WESCO International, Inc. (WCC) Earns Buy Rating from KeyCorp
WESCO International, Inc. (NYSE:WCC)‘s stock had its “buy” rating restated by equities research analysts at KeyCorp in a research report issued to clients and investors on Thursday. They currently have a $64.00 target price on the technology company’s stock. KeyCorp’s price target indicates a potential upside of 8.29% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on WCC. Robert W. Baird reissued a “hold” rating and issued a $56.00 target price on shares of WESCO International in a research report on Wednesday, October 4th. Wells Fargo & Company raised their price target on shares of WESCO International from $65.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, October 6th. BidaskClub upgraded shares of WESCO International from a “strong sell” rating to a “sell” rating in a report 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 reiterated an “overweight” rating and set 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 issued a hold rating and eleven have issued a buy rating to the company. WESCO International presently has an average rating of “Buy” and a consensus price target of $66.21.
Shares of WESCO International (NYSE:WCC) traded up 2.07% during mid-day trading on Thursday, hitting $59.10. 346,856 shares of the stock traded hands. The firm’s 50 day moving average price is $54.59 and its 200 day moving average price is $58.34. WESCO International has a 12-month low of $48.95 and a 12-month high of $76.15. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 28.02 and a beta of 1.80.
WESCO International (NYSE:WCC) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.04. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.91 billion. WESCO International had a net margin of 1.41% and a return on equity of 9.11%. The firm’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 EPS. On average, equities research analysts predict that WESCO International will post $3.74 EPS for the current fiscal year.
In related news, CFO David S. Schulz bought 4,000 shares of WESCO International stock in a transaction that occurred on 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 acquisition, the chief financial officer now owns 9,000 shares in the company, valued at $464,130. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Investec Asset Management LTD raised its stake 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 purchasing an additional 217,004 shares in the last quarter. Systematic Financial Management LP grew 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 valued at $1,784,000 after acquiring an additional 5,765 shares during the period. Airain ltd bought a new stake in WESCO International in the second quarter valued at $1,983,000. Tudor Investment Corp ET AL bought a new stake in WESCO International in the first quarter valued at $8,096,000. Finally, Canada Pension Plan Investment Board grew its position in WESCO International by 4.7% in 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 acquiring an additional 13,300 shares during the period. Institutional investors and hedge funds own 98.14% of the company’s stock.
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.
Receive News & Ratings for WESCO International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WESCO International Inc. and related companies with MarketBeat.com's FREE daily email newsletter.