WESCO International (NYSE:WCC) Stock Price Down 8%

Shares of WESCO International, Inc. (NYSE:WCC) dropped 8% on Thursday . The stock traded as low as $46.58 and last traded at $46.69, approximately 1,145,953 shares changed hands during mid-day trading. An increase of 114% from the average daily volume of 535,622 shares. The stock had previously closed at $50.74.

WCC has been the subject of several research analyst reports. Northcoast Research cut shares of WESCO International from a “buy” rating to a “neutral” rating in a research report on Friday. William Blair lowered shares of WESCO International from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 7th. Zacks Investment Research lowered shares of WESCO International from a “hold” rating to a “sell” rating in a report on Tuesday, April 30th. Royal Bank of Canada lowered their target price on shares of WESCO International to $54.00 and set a “sector perform” rating for the company in a report on Friday. Finally, TheStreet lowered shares of WESCO International from a “b-” rating to a “c+” rating in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $61.71.

The stock has a fifty day simple moving average of $49.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.31 and a current ratio of 2.18. The firm has a market capitalization of $2.28 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 0.94 and a beta of 1.73.

WESCO International (NYSE:WCC) last released its earnings results on Thursday, August 1st. The technology company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.01. WESCO International had a net margin of 2.77% and a return on equity of 10.34%. The firm had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the previous year, the business earned $1.22 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts forecast that WESCO International, Inc. will post 5.39 EPS for the current year.

In other news, Director John K. Morgan sold 3,077 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $51.29, for a total value of $157,819.33. Following the completion of the transaction, the director now owns 25,984 shares of the company’s stock, valued at approximately $1,332,719.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lynn M. Utter sold 1,513 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $48.97, for a total transaction of $74,091.61. Following the completion of the transaction, the director now directly owns 11,151 shares of the company’s stock, valued at approximately $546,064.47. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of WESCO International in the 4th quarter valued at $37,803,000. New York State Common Retirement Fund grew its holdings in shares of WESCO International by 16.6% in the 1st quarter. New York State Common Retirement Fund now owns 208,584 shares of the technology company’s stock valued at $11,057,000 after buying an additional 29,766 shares during the period. Parametric Portfolio Associates LLC grew its holdings in shares of WESCO International by 12.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 190,375 shares of the technology company’s stock valued at $10,092,000 after buying an additional 20,960 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of WESCO International in the 2nd quarter valued at $1,213,000. Finally, Foundry Partners LLC grew its holdings in shares of WESCO International by 1,442.7% in the 2nd quarter. Foundry Partners LLC now owns 138,847 shares of the technology company’s stock valued at $7,033,000 after buying an additional 129,847 shares during the period. 98.69% of the stock is owned by institutional investors.

About WESCO International (NYSE:WCC)

WESCO International, Inc distributes electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers products and construction materials in North America and internationally. The company sells general supplies, such as wiring devices, fuses, terminals, connectors, boxes, enclosures, fittings, lugs, terminations, wraps, splicing and marking equipment, tools and testers, safety, personal protection, sealants, cutting tools, adhesives, consumables, fasteners, janitorial, and other MRO supplies.

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