WESCO International (WCC) Downgraded to Hold at Credit Suisse Group
Credit Suisse Group cut shares of WESCO International (NYSE:WCC) to a hold rating in a research note issued to investors on Friday. The firm currently has $70.00 price target on the technology company’s stock.
A number of other equities analysts also recently commented on WCC. Zacks Investment Research upgraded WESCO International from a hold rating to a buy rating and set a $71.00 price objective on the stock in a report on Wednesday. Robert W. Baird restated a hold rating and issued a $56.00 price objective on shares of WESCO International in a report on Wednesday, October 4th. Wells Fargo & Company increased their price objective on WESCO International from $65.00 to $67.00 and gave the stock an outperform rating in a report on Friday, October 6th. Standpoint Research downgraded WESCO International from a buy rating to a hold rating in a report on Wednesday, October 18th. They noted that the move was a valuation call. 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 report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $68.54.
Shares of WESCO International (NYSE:WCC) traded up $1.65 on Friday, hitting $64.90. The stock had a trading volume of 523,815 shares, compared to its average volume of 254,152. The firm has a market cap of $2,972.88, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.63 and a beta of 1.95. WESCO International has a one year low of $48.95 and a one year high of $76.15. The company has a quick ratio of 1.42, a current ratio of 2.31 and a debt-to-equity ratio of 0.65.
WESCO International announced that its board has authorized a stock repurchase plan on Wednesday, December 13th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other news, Director James Louis Singleton sold 3,288 shares of the stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $64.25, for a total value of $211,254.00. Following the completion of the sale, the director now directly owns 19,477 shares of the company’s stock, valued at $1,251,397.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Investec Asset Management LTD boosted its position in shares of WESCO International by 24.5% in the second quarter. Investec Asset Management LTD now owns 1,103,602 shares of the technology company’s stock valued at $63,236,000 after acquiring an additional 217,004 shares during the period. Systematic Financial Management LP lifted its position in 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 purchasing an additional 5,765 shares during the period. Piedmont Investment Advisors LLC bought a new position in WESCO International in the second quarter worth $1,683,000. Airain ltd bought a new position in WESCO International in the second quarter worth $1,983,000. Finally, Investec Asset Management North America Inc. lifted its position in WESCO International by 28.4% in the second quarter. Investec Asset Management North America Inc. now owns 19,938 shares of the technology company’s stock worth $1,142,000 after purchasing an additional 4,405 shares during the period. 98.79% 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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