WESCO International, Inc. (NYSE:WCC) saw a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 2,875,000 shares, a decline of 10.9% from the May 30th total of 3,226,100 shares. Based on an average daily trading volume, of 584,400 shares, the short-interest ratio is currently 4.9 days. Currently, 6.4% of the company’s stock are sold short.
In related news, Director John K. Morgan sold 3,077 shares of WESCO International stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $51.29, for a total transaction of $157,819.33. Following the sale, the director now directly owns 25,984 shares in the company, valued at $1,332,719.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lynn M. Utter sold 1,513 shares of WESCO International stock in a transaction on Friday, June 7th. The stock was sold at an average price of $48.97, for a total value of $74,091.61. Following the sale, the director now owns 11,151 shares in the company, valued at $546,064.47. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in shares of WESCO International in the fourth quarter valued at $37,803,000. Frontier Capital Management Co. LLC raised its stake in shares of WESCO International by 1.8% in the first quarter. Frontier Capital Management Co. LLC now owns 555,285 shares of the technology company’s stock valued at $29,436,000 after buying an additional 9,678 shares during the period. Geode Capital Management LLC grew its position in shares of WESCO International by 19.7% in the fourth quarter. Geode Capital Management LLC now owns 532,778 shares of the technology company’s stock valued at $25,573,000 after purchasing an additional 87,644 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of WESCO International by 75.2% in the first quarter. BNP Paribas Arbitrage SA now owns 293,472 shares of the technology company’s stock valued at $15,557,000 after purchasing an additional 125,940 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH purchased a new position in shares of WESCO International in the first quarter valued at $14,834,000. Hedge funds and other institutional investors own 98.48% of the company’s stock.
A number of brokerages recently commented on WCC. Buckingham Research dropped their price target on WESCO International from $64.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, June 19th. Wells Fargo & Co set a $2,100.00 price target on Amazon.com and gave the stock a “buy” rating in a report on Monday, March 18th. Zacks Investment Research lowered German American Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. William Blair reiterated a “market perform” rating on shares of Luminex in a report on Tuesday, May 7th. Finally, Northcoast Research reiterated a “buy” rating on shares of WESCO International in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $62.71.
Shares of WCC opened at $50.18 on Friday. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 0.91 and a beta of 1.74. The company has a fifty day moving average price of $49.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.31 and a current ratio of 2.18. WESCO International has a 1 year low of $43.94 and a 1 year high of $63.20.
WESCO International (NYSE:WCC) last issued its earnings results on Thursday, May 2nd. The technology company reported $0.93 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.02). The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2 billion. WESCO International had a net margin of 2.77% and a return on equity of 10.34%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. On average, equities analysts forecast that WESCO International will post 5.39 EPS for the current year.
About WESCO International
WESCO International, Inc distributes electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers products and construction materials in North America and internationally. The company sells general supplies, such as wiring devices, fuses, terminals, connectors, boxes, enclosures, fittings, lugs, terminations, wraps, splicing and marking equipment, tools and testers, safety, personal protection, sealants, cutting tools, adhesives, consumables, fasteners, janitorial, and other MRO supplies.
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