WESCO International, Inc. (WCC) Posts Earnings Results, Beats Expectations By $0.05 EPS
WESCO International, Inc. (NYSE:WCC) announced its earnings results on Thursday. The technology company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.05, MarketWatch Earnings reports. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.91 billion. WESCO International had a return on equity of 9.30% and a net margin of 1.41%. The business’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS.
Shares of WESCO International (NYSE:WCC) traded down 10.99% during trading on Thursday, hitting $51.85. The stock had a trading volume of 1,942,059 shares. The firm has a market cap of $2.53 billion, a P/E ratio of 24.66 and a beta of 1.79. The firm’s 50-day moving average is $57.18 and its 200-day moving average is $64.90. WESCO International has a one year low of $49.05 and a one year high of $76.15.
A number of brokerages recently issued reports on WCC. BidaskClub cut WESCO International from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 21st. Credit Suisse Group set a $70.00 target price on WESCO International and gave the company a “buy” rating in a research report on Saturday, June 10th. UBS AG reissued a “neutral” rating and issued a $67.00 target price (down from $69.00) on shares of WESCO International in a research report on Tuesday, May 2nd. Barclays PLC reissued an “equal weight” rating and issued a $68.00 target price (up from $65.00) on shares of WESCO International in a research report on Wednesday, April 19th. Finally, Zacks Investment Research cut WESCO International from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $69.25.
Several institutional investors have recently modified their holdings of the company. DUPONT CAPITAL MANAGEMENT Corp acquired a new position in shares of WESCO International during the first quarter valued at about $146,000. Janney Capital Management LLC acquired a new position in shares of WESCO International during the second quarter valued at about $202,000. Comerica Bank acquired a new position in shares of WESCO International during the fourth quarter valued at about $210,000. Trust Co. of Vermont acquired a new position in shares of WESCO International during the second quarter valued at about $229,000. Finally, OppenheimerFunds Inc. increased its position 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 valued at $348,000 after buying an additional 626 shares in the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.
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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