WESCO International (NYSE:WCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, February 19th.
According to Zacks, “WESCO reported strong fourth-quarter 2017 results. Both earnings and revenues increased on a year-over-year basis. Top-line growth was driven by strong end-market results, product and services portfolio strength and robust performance in certain geographies. Moreover, focus on growth and pricing strategies accelerated the sales number. The company continues with its focus on delivering above-average sales growth, profitability improvement, strong cash flow generation and increasing shareholder value. It continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions. However, supplier concentration, a significant debt load and limited liquidity remain concerns. In the past year, the stock has underperformed the industry it belongs to.”
A number of other equities research analysts have also issued reports on the company. ValuEngine lowered WESCO International from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. UBS Group assumed coverage on WESCO International in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $70.00 price objective on the stock. Credit Suisse Group set a $70.00 price objective on WESCO International and gave the company an “outperform” rating in a report on Tuesday, October 31st. Wells Fargo & Co increased their price objective on WESCO International from $67.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Finally, Wolfe Research downgraded WESCO International from an “outperform” rating to a “market perform” rating in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. WESCO International currently has a consensus rating of “Hold” and an average price target of $68.69.
Shares of WESCO International (NYSE WCC) traded up $0.60 during trading on Monday, hitting $64.05. The stock had a trading volume of 318,088 shares, compared to its average volume of 447,719. WESCO International has a twelve month low of $48.95 and a twelve month high of $70.95. The firm has a market cap of $2,997.47, a price-to-earnings ratio of 19.01, a PEG ratio of 1.36 and a beta of 1.86. The company has a current ratio of 2.31, a quick ratio of 1.40 and a debt-to-equity ratio of 0.62.
WESCO International (NYSE:WCC) last posted its earnings results on Thursday, February 1st. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.05. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.93 billion. WESCO International had a return on equity of 9.06% and a net margin of 2.13%. WESCO International’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. research analysts expect that WESCO International will post 4.67 earnings per share for the current year.
WESCO International announced that its Board of Directors has approved a share buyback plan on Wednesday, December 13th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Lynn M. Utter sold 768 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $65.56, for a total value of $50,350.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lynn M. Utter sold 737 shares of the business’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $63.57, for a total value of $46,851.09. Following the completion of the transaction, the director now owns 11,116 shares in the company, valued at approximately $706,644.12. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in WESCO International in the fourth quarter valued at about $140,000. ETRADE Capital Management LLC bought a new position in shares of WESCO International during the fourth quarter valued at approximately $201,000. Capital Fund Management S.A. bought a new position in shares of WESCO International during the fourth quarter valued at approximately $218,000. Xact Kapitalforvaltning AB bought a new position in shares of WESCO International during the fourth quarter valued at approximately $288,000. Finally, Janney Capital Management LLC grew its holdings in shares of WESCO International by 47.4% during the third quarter. Janney Capital Management LLC now owns 5,199 shares of the technology company’s stock valued at $302,000 after purchasing an additional 1,672 shares during the last quarter.
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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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