WESCO International (NYSE:WCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $71.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.46% from the company’s previous close.
According to Zacks, “WESCO is currently benefiting from strength across all end markets and geographic regions, improved sales execution and positive pricing. The company continues with its focus on delivering above-average sales growth, profitability improvement, strong cash flow generation and increasing shareholder value. It continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions. WESCO 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. Besides, mid-term prospects do not appear to be improving in the construction market which is a headwind. Year to date, the stock has outperformed the industry it belongs to.”
WCC has been the subject of several other research reports. Wolfe Research cut shares of WESCO International from an “outperform” rating to a “market perform” rating in a research note on Friday, October 27th. ValuEngine raised shares of WESCO International from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Wells Fargo & Company increased their price target on shares of WESCO International from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, October 6th. Robert W. Baird reissued a “hold” rating and issued a $56.00 price target on shares of WESCO International in a research note on Wednesday, October 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price objective (up previously from $68.00) on shares of WESCO International in a research report on Monday, October 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $68.54.
WESCO International (NYSE:WCC) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.09. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.93 billion. WESCO International had a net margin of 2.68% and a return on equity of 10.23%. WESCO International’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. analysts anticipate that WESCO International will post 3.87 earnings per share for the current year.
WESCO International declared that its Board of Directors has approved a stock buyback plan on Wednesday, December 13th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
A number of hedge funds have recently modified their holdings of WCC. Investec Asset Management LTD raised its holdings in shares of WESCO International by 24.5% in the 2nd 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 raised its holdings in shares of WESCO International by 22.7% in the 2nd 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. Piedmont Investment Advisors LLC acquired a new stake in shares of WESCO International in the 2nd quarter valued at $1,683,000. Airain ltd acquired a new stake in shares of WESCO International in the 2nd quarter valued at $1,983,000. Finally, Investec Asset Management North America Inc. raised its holdings in shares of WESCO International by 28.4% in the 2nd quarter. Investec Asset Management North America Inc. now owns 19,938 shares of the technology company’s stock valued at $1,142,000 after purchasing an additional 4,405 shares in the last quarter. 98.79% of the stock is owned by institutional investors.
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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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