WESCO International (WCC) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of WESCO International (NYSE:WCC) from a hold rating to a buy rating in a report published on Friday. The firm currently has $58.00 price target on the technology company’s stock.

According to Zacks, “WESCO third-quarter earnings are driven by solid execution and a lower tax rate. The company continues to benefit from its solid momentum across all the end markets in both U.S. and Canada. Moreover, this remains the key driver of the company’s organic sales. Also, the company is witnessing growing contract wins in all the markets which are tailwinds. Additionally, WESCO’s robust supply chain solutions portfolio and strengthening relationship with utility and non-residential construction clients are likely to continue aiding its momentum in the market. We believe improving demand from data centers, broadband, cyber security and cloud technology projects will continue to drive the company's top-line growth. However, supplier concentration remains a concern. Further, increasing sales in international projects are headwinds for margin expansion. Notably, the stock has underperformed the industry it belongs to on a year-to-date basis.”

Several other equities analysts have also commented on WCC. Royal Bank of Canada reiterated a hold rating and issued a $66.00 price target on shares of WESCO International in a research note on Friday, August 3rd. Robert W. Baird decreased their price objective on WESCO International from $68.00 to $66.00 and set a neutral rating for the company in a report on Friday, November 2nd. UBS Group increased their price objective on WESCO International from $68.00 to $70.00 and gave the company a neutral rating in a report on Thursday, August 30th. ValuEngine downgraded WESCO International from a hold rating to a sell rating in a report on Tuesday, October 2nd. Finally, Standpoint Research raised WESCO International from a hold rating to a buy rating in a report on Friday, October 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $63.75.

Shares of WESCO International stock opened at $53.41 on Friday. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.11 and a beta of 1.84. WESCO International has a 52 week low of $47.44 and a 52 week high of $69.35. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.50 and a current ratio of 2.38.

WESCO International (NYSE:WCC) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.05. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.11 billion. WESCO International had a net margin of 2.35% and a return on equity of 10.09%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 earnings per share. Analysts anticipate that WESCO International will post 4.8 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Aperio Group LLC boosted its holdings in shares of WESCO International by 2.6% in the third quarter. Aperio Group LLC now owns 40,612 shares of the technology company’s stock valued at $2,496,000 after acquiring an additional 1,021 shares during the period. SG Americas Securities LLC boosted its holdings in shares of WESCO International by 66.4% in the second quarter. SG Americas Securities LLC now owns 4,398 shares of the technology company’s stock valued at $251,000 after acquiring an additional 1,755 shares during the period. Wedge Capital Management L L P NC boosted its holdings in shares of WESCO International by 12.8% in the second quarter. Wedge Capital Management L L P NC now owns 15,966 shares of the technology company’s stock valued at $912,000 after acquiring an additional 1,815 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in shares of WESCO International by 0.5% in the third quarter. TIAA CREF Investment Management LLC now owns 696,223 shares of the technology company’s stock valued at $42,783,000 after acquiring an additional 3,449 shares during the period. Finally, Investec Asset Management North America Inc. boosted its holdings in shares of WESCO International by 22.9% in the second quarter. Investec Asset Management North America Inc. now owns 23,285 shares of the technology company’s stock valued at $1,330,000 after acquiring an additional 4,340 shares during the period. 96.37% of the stock is owned by institutional investors and hedge funds.

WESCO International Company Profile

WESCO International, Inc distributes electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers products and construction materials in North America and internationally. The company sells general supplies, such as wiring devices, fuses, terminals, connectors, boxes, enclosures, fittings, lugs, terminations, wraps, splicing and marking equipment, tools and testers, safety, personal protection, sealants, cutting tools, adhesives, consumables, fasteners, janitorial, and other MRO supplies.

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