HGK Asset Management Inc. Cuts Stake in WESCO International, Inc. (WCC)
HGK Asset Management Inc. lowered its holdings in WESCO International, Inc. (NYSE:WCC) by 3.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,664 shares of the technology company’s stock after selling 381 shares during the quarter. HGK Asset Management Inc.’s holdings in WESCO International were worth $554,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Airain ltd acquired a new stake in shares of WESCO International in the second quarter worth $1,983,000. Parametric Portfolio Associates LLC increased its stake in shares of WESCO International by 5.6% in the first quarter. Parametric Portfolio Associates LLC now owns 166,246 shares of the technology company’s stock worth $11,562,000 after acquiring an additional 8,852 shares during the period. Tudor Investment Corp ET AL acquired a new stake in shares of WESCO International in the first quarter worth $8,096,000. DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in shares of WESCO International in the first quarter worth $146,000. Finally, Nationwide Fund Advisors increased its stake in shares of WESCO International by 1,640.0% in the first quarter. Nationwide Fund Advisors now owns 107,500 shares of the technology company’s stock worth $7,477,000 after acquiring an additional 101,322 shares during the period. Hedge funds and other institutional investors own 98.17% of the company’s stock.
In related news, CFO David S. Schulz purchased 4,000 shares of the stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $51.57 per share, with a total value of $206,280.00. Following the purchase, the chief financial officer now directly owns 9,000 shares in the company, valued at approximately $464,130. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.90% of the company’s stock.
A number of analysts have recently weighed in on the stock. Standpoint Research upgraded shares of WESCO International from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Thursday, August 3rd. Royal Bank Of Canada reiterated a “hold” rating on shares of WESCO International in a research note on Wednesday, July 12th. Credit Suisse Group set a $70.00 price objective on shares of WESCO International and gave the stock a “buy” rating in a research note on Saturday, June 10th. Zacks Investment Research upgraded shares of WESCO International from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Wells Fargo & Company restated an “outperform” rating and set a $70.00 price target (down previously from $84.00) on shares of WESCO International in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $68.46.
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Shares of WESCO International, Inc. (WCC) traded up 0.38% during mid-day trading on Tuesday, hitting $53.35. 20,312 shares of the stock traded hands. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 25.30 and a beta of 1.77. WESCO International, Inc. has a 12-month low of $48.95 and a 12-month high of $76.15. The firm’s 50 day moving average price is $51.48 and its 200 day moving average price is $60.33.
WESCO International (NYSE:WCC) last posted its quarterly earnings results on Thursday, July 27th. The technology company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. WESCO International had a net margin of 1.41% and a return on equity of 9.11%. The business had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the prior year, the company posted $1.02 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities research analysts predict that WESCO International, Inc. will post $3.74 EPS for the current fiscal year.
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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