Zacks Investment Research upgraded shares of Wesco International Inc. (NYSE:WCC) from a hold rating to a buy rating in a research report sent to investors on Monday morning. The firm currently has $69.00 target price on the stock.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. The company reported encouraging second quarter results with earnings and revenues surpassing our estimates. The company continues to implement its One WESCO strategy to boost sales, enhance profitability, generate strong cash flow and enhance shareholder’s value. The company’s comprehensive portfolio of products and services is expected to meet OEM, MRO and capital project management requirements of customers. However, weakness in commodity-driven end markets and foreign exchange risk will remain as headwinds. Supplier concentration, a significant debt load and limited liquidity are longer-term problems.”
A number of other research firms have also recently commented on WCC. Wells Fargo & Co. reaffirmed a buy rating on shares of Wesco International in a report on Sunday, September 4th. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of Wesco International in a report on Wednesday, September 7th. They noted that the move was a valuation call. Citigroup Inc. cut shares of Wesco International to a market perform rating and set a $65.00 price target on the stock. in a report on Wednesday, September 7th. They noted that the move was a valuation call. Macquarie began coverage on shares of Wesco International in a report on Thursday, August 25th. They issued a neutral rating and a $64.00 price target on the stock. Finally, Standpoint Research raised shares of Wesco International from a hold rating to a buy rating and set a $68.00 price target on the stock in a report on Thursday, August 25th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $59.71.
Shares of Wesco International (NYSE:WCC) opened at 62.04 on Monday. The company has a market capitalization of $2.62 billion, a PE ratio of 15.18 and a beta of 2.05. The firm’s 50-day moving average price is $59.93 and its 200 day moving average price is $56.66. Wesco International has a 1-year low of $34.00 and a 1-year high of $63.90.
Wesco International (NYSE:WCC) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.05. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Wesco International had a net margin of 2.65% and a return on equity of 10.73%. Wesco International’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.00 EPS. Equities analysts predict that Wesco International will post $3.96 EPS for the current fiscal year.
In other news, Director James Louis Singleton sold 2,638 shares of the business’s stock in a transaction on Tuesday, September 6th. The shares were 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 approximately $778,783.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Emerald Acquisition Ltd. acquired a new stake in Wesco International during the second quarter valued at $23,302,000. SG Americas Securities LLC acquired a new stake in Wesco International during the second quarter valued at $17,595,000. TIAA CREF Investment Management LLC increased its stake in Wesco International by 43.0% in the second quarter. TIAA CREF Investment Management LLC now owns 799,748 shares of the company’s stock valued at $41,179,000 after buying an additional 240,564 shares in the last quarter. James Investment Research Inc. acquired a new stake in Wesco International during the second quarter valued at $10,445,000. Finally, Systematic Financial Management LP increased its stake in Wesco International by 277.2% in the second quarter. Systematic Financial Management LP now owns 144,071 shares of the company’s stock valued at $7,418,000 after buying an additional 105,876 shares in the last quarter.
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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