Kornitzer Capital Management Inc. KS Trims Stock Position in WESCO International, Inc. (NYSE:WCC)

Kornitzer Capital Management Inc. KS reduced its stake in WESCO International, Inc. (NYSE:WCC) by 53.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,855 shares of the technology company’s stock after selling 22,653 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in WESCO International were worth $3,147,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WCC. Lyrical Asset Management LP lifted its holdings in shares of WESCO International by 2,583.9% during the fourth quarter. Lyrical Asset Management LP now owns 765,124 shares of the technology company’s stock worth $133,040,000 after purchasing an additional 736,616 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of WESCO International in the second quarter valued at about $5,916,000. Russell Investments Group Ltd. boosted its holdings in shares of WESCO International by 74.8% in the first quarter. Russell Investments Group Ltd. now owns 72,897 shares of the technology company’s stock valued at $12,486,000 after acquiring an additional 31,200 shares in the last quarter. Hosking Partners LLP increased its stake in shares of WESCO International by 68.6% during the first quarter. Hosking Partners LLP now owns 63,577 shares of the technology company’s stock worth $10,889,000 after acquiring an additional 25,864 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in WESCO International during the fourth quarter worth about $3,177,000. 93.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WCC has been the topic of several recent analyst reports. KeyCorp dropped their target price on WESCO International from $205.00 to $195.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Royal Bank of Canada dropped their price objective on WESCO International from $175.00 to $171.00 and set a “sector perform” rating on the stock in a report on Friday, August 2nd. Stephens reissued an “overweight” rating and issued a $190.00 target price on shares of WESCO International in a report on Monday, August 5th. Loop Capital decreased their target price on shares of WESCO International from $200.00 to $190.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Baird R W downgraded shares of WESCO International from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 29th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, WESCO International presently has an average rating of “Moderate Buy” and an average price target of $184.71.

WESCO International Stock Down 1.2 %

WESCO International stock opened at $152.02 on Friday. WESCO International, Inc. has a fifty-two week low of $122.30 and a fifty-two week high of $195.43. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.26 and a beta of 2.03. The stock’s fifty day moving average is $161.96 and its two-hundred day moving average is $164.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.34 and a current ratio of 2.28.

WESCO International (NYSE:WCC) last issued its quarterly earnings data on Thursday, August 1st. The technology company reported $3.21 EPS for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.27). The business had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.55 billion. WESCO International had a net margin of 3.30% and a return on equity of 14.44%. WESCO International’s revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.71 earnings per share. Analysts predict that WESCO International, Inc. will post 12.21 EPS for the current fiscal year.

WESCO International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.4125 dividend. This represents a $1.65 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, September 13th. WESCO International’s payout ratio is currently 13.74%.

WESCO International Company Profile

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).