WESCO International (NYSE:WCC – Get Rating) had its target price hoisted by KeyCorp from $155.00 to $165.00 in a research report report published on Thursday morning, The Fly reports. KeyCorp currently has an overweight rating on the technology company's stock.
Separately, StockNews.com downgraded shares of WESCO International from a buy rating to a hold rating in a research report on Thursday, July 21st. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $166.25.
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WCC stock opened at $144.64 on Thursday. The firm has a 50 day moving average price of $125.23 and a 200-day moving average price of $123.97. WESCO International has a 52-week low of $99.00 and a 52-week high of $145.65. The firm has a market capitalization of $7.34 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 0.86 and a beta of 2.11. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.24 and a current ratio of 2.12.
WESCO International (NYSE:WCC – Get Rating) last released its earnings results on Thursday, August 4th. The technology company reported $4.19 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the business earned $2.64 earnings per share. The business's revenue was up 19.7% on a year-over-year basis. Equities research analysts forecast that WESCO International will post 16.01 EPS for the current fiscal year.WESCO International announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 1st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 14.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.
Insider Activity
In related news, major shareholder Equity Investors Vii L. Green bought 370,239 shares of the company's stock in a transaction on Thursday, August 4th. The shares were acquired 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 of the company's stock, valued at $427,152,664.96. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other WESCO International 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 purchase, the insider now directly owns 3,412,258 shares of the company's stock, valued at $457,106,081.68. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Equity Investors Vii L. Green purchased 370,239 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The shares were purchased at an average price of $129.92 per share, for a total transaction of $48,101,450.88. Following the transaction, the insider now owns 3,287,813 shares of the company's stock, valued at approximately $427,152,664.96. The disclosure for this purchase can be found here. Corporate insiders own 2.60% of the company's stock.
Institutional Trading of WESCO International
Several institutional investors have recently modified their holdings of WCC. Captrust Financial Advisors raised its stake in shares of 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 acquiring an additional 122 shares during the period. Colony Group LLC grew its holdings in shares of WESCO International by 1.2% in the second quarter. Colony Group LLC now owns 27,017 shares of the technology company's stock valued at $2,894,000 after purchasing an additional 331 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of WESCO International in the second quarter valued at approximately $193,000. UBS Asset Management Americas Inc. grew its holdings in WESCO International by 29.5% during 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 in the last quarter. Finally, Zeke Capital Advisors LLC acquired a new position in WESCO International during the 2nd quarter worth approximately $283,000. Institutional investors and hedge funds 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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