WESCO International (NYSE:WCC – Get Rating) issued an update on its FY22 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $15.60-16.40 for the period, compared to the consensus earnings per share estimate of $15.98.
WESCO International Price Performance
Shares of WCC stock traded up $3.49 during trading hours on Friday, reaching $141.75. The company's stock had a trading volume of 242 shares, compared to its average volume of 352,608. The firm's 50 day simple moving average is $124.45 and its 200-day simple moving average is $123.78. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 0.86 and a beta of 2.11. WESCO International has a fifty-two week low of $99.00 and a fifty-two week high of $144.43. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 1.23.
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WESCO International (NYSE:WCC – Get Rating) last issued its earnings results on Thursday, August 4th. The technology company reported $4.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.81 by $0.38. The business 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.64 EPS. Sell-side analysts forecast that WESCO International will post 16.02 earnings per share for the current year.
WESCO International announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 1st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 14.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on WCC. KeyCorp increased their price target on WESCO International from $155.00 to $165.00 and gave the company an overweight rating in a research report on Thursday. StockNews.com lowered WESCO International from a buy rating to a hold rating in a research report on Thursday, July 21st. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Buy and a consensus target price of $166.25.
Insider Transactions at WESCO International
In other WESCO International news, major shareholder Equity Investors Vii L. Green acquired 100,000 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were acquired at an average cost of $133.96 per share, with a total value of $13,396,000.00. Following the transaction, the insider now owns 3,412,258 shares of the company's stock, valued at approximately $457,106,081.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Equity Investors Vii L. Green bought 100,000 shares of the firm's stock in a transaction on Monday, August 8th. The stock was acquired at an average cost of $133.96 per share, for a total transaction of $13,396,000.00. Following the purchase, the insider now owns 3,412,258 shares in the company, valued at $457,106,081.68. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Equity Investors Vii L. Green bought 370,239 shares of the firm's stock in a transaction on Thursday, August 4th. The shares were bought at an average price of $129.92 per share, with a total value of $48,101,450.88. Following the completion of the purchase, the insider now owns 3,287,813 shares in the company, valued at approximately $427,152,664.96. The disclosure for this purchase can be found here. Insiders own 2.60% of the company's stock.
Institutional Investors Weigh In On WESCO International
Institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors raised its stake 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 purchasing an additional 122 shares during the last quarter. MetLife Investment Management LLC increased its position in WESCO International by 55.8% during the first quarter. MetLife Investment Management LLC now owns 23,551 shares of the technology company's stock worth $3,065,000 after purchasing an additional 8,430 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in WESCO International by 4.3% during the first quarter. Neuberger Berman Group LLC now owns 55,479 shares of the technology company's stock worth $7,220,000 after buying an additional 2,304 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of WESCO International by 29.5% in the second quarter. UBS Asset Management Americas Inc. now owns 82,766 shares of the technology company's stock valued at $8,864,000 after purchasing an additional 18,860 shares during the period. Hedge funds and other institutional investors own 94.10% of the company's stock.
About WESCO International
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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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