Wesco International Inc. (WCC) Shares Gap Up to $57.21
Wesco International Inc. (NYSE:WCC) gapped up before the market opened on Monday . The stock had previously closed at $56.82, but opened at $57.21. Wesco International shares last traded at $58.17, with a volume of 116,795 shares traded.
A number of research firms have weighed in on WCC. Oppenheimer Holdings Inc. reissued 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. lowered shares of Wesco International to a “market perform” rating and set a $65.00 target price on the stock. in a report on Wednesday, September 7th. They noted that the move was a valuation call. Wells Fargo & Co. reissued a “buy” rating on shares of Wesco International in a report on Sunday, September 4th. Macquarie began coverage on shares of Wesco International in a report on Thursday, August 25th. They set a “neutral” rating and a $64.00 target price on the stock. Finally, Standpoint Research raised shares of Wesco International from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Thursday, August 25th. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Wesco International presently has a consensus rating of “Hold” and an average price target of $59.07.
The firm has a market cap of $2.47 billion, a PE ratio of 14.28 and a beta of 2.13. The firm has a 50-day moving average of $58.95 and a 200-day moving average of $56.06.
Wesco International (NYSE:WCC) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.05. The business 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%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 earnings per share. Analysts forecast that Wesco International Inc. will post $3.96 EPS for the current year.
In related news, Director James Louis Singleton sold 2,638 shares of Wesco International stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $63.29, for a total value of $166,959.02. Following the sale, the director now owns 12,305 shares in the company, valued at $778,783.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new stake in Wesco International during the second quarter valued at $218,000. Janus Capital Management LLC bought a new stake in Wesco International during the second quarter valued at $278,000. Oregon Public Employees Retirement Fund boosted its stake in Wesco International by 8.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 6,414 shares of the company’s stock valued at $330,000 after buying an additional 500 shares during the period. Neuberger Berman Group LLC bought a new stake in Wesco International during the second quarter valued at $334,000. Finally, Nomura Holdings Inc. bought a new stake in Wesco International during the second quarter valued at $524,000.
Wesco International Company Profile
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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