Corebridge Financial Inc. Decreases Stock Holdings in WESCO International, Inc. $WCC

Key Points

• Corebridge Financial Inc. reduced its stock holdings in WESCO International by 2.8%, now owning approximately 0.10% of the company, worth around $7.6 million.
• Several institutional investors, including Whittier Trust Co. and NBC Securities Inc., have significantly altered their positions, with NBC increasing its stake by an astonishing 101,900%.
• WESCO International recently reported better-than-expected earnings, with $3.39 EPS in the last quarter, surpassing analysts' estimates and reflecting a 7.7% increase in revenue year-over-year.

Corebridge Financial Inc. decreased its stake in WESCO International, Inc. (NYSE:WCC - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,030 shares of the technology company's stock after selling 1,409 shares during the period. Corebridge Financial Inc. owned 0.10% of WESCO International worth $7,614,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in WCC. Whittier Trust Co. increased its stake in shares of WESCO International by 46.8% in the first quarter. Whittier Trust Co. now owns 279 shares of the technology company's stock valued at $43,000 after buying an additional 89 shares during the period. Parallel Advisors LLC boosted its position in shares of WESCO International by 21.1% during the 1st quarter. Parallel Advisors LLC now owns 447 shares of the technology company's stock valued at $69,000 after purchasing an additional 78 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of WESCO International by 27.7% during the 1st quarter. GAMMA Investing LLC now owns 479 shares of the technology company's stock valued at $74,000 after purchasing an additional 104 shares in the last quarter. NBC Securities Inc. boosted its position in shares of WESCO International by 101,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,020 shares of the technology company's stock valued at $158,000 after purchasing an additional 1,019 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in shares of WESCO International during the 4th quarter valued at about $180,000. Institutional investors and hedge funds own 93.75% of the company's stock.

WESCO International Stock Down 1.0%

Shares of WCC stock traded down $2.11 during trading hours on Tuesday, reaching $217.73. The company had a trading volume of 419,189 shares, compared to its average volume of 718,829. WESCO International, Inc. has a 12 month low of $125.21 and a 12 month high of $228.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.09 and a quick ratio of 1.19. The business has a fifty day simple moving average of $205.73 and a 200-day simple moving average of $179.47. The company has a market cap of $10.59 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.69 and a beta of 1.81.

WESCO International (NYSE:WCC - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported $3.39 earnings per share for the quarter, beating analysts' consensus estimates of $3.31 by $0.08. WESCO International had a return on equity of 12.96% and a net margin of 2.98%.The company had revenue of $5.90 billion for the quarter, compared to analyst estimates of $5.82 billion. During the same quarter last year, the company earned $3.21 earnings per share. The company's revenue for the quarter was up 7.7% on a year-over-year basis. On average, research analysts expect that WESCO International, Inc. will post 13.3 earnings per share for the current fiscal year.

WESCO International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, September 12th will be issued a $0.4538 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, September 12th. WESCO International's dividend payout ratio (DPR) is currently 14.25%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WCC shares. Oppenheimer cut their target price on WESCO International from $225.00 to $195.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Stephens lowered WESCO International from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $190.00 to $200.00 in a research report on Wednesday, July 16th. JPMorgan Chase & Co. upped their target price on WESCO International from $180.00 to $205.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. Raymond James Financial restated a "strong-buy" rating and set a $240.00 target price (up previously from $230.00) on shares of WESCO International in a research report on Friday, August 1st. Finally, KeyCorp upped their target price on WESCO International from $240.00 to $258.00 and gave the company an "overweight" rating in a research report on Friday. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $223.78.

Insider Buying and Selling

In other news, CEO John Engel sold 51,051 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $226.17, for a total value of $11,546,204.67. Following the transaction, the chief executive officer owned 475,971 shares in the company, valued at $107,650,361.07. This trade represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David S. Schulz sold 12,227 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $225.17, for a total value of $2,753,153.59. Following the completion of the transaction, the chief financial officer owned 110,376 shares in the company, valued at $24,853,363.92. This represents a 9.97% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,495 shares of company stock valued at $21,138,765. 3.10% of the stock is currently owned by company insiders.

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).