Wasatch Advisors Inc. Increases Holdings in WESCO International, Inc. (WCC)
Wasatch Advisors Inc. raised its stake in shares of WESCO International, Inc. (NYSE:WCC) by 20.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,490,581 shares of the technology company’s stock after purchasing an additional 420,292 shares during the period. WESCO International accounts for 2.0% of Wasatch Advisors Inc.’s portfolio, making the stock its 9th largest holding. Wasatch Advisors Inc. owned 5.19% of WESCO International worth $142,710,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in the business. Janney Capital Management LLC acquired a new stake in shares of WESCO International in the second quarter worth $202,000. D.A. Davidson & CO. grew its stake in shares of WESCO International by 32.0% in the second quarter. D.A. Davidson & CO. now owns 3,572 shares of the technology company’s stock worth $204,000 after acquiring an additional 866 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of WESCO International in the second quarter worth $229,000. Quantbot Technologies LP acquired a new stake in shares of WESCO International in the second quarter worth $238,000. Finally, OppenheimerFunds Inc. grew its stake in shares of WESCO International by 14.3% in the first quarter. OppenheimerFunds Inc. now owns 5,009 shares of the technology company’s stock worth $348,000 after acquiring an additional 626 shares during the last quarter. Institutional investors own 98.14% of the company’s stock.
In related news, CFO David S. Schulz bought 4,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was purchased at an average cost 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 in the company, valued at approximately $464,130. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.90% of the company’s stock.
Several brokerages have recently issued reports on WCC. Robert W. Baird restated a “hold” rating and issued a $56.00 price objective on shares of WESCO International in a research note on Wednesday, October 4th. Wells Fargo & Company raised their price objective on shares of WESCO International from $65.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, October 6th. BidaskClub upgraded shares of WESCO International from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Zacks Investment Research upgraded shares of WESCO International from a “sell” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Tuesday, July 4th. Finally, Morgan Stanley restated an “overweight” rating and issued a $70.00 price objective (up previously from $68.00) on shares of WESCO International in a research note on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $66.21.
Shares of WESCO International, Inc. (NYSE:WCC) traded down 0.42% on Friday, reaching $58.85. The company had a trading volume of 238,324 shares. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 27.90 and a beta of 1.80. WESCO International, Inc. has a 52-week low of $48.95 and a 52-week high of $76.15. The company’s 50-day moving average price is $55.11 and its 200-day moving average price is $58.28.
WESCO International (NYSE:WCC) last released its earnings results on Thursday, July 27th. The technology company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.04. The firm 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 revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.02 EPS. On average, analysts predict that WESCO International, Inc. will post $3.74 earnings per share for the current 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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