WESCO International (NYSE:WCC) Shares Down 6.2% on Disappointing Earnings

WESCO International, Inc. (NYSE:WCC) was down 6.2% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $152.09 and last traded at $152.81. Approximately 905,574 shares were traded during trading, an increase of 18% from the average daily volume of 767,356 shares. The stock had previously closed at $162.96.

The technology company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.02). The business had revenue of $5.34 billion during the quarter, compared to analyst estimates of $5.27 billion. WESCO International had a net margin of 3.29% and a return on equity of 13.63%. The firm’s revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.30 EPS.

WESCO International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.4538 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 1.11%. This is a positive change from WESCO International’s previous quarterly dividend of $0.41. WESCO International’s dividend payout ratio is currently 13.85%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WCC. KeyCorp cut their price target on shares of WESCO International from $245.00 to $205.00 and set an “overweight” rating for the company in a report on Monday, March 17th. StockNews.com downgraded WESCO International from a “buy” rating to a “hold” rating in a research report on Wednesday, February 12th. Royal Bank of Canada increased their price target on WESCO International from $212.00 to $213.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Finally, Stephens boosted their price objective on shares of WESCO International from $205.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $219.43.

Institutional Trading of WESCO International

Institutional investors and hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new stake in WESCO International during the 3rd quarter worth approximately $592,000. GAMMA Investing LLC grew its stake in shares of WESCO International by 25.0% in the fourth quarter. GAMMA Investing LLC now owns 375 shares of the technology company’s stock worth $68,000 after acquiring an additional 75 shares in the last quarter. Integrated Investment Consultants LLC purchased a new stake in shares of WESCO International during the fourth quarter worth $278,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of WESCO International by 12,056.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 11,670 shares of the technology company’s stock valued at $2,112,000 after acquiring an additional 11,574 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. boosted its holdings in WESCO International by 0.4% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 195,731 shares of the technology company’s stock valued at $35,419,000 after purchasing an additional 752 shares during the period. 93.76% of the stock is currently owned by hedge funds and other institutional investors.

WESCO International Price Performance

The company has a 50 day moving average of $158.08 and a 200 day moving average of $179.70. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.27 and a current ratio of 2.20. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.45 and a beta of 1.83.

WESCO International Company Profile

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).