Wells Fargo & Company Increases WESCO International, Inc. (WCC) Price Target to $67.00
WESCO International, Inc. (NYSE:WCC) had its target price boosted by research analysts at Wells Fargo & Company from $65.00 to $67.00 in a research report issued on Friday. The brokerage presently has an “outperform” rating on the technology company’s stock. Wells Fargo & Company’s price objective points to a potential upside of 12.98% from the company’s current price.
A number of other analysts have also weighed in on the stock. Robert W. Baird reiterated a “hold” rating and set a $56.00 target price on shares of WESCO International in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating and set a $70.00 target price (up from $68.00) on shares of WESCO International in a report on Monday. Zacks Investment Research upgraded shares of WESCO International from a “sell” rating to a “hold” rating in a report on Monday. Standpoint Research upgraded shares of WESCO International from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a report on Thursday, August 3rd. Finally, UBS AG reiterated a “neutral” rating and set a $55.00 target price (down from $67.00) on shares of WESCO International in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $67.07.
WESCO International (NYSE WCC) traded up 0.08% on Friday, hitting $59.35. The stock had a trading volume of 26,369 shares. The stock’s 50-day moving average is $53.69 and its 200-day moving average is $58.72. The company has a market cap of $2.85 billion, a P/E ratio of 28.14 and a beta of 1.80. WESCO International has a 52-week low of $48.95 and a 52-week high of $76.15.
WESCO International (NYSE:WCC) last posted its earnings results on Thursday, July 27th. The technology company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.04. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.91 billion. WESCO International had a net margin of 1.41% and a return on equity of 9.11%. WESCO International’s revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 earnings per share. Analysts expect that WESCO International will post $3.74 earnings per share for the current year.
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In other WESCO International news, CFO David S. Schulz bought 4,000 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was acquired at an average price of $51.57 per share, with a total value of $206,280.00. Following the completion of the purchase, the chief financial officer now owns 9,000 shares of the company’s stock, valued at $464,130. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 1.90% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Investec Asset Management LTD increased its stake 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 valued at $63,236,000 after purchasing an additional 217,004 shares in the last quarter. Airain ltd bought a new position in shares of WESCO International during the second quarter valued at approximately $1,983,000. Systematic Financial Management LP increased its stake in shares of WESCO International by 22.7% during the second quarter. Systematic Financial Management LP now owns 31,130 shares of the technology company’s stock valued at $1,784,000 after purchasing an additional 5,765 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in shares of WESCO International during the first quarter valued at approximately $8,096,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of WESCO International by 4.7% during 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 purchasing an additional 13,300 shares in the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.
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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