Zacks Investment Research upgraded shares of WESCO International (NYSE:WCC) from a hold rating to a buy rating in a report released on Tuesday, November 14th. The firm currently has $69.00 price objective on the technology company’s stock.
According to Zacks, “Wesco is one of the major distributors of electrical products in the U.S. Year to date, the stock has outperformed the industry it belongs to. The company’s third-quarter 2017 beat the Zacks Consensus Estimate on both counts. WESCO continues with its focus on delivering above-average sales growth, profitability improvement, strong cash flow generation and increasing shareholder value. It continues to invest progressively in the One WESCO initiative aimed at creating extensive supply chain management solutions by integrating its portfolio of products and services and its supplier relationships. WESCO has a comprehensive portfolio of products and services, and a sizable global footprint, which will help drive growth, going forward. However, foreign exchange risk, supplier concentration, a significant debt load and limited liquidity remain concerns.”
Other research analysts have also issued reports about the stock. Robert W. Baird restated a hold rating and set a $67.00 price target on shares of WESCO International in a research report on Friday, October 27th. KeyCorp reaffirmed a buy rating and set a $64.00 price objective on shares of WESCO International in a report on Thursday, October 12th. Wolfe Research downgraded shares of WESCO International from an outperform rating to a market perform rating in a research note on Friday, October 27th. Northcoast Research started coverage on shares of WESCO International in a research note on Tuesday, July 25th. They issued a buy rating and a $70.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on shares of WESCO International from $67.00 to $75.00 and gave the company an outperform rating in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $68.38.
WESCO International (NYSE:WCC) last posted its earnings results on Thursday, October 26th. The technology company reported $1.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.09. WESCO International had a net margin of 2.52% and a return on equity of 9.11%. The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the firm earned $1.05 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. equities research analysts predict that WESCO International will post 3.87 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Selway Asset Management grew its stake in WESCO International by 1.2% during the second quarter. Selway Asset Management now owns 25,100 shares of the technology company’s stock valued at $1,438,000 after acquiring an additional 300 shares in the last quarter. Neuberger Berman Group LLC lifted its holdings in WESCO International by 3.4% during the 2nd quarter. Neuberger Berman Group LLC now owns 9,878 shares of the technology company’s stock valued at $566,000 after buying an additional 326 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in WESCO International by 14.3% during the 1st quarter. OppenheimerFunds Inc. now owns 5,009 shares of the technology company’s stock valued at $348,000 after buying an additional 626 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in WESCO International by 0.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 81,095 shares of the technology company’s stock valued at $4,647,000 after buying an additional 659 shares in the last quarter. Finally, Stanley Laman Group Ltd. lifted its holdings in WESCO International by 1.4% during the 2nd quarter. Stanley Laman Group Ltd. now owns 51,611 shares of the technology company’s stock valued at $2,957,000 after buying an additional 691 shares in the last quarter. 98.81% of the stock is owned by institutional investors.
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About WESCO International
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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