Zacks Investment Research Downgrades WESCO International, Inc. (WCC) to Hold
WESCO International, Inc. (NYSE:WCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. Year to date, the stock has underperformed the industry it belongs to. The company’s third-quarter 2017 beat the Zacks Consensus Estimate on both counts. WESCO continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions by integrating its portfolio of products and services and its supplier relationships. The company has a comprehensive portfolio of products and services, and a sizable global footprint, which will help drive growth, going forward. However, foreign exchange risk, supplier concentration, a significant debt load and limited liquidity remain concerns.”
A number of other research analysts have also commented on WCC. BidaskClub raised WESCO International from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 5th. Wolfe Research initiated coverage on WESCO International in a research note on Tuesday, July 11th. They set an “outperform” rating and a $66.00 target price for the company. Royal Bank Of Canada reaffirmed a “hold” rating on shares of WESCO International in a research note on Wednesday, July 12th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $70.00 target price (down previously from $84.00) on shares of WESCO International in a research note on Wednesday, July 12th. Finally, Northcoast Research initiated coverage on WESCO International in a research note on Tuesday, July 25th. They set a “buy” rating and a $70.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $68.29.
Shares of WESCO International (WCC) traded down 1.781% during midday trading on Wednesday, hitting $62.025. 341,875 shares of the company’s stock traded hands. The company has a 50 day moving average of $58.53 and a 200 day moving average of $57.55. The stock has a market cap of $2.98 billion, a P/E ratio of 29.410 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 issued its quarterly earnings results on Thursday, October 26th. The technology company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.09. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.93 billion. WESCO International had a return on equity of 9.17% and a net margin of 2.52%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company earned $1.05 earnings per share. On average, equities analysts forecast that WESCO International will post $3.86 EPS for the current fiscal year.
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In other news, CFO David S. Schulz purchased 4,000 shares of the business’s stock in a transaction dated Friday, August 11th. The stock was bought at an average cost of $51.57 per share, with a total value of $206,280.00. Following the purchase, the chief financial officer now directly owns 9,000 shares of the company’s stock, valued at $464,130. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.90% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Frontier Capital Management Co. LLC raised its stake in shares of WESCO International by 2.2% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 399,583 shares of the technology company’s stock worth $23,276,000 after purchasing an additional 8,560 shares in the last quarter. Tocqueville Asset Management L.P. raised its stake in shares of WESCO International by 18.4% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 312,715 shares of the technology company’s stock valued at $18,216,000 after acquiring an additional 48,700 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of WESCO International by 0.9% in the 3rd quarter. Canada Pension Plan Investment Board now owns 296,600 shares of the technology company’s stock valued at $17,277,000 after acquiring an additional 2,600 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in shares of WESCO International in the 3rd quarter valued at approximately $502,000. Finally, Wasatch Advisors Inc. raised its stake in shares of WESCO International by 20.3% in the 2nd quarter. Wasatch Advisors Inc. now owns 2,490,581 shares of the technology company’s stock valued at $142,710,000 after acquiring an additional 420,292 shares in the last quarter. 98.21% 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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