WESCO International (NYSE:WCC – Get Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $15.60-$16.40 for the period, compared to the consensus EPS estimate of $15.98. The company issued revenue guidance of $21.13 billion-$21.50 billion, compared to the consensus revenue estimate of $21.27 billion.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. StockNews.com lowered shares of WESCO International from a buy rating to a hold rating in a research note on Thursday, July 21st. KeyCorp lifted their price target on shares of WESCO International from $155.00 to $165.00 and gave the stock an overweight rating in a research note on Thursday. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $166.25.
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WESCO International Price Performance
NYSE:WCC traded up $6.38 during trading hours on Friday, hitting $144.64. 729,732 shares of the stock traded hands, compared to its average volume of 354,232. WESCO International has a 1 year low of $99.00 and a 1 year high of $145.65. The stock has a 50 day moving average price of $125.23 and a 200 day moving average price of $123.97. The company has a quick ratio of 1.24, a current ratio of 2.12 and a debt-to-equity ratio of 1.23. The company has a market cap of $7.34 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 0.90 and a beta of 2.11.
WESCO International (NYSE:WCC – Get Rating) last released its earnings results on Thursday, August 4th. The technology company reported $4.19 EPS for the quarter, topping the consensus estimate of $3.81 by $0.38. WESCO International had a net
margin of 3.45% and a return on equity of 19.32%. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the previous year, the firm earned $2.64 earnings per share. The company's quarterly revenue was up 19.7% compared to the same quarter last year. Sell-side analysts forecast that WESCO International will post 16.01 EPS for the current fiscal year.
WESCO International announced that its board has authorized a share buyback program on Wednesday, June 1st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to repurchase up to 14.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.
Insider Buying and Selling at WESCO International
In related news, major shareholder Equity Investors Vii L. Green acquired 100,000 shares of the business's stock in a transaction dated Monday, August 8th. The shares were purchased at an average price of $133.96 per share, for a total transaction of $13,396,000.00. Following the completion of the acquisition, the insider now directly owns 3,412,258 shares in the company, valued at approximately $457,106,081.68. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Equity Investors Vii L. Green acquired 100,000 shares of the company's stock in a transaction dated Monday, August 8th. The shares were acquired at an average price of $133.96 per share, with a total value of $13,396,000.00. Following the purchase, the insider now directly owns 3,412,258 shares of the company's stock, valued at $457,106,081.68. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Equity Investors Vii L. Green acquired 370,239 shares of the company's stock in a transaction dated Thursday, August 4th. The shares were purchased at an average cost of $129.92 per share, for a total transaction of $48,101,450.88. Following the purchase, the insider now directly owns 3,287,813 shares in the company, valued at $427,152,664.96. The disclosure for this purchase can be found here. Insiders own 2.60% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its holdings in WESCO International by 5.1% in the 2nd quarter. Captrust Financial Advisors now owns 2,497 shares of the technology company's stock valued at $267,000 after purchasing an additional 122 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of WESCO International by 29.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 82,766 shares of the technology company's stock worth $8,864,000 after acquiring an additional 18,860 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of WESCO International by 4.3% in the 1st quarter. Neuberger Berman Group LLC now owns 55,479 shares of the technology company's stock worth $7,220,000 after acquiring an additional 2,304 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of WESCO International by 55.8% in the 1st quarter. MetLife Investment Management LLC now owns 23,551 shares of the technology company's stock worth $3,065,000 after acquiring an additional 8,430 shares during the last quarter. Hedge funds and other institutional investors own 94.10% of the company's stock.
WESCO International Company Profile
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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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