WESCO International (WCC) Cut to Hold at ValuEngine
WESCO International (NYSE:WCC) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday.
Several other brokerages have also weighed in on WCC. UBS Group began coverage on shares of WESCO International in a report on Tuesday, January 23rd. They issued a “neutral” rating and a $70.00 price objective on the stock. Zacks Investment Research lowered shares of WESCO International from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Wells Fargo & Co increased their price objective on shares of WESCO International from $67.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, October 27th. Wolfe Research lowered shares of WESCO International from an “outperform” rating to a “market perform” rating in a report on Friday, October 27th. Finally, Robert W. Baird restated a “hold” rating and issued a $67.00 price objective on shares of WESCO International in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $68.92.
Shares of WESCO International (NYSE WCC) opened at $63.60 on Friday. WESCO International has a 52 week low of $48.95 and a 52 week high of $73.30. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.42 and a current ratio of 2.31. The company has a market cap of $3,142.08, a P/E ratio of 17.01, a PEG ratio of 1.48 and a beta of 1.86.
WESCO International announced that its board has authorized a stock buyback program on Wednesday, December 13th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other WESCO International news, Director James Louis Singleton sold 3,288 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $64.25, for a total value of $211,254.00. Following the sale, the director now directly owns 19,477 shares in the company, valued at $1,251,397.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.90% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in WESCO International in the fourth quarter worth $140,000. D.A. Davidson & CO. raised its holdings in WESCO International by 32.0% in the second quarter. D.A. Davidson & CO. now owns 3,572 shares of the technology company’s stock worth $204,000 after purchasing an additional 866 shares during the period. Janney Capital Management LLC raised its holdings in WESCO International by 47.4% in the third quarter. Janney Capital Management LLC now owns 5,199 shares of the technology company’s stock worth $302,000 after purchasing an additional 1,672 shares during the period. Nisa Investment Advisors LLC acquired a new stake in WESCO International in the fourth quarter worth $375,000. Finally, Diamond Hill Capital Management Inc. acquired a new stake in WESCO International in the third quarter worth $502,000. Institutional investors own 98.72% of the company’s stock.
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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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