WESCO International, Inc. (WCC) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of WESCO International, Inc. (NYSE:WCC) from a sell rating to a hold rating in a research report released on Monday morning.
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 second-quarter 2017 beat the Zacks Consensus Estimate while revenues missed the same by a slight margin. WESCO continues with its focus on supply chain process enhancements and cost reduction and supplier consolidations that are helping customers. 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.”
WCC has been the topic of several other research reports. BidaskClub downgraded shares of WESCO International from a sell rating to a strong sell rating in a report on Friday, July 28th. Credit Suisse Group set a $70.00 price objective on shares of WESCO International and gave the stock a buy rating in a report on Saturday, June 10th. Standpoint Research raised shares of WESCO International from a hold rating to a buy rating and set a $63.00 price objective on the stock in a report on Thursday, August 3rd. Wells Fargo & Company reissued an outperform rating and set a $70.00 price objective (down previously from $84.00) on shares of WESCO International in a report on Wednesday, July 12th. Finally, Wolfe Research assumed coverage on shares of WESCO International in a report on Tuesday, July 11th. They set an outperform rating and a $66.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $67.29.
WESCO International (NYSE WCC) opened at 58.70 on Monday. The firm has a 50 day moving average of $53.45 and a 200-day moving average of $58.71. The firm has a market cap of $2.82 billion, a P/E ratio of 27.83 and a beta of 1.80. WESCO International has a 12 month low of $48.95 and a 12 month high of $76.15.
WESCO International (NYSE:WCC) last issued its earnings results on Thursday, July 27th. The technology company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.04. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.91 billion. WESCO International had a net margin of 1.41% and a return on equity of 9.11%. The business’s quarterly revenue was down .1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 earnings per share. On average, equities research analysts forecast that WESCO International will post $3.74 earnings per share for the current year.
In other WESCO International news, CFO David S. Schulz bought 4,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was bought at an average price of $51.57 per share, for a total transaction of $206,280.00. Following the completion of the transaction, the chief financial officer now owns 9,000 shares in the company, valued at approximately $464,130. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Janney Capital Management LLC acquired a new position in WESCO International during the second quarter worth about $202,000. D.A. Davidson & CO. raised its position in WESCO International by 32.0% during the second quarter. D.A. Davidson & CO. now owns 3,572 shares of the technology company’s stock worth $204,000 after acquiring an additional 866 shares during the last quarter. Trust Co. of Vermont acquired a new position in WESCO International during the second quarter worth about $229,000. Quantbot Technologies LP acquired a new position in WESCO International during the second quarter worth about $238,000. Finally, OppenheimerFunds Inc. raised its position in WESCO International by 14.3% during the first quarter. OppenheimerFunds Inc. now owns 5,009 shares of the technology company’s stock worth $348,000 after acquiring an additional 626 shares during the last quarter. Institutional investors 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.
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