WESCO International (NYSE:WCC) Updates FY24 Earnings Guidance

WESCO International (NYSE:WCC) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $13.75-15.75 for the period, compared to the consensus earnings per share estimate of $14.24.

Analysts Set New Price Targets

A number of research firms have weighed in on WCC. Royal Bank of Canada decreased their price target on shares of WESCO International from $176.00 to $172.00 and set a sector perform rating on the stock in a research note on Friday. StockNews.com raised WESCO International from a hold rating to a buy rating in a report on Friday. Oppenheimer lifted their price objective on WESCO International from $190.00 to $200.00 and gave the company an outperform rating in a report on Friday. JPMorgan Chase & Co. cut their price objective on WESCO International from $180.00 to $175.00 and set an overweight rating for the company in a report on Friday, March 15th. Finally, Robert W. Baird cut their price objective on WESCO International from $203.00 to $170.00 and set an outperform rating for the company in a report on Wednesday, February 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, WESCO International has a consensus rating of Moderate Buy and an average price target of $188.67.

WESCO International Stock Up 1.6 %

Shares of WCC traded up $2.62 on Friday, hitting $167.70. The company’s stock had a trading volume of 754,885 shares, compared to its average volume of 656,150. The company has a quick ratio of 1.42, a current ratio of 2.21 and a debt-to-equity ratio of 1.04. The firm’s fifty day moving average price is $161.27 and its 200-day moving average price is $159.91. WESCO International has a fifty-two week low of $121.90 and a fifty-two week high of $195.43. The firm has a market capitalization of $8.54 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 1.19 and a beta of 2.07.

WESCO International (NYSE:WCC) last released its earnings results on Thursday, May 2nd. The technology company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.13). The firm had revenue of $5.35 billion during the quarter, compared to the consensus estimate of $5.30 billion. WESCO International had a net margin of 3.08% and a return on equity of 15.10%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.75 EPS. On average, equities research analysts expect that WESCO International will post 14.12 EPS for the current year.

WESCO International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.4125 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 0.98%. This is a boost from WESCO International’s previous quarterly dividend of $0.38. WESCO International’s dividend payout ratio is currently 13.74%.

Insider Transactions at WESCO International

In other news, EVP Nelson John Squires III sold 3,490 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $190.00, for a total transaction of $663,100.00. Following the sale, the executive vice president now owns 54,385 shares in the company, valued at approximately $10,333,150. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Nelson John Squires III sold 3,490 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $190.00, for a total value of $663,100.00. Following the sale, the executive vice president now owns 54,385 shares in the company, valued at approximately $10,333,150. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Cameron sold 5,352 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $156.39, for a total value of $836,999.28. Following the completion of the sale, the executive vice president now owns 33,595 shares in the company, valued at approximately $5,253,922.05. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

About WESCO International

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).