WESCO International (NYSE:WCC) Price Target Raised to $255.00

WESCO International (NYSE:WCC) had its target price upped by Oppenheimer from $225.00 to $255.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

Several other research firms have also recently issued reports on WCC. Loop Capital upped their price objective on WESCO International from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. KeyCorp boosted their target price on WESCO International from $240.00 to $258.00 and gave the stock an “overweight” rating in a research note on Friday, August 29th. JPMorgan Chase & Co. increased their price target on shares of WESCO International from $205.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday. Stephens downgraded shares of WESCO International from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $200.00 in a research report on Wednesday, July 16th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $240.00 target price (up previously from $230.00) on shares of WESCO International in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $232.67.

WESCO International Trading Up 0.6%

NYSE WCC opened at $219.61 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. WESCO International has a 52 week low of $125.21 and a 52 week high of $228.35. The stock has a market capitalization of $10.69 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 1.69 and a beta of 1.81. The firm has a 50 day moving average of $208.43 and a two-hundred day moving average of $180.09.

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

WESCO International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, September 12th will be given a $0.4538 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.82 annualized dividend and a yield of 0.8%. WESCO International’s dividend payout ratio is 14.25%.

Insider Activity

In other news, EVP Christine Ann Wolf sold 2,098 shares of the company’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $224.92, for a total value of $471,882.16. Following the completion of the sale, the executive vice president directly owned 30,188 shares of the company’s stock, valued at approximately $6,789,884.96. This represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Diane Lazzaris sold 4,260 shares of the firm’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $226.77, for a total value of $966,040.20. Following the transaction, the executive vice president directly owned 52,916 shares in the company, valued at approximately $11,999,761.32. This represents a 7.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,457 shares of company stock worth $27,908,668 over the last 90 days. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of WESCO International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC grew its stake in shares of WESCO International by 1.4% in the 2nd 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 grew its position in WESCO International by 516.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 41,354 shares of the technology company’s stock valued at $7,659,000 after buying an additional 34,649 shares during the last quarter. California State Teachers Retirement System increased its stake in WESCO International by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 45,604 shares of the technology company’s stock valued at $8,446,000 after buying an additional 365 shares during the period. Gabelli Funds LLC raised its position 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 acquired a new stake in shares of WESCO International in the 2nd quarter worth $573,000. 93.75% of the stock is owned by hedge funds and other institutional investors.

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).