WESCO International (NYSE:WCC) Price Target Raised to $240.00

WESCO International (NYSE:WCC) had its price target raised by KeyCorp from $210.00 to $240.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on WESCO International from $210.00 to $180.00 and set an “overweight” rating for the company in a report on Tuesday, May 27th. Loop Capital lowered their price target on WESCO International from $250.00 to $220.00 and set a “buy” rating for the company in a report on Monday, May 12th. Oppenheimer lowered their price target on WESCO International from $225.00 to $195.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Finally, Stephens cut WESCO International from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $190.00 to $200.00 in a report on Wednesday, July 16th. Three analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $217.33.

WESCO International Stock Down 1.8%

Shares of NYSE:WCC opened at $203.15 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.09 and a debt-to-equity ratio of 1.19. The business has a fifty day moving average of $188.80 and a two-hundred day moving average of $175.93. The stock has a market cap of $9.91 billion, a P/E ratio of 15.91, a PEG ratio of 1.57 and a beta of 1.84. WESCO International has a 52-week low of $125.21 and a 52-week high of $219.07.

WESCO International (NYSE:WCC) last issued its earnings results on Thursday, July 31st. The technology company reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.08. The company had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.82 billion. WESCO International had a return on equity of 12.96% and a net margin of 2.98%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.21 EPS. On average, research analysts expect that WESCO International will post 13.3 earnings per share for the current year.

WESCO International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.4538 per share. This represents a $1.82 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, June 13th. WESCO International’s dividend payout ratio (DPR) is 13.77%.

Insider Activity

In other news, EVP Christine Ann Wolf sold 3,106 shares of WESCO International stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $177.14, for a total value of $550,196.84. Following the completion of the transaction, the executive vice president owned 30,181 shares in the company, valued at approximately $5,346,262.34. This trade represents a 9.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On WESCO International

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. raised its position in shares of WESCO International by 60.8% during the 2nd quarter. Bessemer Group Inc. now owns 2,163 shares of the technology company’s stock worth $400,000 after acquiring an additional 818 shares in the last quarter. ARGA Investment Management LP raised its position in shares of WESCO International by 125.5% during the 2nd quarter. ARGA Investment Management LP now owns 25,140 shares of the technology company’s stock worth $4,656,000 after acquiring an additional 13,989 shares in the last quarter. Foster & Motley Inc. acquired a new stake in shares of WESCO International during the 2nd quarter worth about $375,000. Applied Finance Capital Management LLC acquired a new stake in shares of WESCO International during the 2nd quarter worth about $227,000. Finally, New York State Teachers Retirement System raised its position in shares of WESCO International by 2.1% during the 2nd quarter. New York State Teachers Retirement System now owns 26,295 shares of the technology company’s stock worth $4,870,000 after acquiring an additional 539 shares in the last quarter. Hedge funds and other institutional investors own 93.76% of the company’s stock.

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).