Peregrine Capital Management LLC lifted its holdings in shares of WESCO International, Inc. (NYSE:WCC) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 181,205 shares of the technology company’s stock after buying an additional 2,559 shares during the period. Peregrine Capital Management LLC’s holdings in WESCO International were worth $6,362,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Diamond Hill Capital Management Inc. boosted its position in WESCO International by 61.0% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,134,658 shares of the technology company’s stock valued at $48,777,000 after buying an additional 808,844 shares in the last quarter. Russell Investments Group Ltd. boosted its position in WESCO International by 121.5% in the first quarter. Russell Investments Group Ltd. now owns 434,147 shares of the technology company’s stock valued at $9,895,000 after buying an additional 238,134 shares in the last quarter. Quinn Opportunity Partners LLC acquired a new stake in WESCO International in the first quarter valued at approximately $2,337,000. Farmers & Merchants Investments Inc. acquired a new stake in WESCO International in the first quarter valued at approximately $1,318,000. Finally, Roubaix Capital LLC acquired a new stake in WESCO International in the second quarter valued at approximately $1,899,000. Institutional investors own 97.08% of the company’s stock.
In related news, major shareholder Equity Investors Vii L. Green purchased 662,805 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was purchased at an average cost of $35.41 per share, with a total value of $23,469,925.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Equity Investors Vii L. Green purchased 962,805 shares of the firm’s stock in a transaction on Tuesday, July 14th. The stock was bought at an average cost of $35.78 per share, with a total value of $34,449,162.90. The disclosure for this purchase can be found here. 3.70% of the stock is owned by insiders.
WESCO International (NYSE:WCC) last released its earnings results on Thursday, April 30th. The technology company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $1.97 billion. WESCO International had a net margin of 2.58% and a return on equity of 10.11%. WESCO International’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 EPS. Research analysts expect that WESCO International, Inc. will post 3.2 earnings per share for the current year.
WCC has been the topic of a number of recent research reports. Robert W. Baird lowered shares of WESCO International from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $45.00 to $40.00 in a report on Wednesday, June 24th. ValuEngine upgraded shares of WESCO International from a “strong sell” rating to a “sell” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price target on shares of WESCO International from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, June 23rd. Wells Fargo & Co initiated coverage on shares of WESCO International in a report on Thursday, June 11th. They set an “overweight” rating and a $55.00 price target on the stock. Finally, Wolfe Research lifted their price target on shares of WESCO International from $35.00 to $44.00 and gave the stock a “peer perform” rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $49.73.
WESCO International Profile
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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