41,414 shares of the technology company’s stock worth $2,880,000 after buying an additional 3,782 shares during the period. Ameriprise Financial Inc. increased its stake in shares of WESCO International by 8.1% in the first quarter. Ameriprise Financial Inc. now owns 37,767 shares of the technology company’s stock worth $2,627,000 after buying an additional 2,824 shares during the period. OppenheimerFunds Inc. increased its stake in shares of WESCO International by 14.3% in the first quarter. OppenheimerFunds Inc. now owns 5,009 shares of the technology company’s stock worth $348,000 after buying an additional 626 shares during the period. Geode Capital Management LLC increased its stake in shares of WESCO International by 15.1% in the first quarter. Geode Capital Management LLC now owns 347,305 shares of the technology company’s stock worth $24,155,000 after buying an additional 45,629 shares during the period. Finally, Amalgamated Bank increased its stake in shares of WESCO International by 3.3% in the first quarter. Amalgamated Bank now owns 6,958 shares of the technology company’s stock worth $484,000 after buying an additional 225 shares during the period. 98.12% of the stock is currently owned by institutional investors.
WESCO International Company Profile
WESCO International, Inc is a distributor of products and provider of supply chain management and logistics services used in industrial, construction, utility and commercial, institutional and government (CIG) markets. The Company is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and supply chain management and logistics services.
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