WESCO International, Inc. (WCC) Stock Price Up 6.2% Following Better-Than-Expected Earnings

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.

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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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