JPMorgan Chase & Co. Forecasts Strong Price Appreciation for WESCO International (NYSE:WCC) Stock

WESCO International (NYSE:WCC) had its price target upped by analysts at JPMorgan Chase & Co. from $205.00 to $225.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 2.46% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Raymond James Financial reiterated a “strong-buy” rating and issued a $240.00 target price (up from $230.00) on shares of WESCO International in a research note on Friday, August 1st. KeyCorp upped their target price on WESCO International from $240.00 to $258.00 and gave the company an “overweight” rating in a research note on Friday, August 29th. Stephens lowered WESCO International from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $190.00 to $200.00 in a research note on Wednesday, July 16th. Finally, Loop Capital upped their target price on WESCO International from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, WESCO International presently has an average rating of “Buy” and a consensus price target of $232.67.

WESCO International Stock Up 0.6%

Shares of NYSE:WCC opened at $219.61 on Thursday. The company has a quick ratio of 1.19, a current ratio of 2.09 and a debt-to-equity ratio of 1.19. WESCO International has a 52-week low of $125.21 and a 52-week high of $228.35. The stock’s fifty day simple moving average is $208.43 and its 200-day simple moving average is $180.29. The company has a market capitalization of $10.69 billion, a P/E ratio of 17.20, a P/E/G ratio of 1.68 and a beta of 1.81.

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

Insiders Place Their Bets

In other news, EVP Hemant Porwal sold 4,656 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $224.84, for a total value of $1,046,855.04. Following the completion of the sale, the executive vice president owned 19,141 shares in the company, valued at approximately $4,303,662.44. This trade represents a 19.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Cameron sold 10,325 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $226.45, for a total value of $2,338,096.25. Following the completion of the transaction, the executive vice president directly owned 45,706 shares of the company’s stock, valued at $10,350,123.70. This represents a 18.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 125,457 shares of company stock valued at $27,908,668. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC boosted its holdings in WESCO International by 1.4% in the second quarter. Lazard Asset Management LLC now owns 4,006 shares of the technology company’s stock valued at $740,000 after purchasing an additional 54 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in WESCO International by 516.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 41,354 shares of the technology company’s stock worth $7,659,000 after buying an additional 34,649 shares during the last quarter. California State Teachers Retirement System lifted its holdings in WESCO International by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 45,604 shares of the technology company’s stock worth $8,446,000 after buying an additional 365 shares during the last quarter. Gabelli Funds LLC lifted its holdings in WESCO International by 51.1% during the 2nd quarter. Gabelli Funds LLC now owns 16,390 shares of the technology company’s stock worth $3,035,000 after buying an additional 5,540 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in WESCO International during the 2nd quarter worth approximately $573,000. Hedge funds and other institutional investors own 93.75% of the company’s stock.

About WESCO International

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).