WESCO International, Inc. (NYSE:WCC) – Research analysts at William Blair raised their FY2017 earnings per share estimates for WESCO International in a note issued to investors on Wednesday. William Blair analyst R. Merkel now expects that the technology company will earn $3.87 per share for the year, up from their previous estimate of $3.85. William Blair also issued estimates for WESCO International’s Q4 2017 earnings at $0.98 EPS, Q1 2018 earnings at $0.85 EPS, Q2 2018 earnings at $1.10 EPS, Q4 2018 earnings at $1.14 EPS and FY2019 earnings at $4.95 EPS.
Several other research firms have also commented on WCC. ValuEngine raised WESCO International from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research lowered WESCO International from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. UBS boosted their price target on WESCO International from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Credit Suisse Group downgraded WESCO International to a “hold” rating and set a $70.00 price objective on the stock. in a report on Friday. Finally, Wells Fargo & Company lifted their price objective on WESCO International from $67.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. WESCO International has a consensus rating of “Hold” and an average target price of $68.54.
WESCO International (NYSE:WCC) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.03 by $0.09. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.93 billion. WESCO International had a return on equity of 9.11% and a net margin of 2.52%. WESCO International’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.05 EPS.
WESCO International announced that its Board of Directors has authorized a share buyback plan on Wednesday, December 13th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
In other news, Director James Louis Singleton sold 3,288 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $64.25, for a total value of $211,254.00. Following the completion of the sale, the director now directly owns 19,477 shares in the company, valued at approximately $1,251,397.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of WCC. Wasatch Advisors Inc. increased its holdings in shares of WESCO International by 20.3% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,490,581 shares of the technology company’s stock valued at $142,710,000 after acquiring an additional 420,292 shares during the last quarter. Investec Asset Management LTD increased its holdings in shares of WESCO International by 24.5% in the 2nd quarter. Investec Asset Management LTD now owns 1,103,602 shares of the technology company’s stock valued at $63,236,000 after acquiring an additional 217,004 shares during the last quarter. Tocqueville Asset Management L.P. increased its holdings in shares of WESCO International by 18.4% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 312,715 shares of the technology company’s stock valued at $18,216,000 after acquiring an additional 48,700 shares during the last quarter. Airain ltd bought a new stake in shares of WESCO International in the 2nd quarter valued at approximately $1,983,000. Finally, Piedmont Investment Advisors LLC bought a new stake in shares of WESCO International in the 2nd quarter valued at approximately $1,683,000. Institutional investors and hedge funds own 98.79% of the company’s stock.
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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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