Quantbot Technologies LP Invests $238,000 in WESCO International, Inc. (WCC)
Quantbot Technologies LP bought a new position in shares of WESCO International, Inc. (NYSE:WCC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,155 shares of the technology company’s stock, valued at approximately $238,000.
Other hedge funds also recently added to or reduced their stakes in the company. Janney Capital Management LLC purchased a new stake in shares of WESCO International during the second quarter worth about $202,000. D.A. Davidson & CO. increased its stake in shares of WESCO International by 32.0% during the second quarter. D.A. Davidson & CO. now owns 3,572 shares of the technology company’s stock worth $204,000 after purchasing an additional 866 shares in the last quarter. Trust Co. of Vermont purchased a new stake in shares of WESCO International during the second quarter worth about $229,000. OppenheimerFunds Inc. increased its stake in shares of WESCO International by 14.3% during the first quarter. OppenheimerFunds Inc. now owns 5,009 shares of the technology company’s stock worth $348,000 after purchasing an additional 626 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of WESCO International by 3.3% during the first quarter. Amalgamated Bank now owns 6,958 shares of the technology company’s stock worth $484,000 after purchasing an additional 225 shares in the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.
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Several analysts recently issued reports on WCC shares. BidaskClub cut shares of WESCO International from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 21st. Credit Suisse Group set a $70.00 price objective on shares of WESCO International and gave the company a “buy” rating in a research note on Saturday, June 10th. Robert W. Baird reaffirmed a “hold” rating and set a $56.00 price objective on shares of WESCO International in a research note on Wednesday. Zacks Investment Research cut shares of WESCO International from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $70.00 price objective (down previously from $84.00) on shares of WESCO International in a research note on Wednesday, July 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $67.29.
In other news, CFO David S. Schulz purchased 4,000 shares of the stock in a transaction dated Friday, August 11th. The stock was acquired at an average cost of $51.57 per share, for a total transaction of $206,280.00. Following the completion of the acquisition, the chief financial officer now directly owns 9,000 shares in the company, valued at approximately $464,130. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.90% of the company’s stock.
WESCO International, Inc. (WCC) opened at 58.70 on Thursday. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 27.83 and a beta of 1.80. WESCO International, Inc. has a 12-month low of $48.95 and a 12-month high of $76.15. The firm has a 50-day moving average of $53.45 and a 200 day moving average of $58.71.
WESCO International (NYSE:WCC) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 1.41% and a return on equity of 9.11%. The company’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, equities analysts predict that WESCO International, Inc. will post $3.74 EPS for the current 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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