Wesco International Inc. (NYSE:WCC) saw a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 2,382,792 shares, a decline of 34.2% from the August 31st total of 3,622,070 shares. Based on an average daily trading volume, of 784,763 shares, the days-to-cover ratio is presently 3.0 days. Approximately 5.7% of the shares of the company are sold short.
In other news, Director James Louis Singleton sold 2,638 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $63.29, for a total transaction of $166,959.02. Following the completion of the transaction, the director now directly owns 12,305 shares in the company, valued at $778,783.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in WCC. Aperio Group LLC boosted its position in shares of Wesco International by 42.1% in the first quarter. Aperio Group LLC now owns 40,328 shares of the company’s stock valued at $2,205,000 after buying an additional 11,940 shares in the last quarter. Teachers Advisors Inc. boosted its position in shares of Wesco International by 37.6% in the first quarter. Teachers Advisors Inc. now owns 56,755 shares of the company’s stock valued at $3,103,000 after buying an additional 15,520 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Wesco International by 0.6% in the first quarter. Geode Capital Management LLC now owns 258,459 shares of the company’s stock valued at $14,129,000 after buying an additional 1,605 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Wesco International by 27.0% in the first quarter. Panagora Asset Management Inc. now owns 246,731 shares of the company’s stock valued at $13,489,000 after buying an additional 52,503 shares in the last quarter. Finally, James Investment Research Inc. bought a new position in shares of Wesco International during the second quarter valued at $10,445,000.
Wesco International (NYSE:WCC) opened at 62.04 on Tuesday. The stock’s 50 day moving average price is $59.93 and its 200 day moving average price is $56.66. Wesco International has a 52 week low of $34.00 and a 52 week high of $63.90. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 15.18 and a beta of 2.05.
Wesco International (NYSE:WCC) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.05. The firm earned $1.91 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Wesco International had a return on equity of 10.73% and a net margin of 2.65%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 EPS. On average, equities research analysts predict that Wesco International will post $3.96 EPS for the current year.
A number of brokerages recently commented on WCC. Credit Suisse Group AG began coverage on Wesco International in a research note on Saturday, June 18th. They issued a “buy” rating for the company. Wells Fargo & Co. restated a “buy” rating on shares of Wesco International in a research note on Sunday, September 4th. Zacks Investment Research upgraded Wesco International from a “sell” rating to a “hold” rating in a research note on Thursday, July 14th. Citigroup Inc. lowered Wesco International to a “market perform” rating and set a $65.00 target price for the company. in a research note on Wednesday, September 7th. They noted that the move was a valuation call. Finally, Macquarie began coverage on Wesco International in a research note on Thursday, August 25th. They issued a “neutral” rating and a $64.00 target price for the company. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $59.71.
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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