Wesco International Inc. (WCC) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Wesco International Inc. (NYSE:WCC) from a hold rating to a buy rating in a research report released on Monday. The brokerage currently has $69.00 price objective on the stock.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. The company reported encouraging second quarter results with earnings and revenues surpassing our estimates. The company continues to implement its One WESCO strategy to boost sales, enhance profitability, generate strong cash flow and enhance shareholder’s value. The company’s comprehensive portfolio of products and services is expected to meet OEM, MRO and capital project management requirements of customers. However, weakness in commodity-driven end markets and foreign exchange risk will remain as headwinds. Supplier concentration, a significant debt load and limited liquidity are longer-term problems.”
WCC has been the subject of a number of other reports. Longbow Research raised Wesco International from a neutral rating to a buy rating and set a $72.00 price objective for the company in a research note on Wednesday, August 24th. Credit Suisse Group AG reiterated an outperform rating and set a $68.00 target price on shares of Wesco International in a report on Friday, June 17th. Standpoint Research upgraded Wesco International from a hold rating to a buy rating and set a $68.00 target price on the stock in a report on Thursday, August 25th. Macquarie initiated coverage on Wesco International in a report on Thursday, August 25th. They set a neutral rating and a $64.00 target price on the stock. Finally, Citigroup Inc. lowered Wesco International to a market perform rating and set a $65.00 target price on the stock. in a report on Wednesday, September 7th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Wesco International has a consensus rating of Hold and a consensus price target of $59.71.
Wesco International (NYSE:WCC) opened at 62.04 on Monday. Wesco International has a one year low of $34.00 and a one year high of $63.90. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 15.18 and a beta of 2.05. The stock’s 50 day moving average price is $59.93 and its 200-day moving average price is $56.66.
Wesco International (NYSE:WCC) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.05. Wesco International had a return on equity of 10.73% and a net margin of 2.65%. The business earned $1.91 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the firm earned $1.00 earnings per share. The firm’s quarterly revenue was down .3% compared to the same quarter last year. Analysts forecast that Wesco International will post $3.96 earnings per share for the current year.
In related news, Director James Louis Singleton sold 2,638 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $63.29, for a total transaction of $166,959.02. Following the sale, the director now owns 12,305 shares of the company’s stock, valued at $778,783.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. acquired a new stake in Wesco International during the second quarter valued at $23,302,000. SG Americas Securities LLC acquired a new stake in Wesco International during the second quarter valued at $17,595,000. TIAA CREF Investment Management LLC boosted its stake in Wesco International by 43.0% in the second quarter. TIAA CREF Investment Management LLC now owns 799,748 shares of the company’s stock valued at $41,179,000 after buying an additional 240,564 shares during the last quarter. James Investment Research Inc. acquired a new stake in Wesco International during the second quarter valued at $10,445,000. Finally, Systematic Financial Management LP boosted its stake in Wesco International by 277.2% in the second quarter. Systematic Financial Management LP now owns 144,071 shares of the company’s stock valued at $7,418,000 after buying an additional 105,876 shares during the last quarter.
About Wesco International
WESCO International, Inc is a distributor of products and provider of supply chain management and logistics services used in industrial, construction, utility and commercial, institutional and government (CIG) markets. The Company is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and supply chain management and logistics services.
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