WESCO International, Inc. $WCC Shares Sold by Lyrical Asset Management LP

Key Points

• Lyrical Asset Management LP has reduced its stake in WESCO International by 1.2%, owning 691,589 shares after selling 8,590 shares in the first quarter.
• Other institutional investors have shown significant interest, with Bank of New York Mellon increasing its holdings by 88.2% and Pacer Advisors by 6,769.8% during the same period.
• WESCO International reported $3.39 earnings per share for the last quarter, surpassing analyst expectations and reflecting a 7.7% year-over-year revenue increase to $5.90 billion.

Lyrical Asset Management LP cut its stake in WESCO International, Inc. (NYSE:WCC - Free Report) by 1.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 691,589 shares of the technology company's stock after selling 8,590 shares during the quarter. WESCO International makes up approximately 1.7% of Lyrical Asset Management LP's investment portfolio, making the stock its 27th largest holding. Lyrical Asset Management LP owned approximately 1.42% of WESCO International worth $107,404,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Parallel Advisors LLC raised its position in shares of WESCO International by 21.1% in the first quarter. Parallel Advisors LLC now owns 447 shares of the technology company's stock valued at $69,000 after purchasing an additional 78 shares during the period. Greenleaf Trust raised its position in shares of WESCO International by 3.7% in the first quarter. Greenleaf Trust now owns 2,360 shares of the technology company's stock valued at $367,000 after purchasing an additional 84 shares during the period. Whittier Trust Co. raised its position 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 purchasing an additional 89 shares during the period. Farther Finance Advisors LLC raised its position in shares of WESCO International by 7.9% in the first quarter. Farther Finance Advisors LLC now owns 1,337 shares of the technology company's stock valued at $209,000 after purchasing an additional 98 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of WESCO International by 27.7% in the first quarter. GAMMA Investing LLC now owns 479 shares of the technology company's stock valued at $74,000 after purchasing an additional 104 shares during the period. 93.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WCC shares. JPMorgan Chase & Co. increased their price objective on shares of WESCO International from $180.00 to $205.00 and gave the company an "overweight" rating in a research report on Monday, August 4th. KeyCorp raised their price target on shares of WESCO International from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Oppenheimer lowered their price target on shares of 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 shares of WESCO International from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $190.00 to $200.00 in a research report on Wednesday, July 16th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $240.00 price target (up from $230.00) on shares of WESCO International in a research report on Friday, August 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $221.78.

WESCO International Price Performance

Shares of WESCO International stock traded up $3.99 during midday trading on Monday, hitting $210.21. 539,239 shares of the company traded hands, compared to its average volume of 730,877. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.58 and a beta of 1.84. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.19 and a current ratio of 2.09. The firm's fifty day moving average price is $196.40 and its 200-day moving average price is $177.06. WESCO International, Inc. has a 12 month low of $125.21 and a 12 month high of $219.07.

WESCO International (NYSE:WCC - Get Free Report) last announced its earnings results on Thursday, July 31st. The technology company reported $3.39 EPS for the quarter, topping the consensus estimate of $3.31 by $0.08. WESCO International had a return on equity of 12.96% and a net margin of 2.98%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same period in the previous year, the business earned $3.21 EPS. The business's quarterly revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts forecast that WESCO International, Inc. will post 13.3 earnings per share for the current year.

WESCO International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.4538 per share. The ex-dividend date was Friday, June 13th. This represents a $1.82 annualized dividend and a dividend yield of 0.9%. WESCO International's dividend payout ratio is currently 14.25%.

Insider Buying and Selling at WESCO International

In other news, EVP Christine Ann Wolf sold 3,106 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $177.14, for a total transaction of $550,196.84. Following the completion of the sale, the executive vice president directly owned 30,181 shares in the company, valued at approximately $5,346,262.34. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nelson John Squires III sold 11,093 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $210.91, for a total transaction of $2,339,624.63. Following the completion of the sale, the executive vice president owned 48,625 shares in the company, valued at approximately $10,255,498.75. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company's stock.

WESCO International 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).