WESCO International, Inc. (NYSE:WCC) – Analysts at KeyCorp lifted their FY2018 earnings per share (EPS) estimates for WESCO International in a note issued to investors on Thursday. KeyCorp analyst S. Barger now expects that the technology company will earn $4.66 per share for the year, up from their prior forecast of $4.30. KeyCorp has a “Buy” rating and a $64.00 price objective on the stock.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of WESCO International from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Tuesday, October 31st. ValuEngine upgraded shares of WESCO International from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Robert W. Baird restated a “hold” rating and set a $56.00 price target on shares of WESCO International in a report on Wednesday, October 4th. Finally, Standpoint Research cut shares of WESCO International from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. WESCO International has an average rating of “Hold” and an average price target of $68.54.
WESCO International (NYSE:WCC) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.09. WESCO International had a net margin of 2.52% and a return on equity of 9.11%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the prior year, the company earned $1.05 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC bought a new stake in shares of WESCO International in the second quarter valued at about $1,683,000. New York State Common Retirement Fund lifted its stake in WESCO International by 1.2% during the third quarter. New York State Common Retirement Fund now owns 211,054 shares of the technology company’s stock worth $12,294,000 after purchasing an additional 2,600 shares during the period. Amalgamated Bank lifted its stake in WESCO International by 26.3% during the second quarter. Amalgamated Bank now owns 8,789 shares of the technology company’s stock worth $504,000 after purchasing an additional 1,831 shares during the period. Public Employees Retirement System of Ohio lifted its stake in WESCO International by 18.1% during the second quarter. Public Employees Retirement System of Ohio now owns 172,295 shares of the technology company’s stock worth $9,873,000 after purchasing an additional 26,415 shares during the period. Finally, Polaris Capital Management LLC lifted its stake in WESCO International by 1.5% during the second quarter. Polaris Capital Management LLC now owns 565,111 shares of the technology company’s stock worth $32,381,000 after purchasing an additional 8,500 shares during the period. Institutional investors and hedge funds own 98.61% of the company’s stock.
In related news, Director James Louis Singleton sold 3,288 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $64.25, for a total value of $211,254.00. Following the completion of the sale, the director now owns 19,477 shares in the company, valued at $1,251,397.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by company insiders.
WESCO International declared that its Board of Directors has approved a share repurchase program on Wednesday, December 13th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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