WESCO International, Inc. (NYSE:WCC)’s share price rose 6.2% on Thursday following a better than expected earnings announcement. The company traded as high as $64.25 and last traded at $62.95. Approximately 1,443,754 shares traded hands during trading, an increase of 266% from the average daily volume of 394,209 shares. The stock had previously closed at $59.25.
The technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.09. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.93 billion. WESCO International had a net margin of 1.41% and a return on equity of 9.11%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share.
Several equities research analysts have recently issued reports on the company. Standpoint Research downgraded 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. Zacks Investment Research downgraded WESCO International from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $70.00 price target (down from $84.00) on shares of WESCO International in a research report on Wednesday, July 12th. UBS Group AG reaffirmed a “neutral” rating and issued a $55.00 price target (down from $67.00) on shares of WESCO International in a research report on Monday, July 31st. Finally, BidaskClub cut shares of WESCO International from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $66.21.
In other news, CFO David S. Schulz bought 4,000 shares of the business’s stock in a transaction dated 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 purchase, the chief financial officer now owns 9,000 shares of the company’s stock, valued at approximately $464,130. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.90% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Diamond Hill Capital Management Inc. acquired a new stake in shares of WESCO International in the third quarter valued at approximately $502,000. Wasatch Advisors Inc. increased its holdings in shares of WESCO International by 20.3% in the second quarter. Wasatch Advisors Inc. now owns 2,490,581 shares of the technology company’s stock valued at $142,710,000 after purchasing an additional 420,292 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of WESCO International by 18.1% in the second quarter. Public Employees Retirement System of Ohio now owns 172,295 shares of the technology company’s stock valued at $9,873,000 after purchasing an additional 26,415 shares in the last quarter. Polaris Capital Management LLC increased its holdings in shares of WESCO International by 1.5% in the second quarter. Polaris Capital Management LLC now owns 565,111 shares of the technology company’s stock valued at $32,381,000 after purchasing an additional 8,500 shares in the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of WESCO International in the second quarter valued at approximately $1,683,000. 98.12% of the stock is owned by institutional investors and hedge funds.
The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 29.85 and a beta of 1.80. The firm’s 50 day moving average price is $57.23 and its 200 day moving average price is $57.70.
ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece of content on another site, it was illegally stolen and reposted in violation of US & international copyright & trademark legislation. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/10/26/wesco-international-inc-wcc-stock-price-up-6-2-following-better-than-expected-earnings.html.
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.
Receive News & Ratings for WESCO International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WESCO International Inc. and related companies with MarketBeat.com's FREE daily email newsletter.