WESCO International (NYSE:WCC) Sets New 1-Year High Following Strong Earnings

WESCO International, Inc. (NYSE:WCC) shares reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $195.99 and last traded at $194.86, with a volume of 361322 shares changing hands. The stock had previously closed at $177.80.

The technology company reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.22 by $0.36. The firm had revenue of $5.49 billion during the quarter, compared to analysts’ expectations of $5.46 billion. WESCO International had a return on equity of 13.19% and a net margin of 3.19%. WESCO International’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.49 EPS.

WESCO International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.4125 dividend. This represents a $1.65 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date was Friday, September 13th. WESCO International’s dividend payout ratio is presently 13.21%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on WCC shares. Royal Bank of Canada increased their target price on WESCO International from $186.00 to $199.00 and gave the company a “sector perform” rating in a research note on Friday. Robert W. Baird increased their target price on WESCO International from $215.00 to $223.00 and gave the stock an “outperform” rating in a research report on Friday. Oppenheimer increased their target price on WESCO International from $205.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday. Baird R W raised WESCO International from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 16th. Finally, Stephens reissued an “overweight” rating and set a $190.00 price target on shares of WESCO International in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, WESCO International has an average rating of “Moderate Buy” and an average target price of $206.71.

Insider Activity at WESCO International

In related news, EVP Nelson John Squires III sold 10,000 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $190.00, for a total value of $1,900,000.00. Following the completion of the transaction, the executive vice president now owns 54,621 shares in the company, valued at $10,377,990. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other WESCO International news, EVP Nelson John Squires III sold 10,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $190.00, for a total transaction of $1,900,000.00. Following the completion of the sale, the executive vice president now directly owns 54,621 shares in the company, valued at approximately $10,377,990. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven A. Raymund sold 5,819 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $171.56, for a total value of $998,307.64. Following the sale, the director now owns 27,004 shares of the company’s stock, valued at $4,632,806.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On WESCO International

A number of institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its position in WESCO International by 23,727.4% during the 2nd quarter. Pacer Advisors Inc. now owns 1,589,048 shares of the technology company’s stock worth $251,896,000 after acquiring an additional 1,582,379 shares during the period. Bank of New York Mellon Corp boosted its position in WESCO International by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 413,156 shares of the technology company’s stock worth $65,494,000 after acquiring an additional 8,641 shares during the period. Clearbridge Investments LLC purchased a new stake in shares of WESCO International during the 2nd quarter worth about $52,782,000. Farmers & Merchants Investments Inc. raised its stake in shares of WESCO International by 1.5% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 194,979 shares of the technology company’s stock worth $32,753,000 after purchasing an additional 2,923 shares in the last quarter. Finally, Davis Selected Advisers raised its stake in shares of WESCO International by 1.5% during the 2nd quarter. Davis Selected Advisers now owns 193,646 shares of the technology company’s stock worth $30,697,000 after purchasing an additional 2,824 shares in the last quarter. 93.76% of the stock is currently owned by institutional investors and hedge funds.

WESCO International Price Performance

The stock has a 50 day moving average price of $168.15 and a two-hundred day moving average price of $167.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.34 and a current ratio of 2.21. The company has a market capitalization of $9.25 billion, a PE ratio of 15.07, a P/E/G ratio of 1.59 and a beta of 2.01.

WESCO International Company Profile

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).