WESCO International (NYSE:WCC) Hits New 52-Week High on Analyst Upgrade

WESCO International, Inc. (NYSE:WCCGet Rating)’s share price hit a new 52-week high on Friday after KeyCorp raised their price target on the stock from $155.00 to $165.00. KeyCorp currently has an overweight rating on the stock. WESCO International traded as high as $145.59 and last traded at $144.84, with a volume of 15213 shares changing hands. The stock had previously closed at $138.26.

Separately, StockNews.com cut WESCO International from a “buy” rating to a “hold” rating in a research report on Thursday, July 21st. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $166.25.

Insider Activity

In other news, major shareholder Equity Investors Vii L. Green purchased 370,239 shares of the stock in a transaction dated Thursday, August 4th. The shares were bought at an average cost of $129.92 per share, for a total transaction of $48,101,450.88. Following the transaction, the insider now owns 3,287,813 shares in the company, valued at $427,152,664.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Equity Investors Vii L. Green bought 370,239 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The shares were acquired at an average cost of $129.92 per share, for a total transaction of $48,101,450.88. Following the acquisition, the insider now directly owns 3,287,813 shares of the company’s stock, valued at approximately $427,152,664.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Equity Investors Vii L. Green bought 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was bought at an average price of $133.96 per share, for a total transaction of $13,396,000.00. Following the completion of the acquisition, the insider now directly owns 3,412,258 shares in the company, valued at $457,106,081.68. The disclosure for this purchase can be found here. 2.60% of the stock is owned by insiders.

Institutional Trading of WESCO International

Several hedge funds and other institutional investors have recently modified their holdings of the business. New York State Teachers Retirement System boosted its position in shares of WESCO International by 2.6% in the first quarter. New York State Teachers Retirement System now owns 3,900 shares of the technology company’s stock worth $508,000 after buying an additional 100 shares during the period. Peregrine Capital Management LLC boosted its position in shares of WESCO International by 1.1% in the first quarter. Peregrine Capital Management LLC now owns 11,355 shares of the technology company’s stock worth $1,478,000 after buying an additional 120 shares during the period. Captrust Financial Advisors boosted its position in shares of WESCO International by 5.1% in the second quarter. Captrust Financial Advisors now owns 2,497 shares of the technology company’s stock worth $267,000 after buying an additional 122 shares during the period. Assetmark Inc. boosted its position in shares of WESCO International by 167.2% in the second quarter. Assetmark Inc. now owns 358 shares of the technology company’s stock worth $38,000 after buying an additional 224 shares during the period. Finally, Quent Capital LLC boosted its position in WESCO International by 8.5% during the second quarter. Quent Capital LLC now owns 3,153 shares of the technology company’s stock valued at $338,000 after purchasing an additional 247 shares during the last quarter. Institutional investors and hedge funds own 94.10% of the company’s stock.

WESCO International Trading Up 4.6 %

The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 0.86 and a beta of 2.11. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 1.23. The business has a 50-day moving average of $125.23 and a 200-day moving average of $123.93.

WESCO International (NYSE:WCCGet Rating) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $4.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.38. The firm had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.31 billion. WESCO International had a return on equity of 19.32% and a net margin of 3.45%. The business’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.64 earnings per share. As a group, research analysts forecast that WESCO International, Inc. will post 16.02 earnings per share for the current year.

WESCO International announced that its board has initiated a share repurchase plan on Wednesday, June 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the technology company to reacquire up to 14.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

WESCO International Company Profile

(Get Rating)

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).

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