Wesco International Inc. (WCC) Short Interest Down 34.2% in September
Wesco International Inc. (NYSE:WCC) saw a significant decline in short interest in September. As of September 15th, there was short interest totalling 2,382,792 shares, a decline of 34.2% from the August 31st total of 3,622,070 shares. Currently, 5.7% of the company’s stock are short sold. Based on an average daily volume of 784,763 shares, the days-to-cover ratio is currently 3.0 days.
In other Wesco International news, Director James Louis Singleton sold 2,638 shares of the business’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $63.29, for a total transaction of $166,959.02. Following the transaction, the director now owns 12,305 shares in the company, valued at $778,783.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 3.00% of the company’s stock.
A number of large investors have recently modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in shares of Wesco International during the second quarter worth about $218,000. Janus Capital Management LLC acquired a new stake in shares of Wesco International during the second quarter worth about $278,000. Oregon Public Employees Retirement Fund boosted its stake in shares of Wesco International by 8.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 6,414 shares of the company’s stock worth $330,000 after buying an additional 500 shares in the last quarter. Neuberger Berman Group LLC acquired a new stake in shares of Wesco International during the second quarter worth about $334,000. Finally, Nomura Holdings Inc. acquired a new stake in shares of Wesco International during the second quarter worth about $524,000.
WCC has been the topic of a number of recent research reports. Longbow Research upgraded Wesco International from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Wednesday, August 24th. Standpoint Research upgraded Wesco International from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Thursday, August 25th. Zacks Investment Research raised Wesco International from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Monday. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $68.00 target price on shares of Wesco International in a research report on Friday, June 17th. Finally, Macquarie started coverage on Wesco International in a research report on Thursday, August 25th. They set a “neutral” rating and a $64.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Wesco International currently has a consensus rating of “Hold” and a consensus price target of $59.71.
Wesco International (NYSE:WCC) opened at 62.97 on Friday. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 15.40 and a beta of 2.05. The stock’s 50 day moving average price is $60.21 and its 200 day moving average price is $56.80. Wesco International has a 12-month low of $34.00 and a 12-month high of $63.90.
Wesco International (NYSE:WCC) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.05. The firm earned $1.91 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Wesco International had a net margin of 2.65% and a return on equity of 10.73%. Wesco International’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. On average, equities research analysts anticipate that Wesco International will post $3.96 earnings per share for the current fiscal year.
Wesco International Company Profile
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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