WESCO International, Inc. (WCC) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of WESCO International, Inc. (NYSE:WCC) from a hold rating to a buy rating in a report published on Tuesday. They currently have $70.00 price target on the technology company’s stock.
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.”
Other equities research analysts have also recently issued reports about the stock. Standpoint Research cut shares of WESCO International from a buy rating to a hold rating in a research report on Wednesday, October 18th. They noted that the move was a valuation call. Credit Suisse Group set a $70.00 target price on shares of WESCO International and gave the stock an outperform rating in a research note on Tuesday. UBS AG reaffirmed a neutral rating and set a $55.00 target price (down previously from $67.00) on shares of WESCO International in a research note on Monday, July 31st. BidaskClub lowered shares of WESCO International from a sell rating to a strong sell rating in a research note on Friday, July 28th. Finally, 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. WESCO International has a consensus rating of Hold and a consensus price target of $68.46.
WESCO International (NYSE:WCC) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.09. WESCO International had a net margin of 2.52% and a return on equity of 9.17%. The firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the business earned $1.05 earnings per share. WESCO International’s revenue was up 7.8% compared to the same quarter last year.
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In other WESCO International news, CFO David S. Schulz acquired 4,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $464,130. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Investec Asset Management LTD boosted 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 during the period. Systematic Financial Management LP boosted its stake in shares of 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 purchasing an additional 5,765 shares during the period. Airain ltd purchased a new position in WESCO International in the second quarter worth approximately $1,983,000. Piedmont Investment Advisors LLC purchased a new position in WESCO International in the second quarter worth approximately $1,683,000. Finally, Investec Asset Management North America Inc. lifted its stake in WESCO International by 28.4% in the second quarter. Investec Asset Management North America Inc. now owns 19,938 shares of the technology company’s stock worth $1,142,000 after acquiring an additional 4,405 shares during the last quarter. 98.21% 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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