Gabelli Funds LLC Buys 7,350 Shares of WESCO International, Inc. $WCC

Key Points

• Gabelli Funds LLC increased its stake in WESCO International by 210.0%, acquiring additional shares worth approximately $1.68 million during the first quarter.
• WESCO International reported earnings of $3.39 per share for the last quarter, surpassing analysts' expectations of $3.31, with a year-over-year revenue growth of 7.7%.
• The company will pay a quarterly dividend of $0.4538 per share, translating to an annual dividend yield of 0.8%, with the ex-dividend date on September 12th.

Gabelli Funds LLC increased its holdings in shares of WESCO International, Inc. (NYSE:WCC - Free Report) by 210.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,850 shares of the technology company's stock after acquiring an additional 7,350 shares during the period. Gabelli Funds LLC's holdings in WESCO International were worth $1,685,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of WCC. Ameriprise Financial Inc. grew its holdings in shares of 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 purchasing an additional 152,727 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of WESCO International by 538.0% in the fourth quarter. Captrust Financial Advisors now owns 8,096 shares of the technology company's stock valued at $1,465,000 after buying an additional 6,827 shares during the last quarter. Redwood Investment Management LLC acquired a new position in WESCO International during the 4th quarter worth about $1,445,000. Raiffeisen Bank International AG bought a new stake in WESCO International during the 4th quarter worth about $180,000. Finally, Amiral Gestion acquired a new stake in WESCO International in the 4th quarter valued at about $796,000. Institutional investors own 93.75% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on WCC shares. JPMorgan Chase & Co. upped their target price on shares of WESCO International from $180.00 to $205.00 and gave the stock an "overweight" rating in a research report on Monday, August 4th. Stephens cut shares of WESCO International from an "overweight" rating to an "equal weight" rating and boosted their price objective for the stock from $190.00 to $200.00 in a research report on Wednesday, July 16th. KeyCorp increased their price objective on WESCO International from $240.00 to $258.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Raymond James Financial reissued a "strong-buy" rating and issued a $240.00 target price (up from $230.00) on shares of WESCO International in a research note on Friday, August 1st. Finally, Loop Capital upped their price target on WESCO International from $220.00 to $235.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $223.78.

Insiders Place Their Bets

In other WESCO International news, EVP Christine Ann Wolf sold 2,098 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $224.92, for a total transaction of $471,882.16. Following the transaction, the executive vice president owned 30,188 shares of the company's stock, valued at $6,789,884.96. The trade was a 6.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Diane Lazzaris sold 4,260 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $226.77, for a total transaction of $966,040.20. Following the completion of the sale, the executive vice president directly owned 52,916 shares in the company, valued at approximately $11,999,761.32. The trade was a 7.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,457 shares of company stock worth $27,908,668 in the last 90 days. Company insiders own 3.10% of the company's stock.

WESCO International Trading Down 1.4%

WCC traded down $3.01 during midday trading on Wednesday, reaching $215.99. 286,594 shares of the company were exchanged, compared to its average volume of 717,974. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.19 and a current ratio of 2.09. WESCO International, Inc. has a one year low of $125.21 and a one year high of $228.35. The stock has a market capitalization of $10.51 billion, a P/E ratio of 16.93, a PEG ratio of 1.69 and a beta of 1.81. The stock's 50-day simple moving average is $206.40 and its 200 day simple moving average is $179.75.

WESCO International (NYSE:WCC - Get Free Report) last issued its earnings results on Thursday, July 31st. The technology company reported $3.39 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.90 billion for the quarter, compared to analysts' expectations of $5.82 billion. During the same quarter last year, the business earned $3.21 earnings per share. The company's revenue was up 7.7% compared to the same quarter last year. As a group, analysts forecast that WESCO International, Inc. will post 13.3 earnings per share for the current fiscal year.

WESCO International Announces Dividend

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