WESCO International, Inc. (WCC) Rating Reiterated by Morgan Stanley
WESCO International, Inc. (NYSE:WCC)‘s stock had its “overweight” rating reiterated by research analysts at Morgan Stanley in a report released on Monday, October 2nd. They presently have a $70.00 price objective on the technology company’s stock, up from their prior price objective of $68.00. Morgan Stanley’s target price points to a potential upside of 18.95% from the stock’s previous close.
Other equities research analysts also recently issued reports about the company. Credit Suisse Group set a $70.00 price target on WESCO International and gave the company a “buy” rating in a report on Saturday, June 10th. Northcoast Research started coverage on WESCO International in a report on Tuesday, July 25th. They issued a “buy” rating and a $70.00 price target for the company. Zacks Investment Research upgraded WESCO International from a “sell” rating to a “buy” rating and set a $64.00 price target for the company in a report on Tuesday, July 4th. Standpoint Research upgraded WESCO International from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a report on Thursday, August 3rd. Finally, TheStreet lowered WESCO International from a “b-” rating to a “c” rating in a research report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $66.21.
Shares of WESCO International (NYSE WCC) traded down 0.42% during midday trading on Monday, hitting $58.85. 238,324 shares of the stock traded hands. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 27.90 and a beta of 1.80. The company’s 50 day moving average price is $55.11 and its 200-day moving average price is $58.28. WESCO International has a 12-month low of $48.95 and a 12-month high of $76.15.
WESCO International (NYSE:WCC) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.04. WESCO International had a return on equity of 9.11% and a net margin of 1.41%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.91 billion. During the same period in the previous year, the business earned $1.02 EPS. WESCO International’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts expect that WESCO International will post $3.74 EPS for the current year.
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In related news, CFO David S. Schulz purchased 4,000 shares of the firm’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 purchase, the chief financial officer now owns 9,000 shares in the company, valued at approximately $464,130. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.90% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Wasatch Advisors Inc. boosted its stake in WESCO International by 20.3% during the 2nd 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 during the period. Investec Asset Management LTD boosted its stake in WESCO International by 24.5% during the 2nd quarter. Investec Asset Management LTD now owns 1,103,602 shares of the technology company’s stock valued at $63,236,000 after purchasing an additional 217,004 shares during the period. Polaris Capital Management LLC boosted its stake in WESCO International by 1.5% during the 2nd 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 during the period. Bank of New York Mellon Corp raised its holdings in WESCO International by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 437,185 shares of the technology company’s stock valued at $25,051,000 after acquiring an additional 22,204 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in WESCO International by 15.1% in the 1st quarter. Geode Capital Management LLC now owns 347,305 shares of the technology company’s stock valued at $24,155,000 after acquiring an additional 45,629 shares in the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.
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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