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% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 691,589 shares of the technology company's stock after selling 8,590 shares during the period. WESCO International makes up 1.7% of Lyrical Asset Management LP's holdings, making the stock its 27th largest position. Lyrical Asset Management LP owned approximately 1.42% of WESCO International worth $107,404,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in WESCO International by 6,769.8% in the 1st quarter. Pacer Advisors Inc. now owns 456,290 shares of the technology company's stock valued at $70,862,000 after acquiring an additional 449,648 shares during the period. Bank of New York Mellon Corp raised its stake in WESCO International by 88.2% during the first quarter. Bank of New York Mellon Corp now owns 758,786 shares of the technology company's stock worth $117,839,000 after buying an additional 355,570 shares during the last quarter. Ameriprise Financial Inc. raised its stake in WESCO International by 149.3% during the fourth quarter. Ameriprise Financial Inc. now owns 255,035 shares of the technology company's stock worth $46,148,000 after buying an additional 152,727 shares during the last quarter. GAMMA Investing LLC grew its holdings in WESCO International by 19,737.1% in the first quarter. GAMMA Investing LLC now owns 74,389 shares of the technology company's stock worth $11,553,000 after purchasing an additional 74,014 shares during the period. Finally, Redwood Investment Management LLC acquired a new position in shares of WESCO International during the fourth quarter valued at about $1,445,000. 93.75% of the stock is owned by institutional investors.

Insider Transactions at WESCO International

In other news, EVP Christine Ann Wolf sold 3,106 shares of the company's 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 transaction, the executive vice president owned 30,181 shares in the company, valued at $5,346,262.34. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nelson John Squires III sold 11,093 shares of the stock in a transaction that occurred on 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 transaction, 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. 3.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WCC has been the topic of several research reports. Stephens lowered shares of WESCO International from an "overweight" rating to an "equal weight" rating and lifted their price objective for the stock from $190.00 to $200.00 in a research report on Wednesday, July 16th. Loop Capital boosted their price target on shares of WESCO International from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. KeyCorp upped their price objective on shares of WESCO International from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Raymond James Financial reissued a "strong-buy" rating and set a $240.00 price target (up previously from $230.00) on shares of WESCO International in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of WESCO International from $180.00 to $205.00 and gave the stock an "overweight" rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, WESCO International has an average rating of "Buy" and an average target price of $221.78.

WESCO International Price Performance

NYSE:WCC traded up $2.2020 during trading hours on Tuesday, hitting $212.0620. 144,331 shares of the stock traded hands, compared to its average volume of 727,060. WESCO International, Inc. has a 1 year low of $125.21 and a 1 year high of $219.07. The stock has a 50 day moving average price of $197.08 and a 200 day moving average price of $177.24. The company has a quick ratio of 1.19, a current ratio of 2.09 and a debt-to-equity ratio of 1.19. The company has a market cap of $10.32 billion, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 1.58 and a beta of 1.84.

WESCO International (NYSE:WCC - Get Free Report) last released 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 net margin of 2.98% and a return on equity of 12.96%. The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the firm earned $3.21 earnings per share. The company's quarterly revenue was up 7.7% compared to the same quarter last year. Sell-side analysts forecast that WESCO International, Inc. will post 13.3 EPS for the current fiscal year.

WESCO International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.4538 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.82 dividend on an annualized basis and a yield of 0.9%. WESCO International's dividend payout ratio is 14.25%.

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).