WESCO International, Inc. (NYSE:WCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $70.00 price target on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.18% from the company’s current price.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. Year to date, the stock has underperformed the industry it belongs to. The company’s third-quarter 2017 beat the Zacks Consensus Estimate on both counts. WESCO continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions by integrating its portfolio of products and services and its supplier relationships. The company has a comprehensive portfolio of products and services, and a sizable global footprint, which will help drive growth, going forward. However, foreign exchange risk, supplier concentration, a significant debt load and limited liquidity remain concerns.”
WCC has been the topic of several other reports. Wolfe Research downgraded WESCO International from an “outperform” rating to a “market perform” rating in a research report on Friday. BidaskClub upgraded WESCO International from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 5th. Wells Fargo & Company boosted their price objective on WESCO International from $65.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, October 6th. Robert W. Baird restated a “hold” rating and issued a $56.00 price objective on shares of WESCO International in a research report on Wednesday, October 4th. Finally, Morgan Stanley restated an “overweight” rating and issued a $70.00 price objective (up from $68.00) on shares of WESCO International in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $68.29.
WESCO International (NYSE WCC) traded down 0.16% during mid-day trading on Tuesday, hitting $62.30. The company had a trading volume of 149,557 shares. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 29.54 and a beta of 1.80. WESCO International has a 52 week low of $48.95 and a 52 week high of $76.15. The firm’s 50 day moving average is $58.25 and its 200 day moving average is $57.51.
WESCO International (NYSE:WCC) last released its earnings results on Thursday, October 26th. The technology company reported $1.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.09. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.93 billion. WESCO International had a return on equity of 9.17% and a net margin of 2.52%. WESCO International’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 earnings per share. On average, equities research analysts predict that WESCO International will post $3.77 EPS for the current year.
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In other news, CFO David S. Schulz bought 4,000 shares of WESCO International stock in a transaction dated Friday, August 11th. The shares were purchased at an average cost of $51.57 per share, with a total value of $206,280.00. Following the completion of the acquisition, the chief financial officer now owns 9,000 shares of the company’s stock, valued at approximately $464,130. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.90% of the company’s stock.
Several hedge funds have recently modified their holdings of WCC. UBS Asset Management Americas Inc. increased its holdings 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 purchasing an additional 3,782 shares during the last quarter. Ameriprise Financial Inc. increased its holdings 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 purchasing an additional 2,824 shares during the last quarter. OppenheimerFunds Inc. increased its holdings 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 purchasing an additional 626 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 purchasing an additional 45,629 shares during the last quarter. Finally, Amalgamated Bank increased its holdings 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 purchasing an additional 225 shares during the last quarter. 98.21% of the stock is currently owned by hedge funds and other institutional investors.
About WESCO International
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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