WESCO International, Inc. (WCC) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of WESCO International, Inc. (NYSE:WCC) from a sell rating to a hold rating in a research report report published on Monday.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. Year to date, the stock has underperformed the industry it belongs to. The company’s second-quarter 2017 beat the Zacks Consensus Estimate while revenues missed the same by a slight margin. WESCO continues with its focus on supply chain process enhancements and cost reduction and supplier consolidations that are helping customers. The company has a comprehensive portfolio of products and services, and a sizable global footprint, which will help drive growth, going forward. However, foreign exchange risk, supplier concentration, a significant debt load and limited liquidity remain concerns.”
A number of other equities research analysts have also recently issued reports on WCC. Credit Suisse Group boosted their price objective on WESCO International from $70.00 to $76.00 and gave the stock an outperform rating in a report on Monday, June 12th. BidaskClub raised WESCO International from a strong sell rating to a sell rating in a report on Wednesday, July 5th. TheStreet cut shares of WESCO International from a b- rating to a c rating in a research report on Wednesday, June 14th. Wells Fargo & Company restated an outperform rating and issued a $70.00 price target (down from $84.00) on shares of WESCO International in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada restated a hold rating on shares of WESCO International in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $68.15.
Shares of WESCO International (NYSE WCC) opened at 59.15 on Monday. WESCO International has a 52-week low of $48.95 and a 52-week high of $76.15. The firm has a market capitalization of $2.84 billion, a P/E ratio of 28.05 and a beta of 1.80. The company’s 50-day moving average price is $53.05 and its 200-day moving average price is $58.79.
WESCO International (NYSE:WCC) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.04. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.91 billion. WESCO International had a return on equity of 9.11% and a net margin of 1.41%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 EPS. On average, equities research analysts expect that WESCO International will post $3.74 EPS for the current fiscal year.
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In related news, CFO David S. Schulz purchased 4,000 shares of WESCO International stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $51.57 per share, for a total transaction of $206,280.00. Following the transaction, the chief financial officer now owns 9,000 shares of the company’s stock, valued at approximately $464,130. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Investec Asset Management LTD raised its position in shares of WESCO International by 24.5% during the second quarter. Investec Asset Management LTD now owns 1,103,602 shares of the technology company’s stock worth $63,236,000 after acquiring an additional 217,004 shares during the last quarter. Airain ltd acquired a new position in shares of WESCO International in the second quarter worth approximately $1,983,000. Systematic Financial Management LP lifted its stake in shares of WESCO International by 22.7% in the second quarter. Systematic Financial Management LP now owns 31,130 shares of the technology company’s stock worth $1,784,000 after acquiring an additional 5,765 shares during the period. Tudor Investment Corp ET AL acquired a new position in shares of WESCO International in the first quarter worth approximately $8,096,000. Finally, Canada Pension Plan Investment Board boosted its holdings in WESCO International by 4.7% in the second quarter. Canada Pension Plan Investment Board now owns 294,000 shares of the technology company’s stock valued at $16,846,000 after acquiring an additional 13,300 shares during the last quarter. 98.14% of the stock is owned by institutional investors.
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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