Zacks Investment Research downgraded shares of WESCO International (NYSE:WCC) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “WESCO reported strong fourth-quarter 2017 results. Both earnings and revenues increased on a year-over-year basis. Top-line growth was driven by strong end-market results, product and services portfolio strength and robust performance in certain geographies. Moreover, focus on growth and pricing strategies accelerated the sales number. The company continues with its focus on delivering above-average sales growth, profitability improvement, strong cash flow generation and increasing shareholder value. It continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions. However, supplier concentration, a significant debt load and limited liquidity remain concerns. In the past year, the stock has underperformed the industry it belongs to.”
A number of other equities research analysts also recently issued reports on WCC. Robert W. Baird reiterated a hold rating and issued a $67.00 target price on shares of WESCO International in a research report on Friday, October 27th. Wolfe Research downgraded shares of WESCO International from an outperform rating to a market perform rating in a research report on Friday, October 27th. Wells Fargo & Co increased their target price on shares of WESCO International from $67.00 to $75.00 and gave the stock an outperform rating in a research report on Friday, October 27th. UBS Group increased their target price on shares of WESCO International from $55.00 to $65.00 and gave the stock a neutral rating in a research report on Friday, October 27th. Finally, Credit Suisse Group set a $70.00 target price on shares of WESCO International and gave the stock an outperform rating in a research report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $68.77.
WESCO International (WCC) opened at $64.00 on Monday. WESCO International has a 52 week low of $48.95 and a 52 week high of $73.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.31 and a quick ratio of 1.42. The company has a market cap of $3,008.13, a P/E ratio of 18.99, a P/E/G ratio of 1.37 and a beta of 1.86.
WESCO International (NYSE:WCC) last posted its quarterly earnings data on Thursday, February 1st. The technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. WESCO International had a net margin of 2.13% and a return on equity of 9.10%. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the business posted $0.96 EPS. The company’s revenue was up 11.3% on a year-over-year basis. analysts forecast that WESCO International will post 4.67 earnings per share for the current fiscal year.
WESCO International declared that its board has authorized a share repurchase plan on Wednesday, December 13th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director James Louis Singleton sold 3,288 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $64.25, for a total transaction of $211,254.00. Following the transaction, the director now owns 19,477 shares in the company, valued at approximately $1,251,397.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Diamond Hill Capital Management Inc. acquired a new position in WESCO International in the 3rd quarter valued at $502,000. Canada Pension Plan Investment Board grew its stake in WESCO International by 0.9% in the 3rd quarter. Canada Pension Plan Investment Board now owns 296,600 shares of the technology company’s stock valued at $17,277,000 after buying an additional 2,600 shares during the last quarter. Tocqueville Asset Management L.P. grew its stake in WESCO International by 18.4% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 312,715 shares of the technology company’s stock valued at $18,216,000 after buying an additional 48,700 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in WESCO International by 2.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 399,583 shares of the technology company’s stock valued at $23,276,000 after buying an additional 8,560 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in WESCO International by 1.2% in the 3rd quarter. New York State Common Retirement Fund now owns 211,054 shares of the technology company’s stock valued at $12,294,000 after buying an additional 2,600 shares during the last quarter. Institutional investors and hedge funds own 99.31% of the company’s stock.
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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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