164,203 WESCO International, Inc. $WCC Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its WESCO stake by 76.5%, selling 164,203 shares in the third quarter and retaining 50,433 shares valued at about $18.7 million.
• WESCO reported quarterly EPS of $5.77, beating the $4.69 consensus, while revenue rose 16.6% year over year to $7.23 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $405.71; two senior executives also purchased shares.

Allspring Global Investments Holdings LLC reduced its stake in WESCO International, Inc. (NYSE:WCC - Free Report) by 76.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 50,433 shares of the technology company's stock after selling 164,203 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of WESCO International worth $18,725,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new stake in WESCO International in the second quarter valued at $3,094,634,000. Bank of America Corp DE acquired a new stake in shares of WESCO International in the 2nd quarter valued at $296,304,000. Bank of New York Mellon Corp acquired a new stake in shares of WESCO International in the 2nd quarter valued at $249,503,000. Alyeska Investment Group L.P. grew its holdings in shares of WESCO International by 16.2% in the 2nd quarter. Alyeska Investment Group L.P. now owns 653,591 shares of the technology company's stock worth $225,770,000 after purchasing an additional 91,321 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of WESCO International during the 2nd quarter worth about $175,189,000. 93.75% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at WESCO International

In other news, EVP Anthony S. Marino bought 341 shares of the business's stock in a transaction on Friday, November 6th. The shares were purchased at an average price of $292.97 per share, for a total transaction of $99,902.77. Following the purchase, the executive vice president owned 1,363 shares of the company's stock, valued at approximately $399,318.11. The trade was a 33.37% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Indraneel Dev purchased 1,725 shares of WESCO International stock in a transaction on Thursday, November 5th. The shares were purchased at an average cost of $291.90 per share, with a total value of $503,527.50. Following the transaction, the chief financial officer owned 18,621 shares in the company, valued at approximately $5,435,469.90. The trade was a 10.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wall Street Zen raised shares of WESCO International from a "buy" rating to a "strong-buy" rating in a report on Saturday. Zacks Research downgraded WESCO International from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Weiss Ratings lowered WESCO International from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 23rd. Barclays increased their price target on WESCO International from $437.00 to $450.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Royal Bank Of Canada lifted their price objective on WESCO International from $435.00 to $450.00 and gave the company an "outperform" rating in a research report on Friday, October 30th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $405.71.

WESCO International Stock Down 1.8%

WESCO International stock opened at $321.41 on Friday. The company's 50 day simple moving average is $346.41 and its 200 day simple moving average is $328.82. WESCO International, Inc. has a fifty-two week low of $240.55 and a fifty-two week high of $388.64. The firm has a market capitalization of $15.64 billion, a price-to-earnings ratio of 19.95, a PEG ratio of 1.78 and a beta of 1.55. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.01 and a quick ratio of 1.19.

WESCO International (NYSE:WCC - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The technology company reported $5.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.69 by $1.08. The firm had revenue of $7.23 billion during the quarter, compared to analysts' expectations of $6.87 billion. WESCO International had a net margin of 3.04% and a return on equity of 16.27%. The business's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.92 earnings per share. As a group, sell-side analysts anticipate that WESCO International, Inc. will post 18.40 EPS for the current year.

WESCO International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, September 11th. WESCO International's dividend payout ratio is currently 12.41%.

WESCO International Company Profile

WESCO International is a business-to-business distributor of electrical, communications, utility and industrial products. Its offerings include wire and cable, lighting, electrical equipment, networking and security systems, and supplies used in maintenance, repair and operations. The company also provides services such as procurement, inventory management, logistics, project support and supply-chain consulting. Its customers include contractors, manufacturers, utilities, communications providers, government organizations and commercial businesses.

Want to see what other hedge funds are holding WCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WESCO International, Inc. (NYSE:WCC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.