WESCO International, Inc. $WCC Stock: Carnegie Lake Advisors LLC Lowers Stake

Key Points

• Carnegie Lake Advisors cut its WESCO stake by 43.7% in the third quarter, selling 10,600 shares and ending with 13,680 shares worth about $4.9 million. Institutional investors overall own 93.75% of the stock.
• WESCO reported quarterly EPS of $5.77, beating estimates of $4.69, while revenue of $7.23 billion topped forecasts and rose 16.6% year over year.
• Analyst sentiment remains broadly positive: eight analysts rate WESCO a Buy and one a Hold, producing a “Moderate Buy” consensus and an average target price of $403.86.

Carnegie Lake Advisors LLC decreased its holdings in shares of WESCO International, Inc. (NYSE:WCC - Free Report) by 43.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,680 shares of the technology company's stock after selling 10,600 shares during the quarter. WESCO International comprises about 4.3% of Carnegie Lake Advisors LLC's investment portfolio, making the stock its 7th largest position. Carnegie Lake Advisors LLC's holdings in WESCO International were worth $4,919,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in WCC. BlackRock Inc. purchased a new stake in WESCO International during the second quarter valued at approximately $3,094,634,000. Bank of New York Mellon Corp lifted its position in WESCO International by 10.3% in the first quarter. Bank of New York Mellon Corp now owns 907,473 shares of the technology company's stock worth $248,303,000 after buying an additional 84,905 shares during the last quarter. Bank of America Corp DE purchased a new position in WESCO International during the second quarter worth $296,304,000. Alyeska Investment Group L.P. boosted its stake in WESCO International by 16.2% during the second quarter. Alyeska Investment Group L.P. now owns 653,591 shares of the technology company's stock worth $225,770,000 after buying an additional 91,321 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in WESCO International during the second quarter valued at $175,189,000. 93.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of WESCO International from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 23rd. Royal Bank Of Canada lifted their price target on shares of WESCO International from $435.00 to $450.00 and gave the stock an "outperform" rating in a research note on Friday, October 30th. Zacks Research downgraded shares of WESCO International from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Barclays increased their price objective on shares of WESCO International from $390.00 to $437.00 and gave the stock an "overweight" rating in a research report on Monday, October 12th. Finally, Stephens raised shares of WESCO International from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $350.00 to $400.00 in a research note on Tuesday, July 14th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $403.86.

Insider Transactions at WESCO International

In other WESCO International news, Director Laura Thompson sold 270 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $368.45, for a total value of $99,481.50. Following the transaction, the director directly owned 10,720 shares in the company, valued at $3,949,784. This represents a 2.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Akash Khurana sold 3,400 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $366.78, for a total transaction of $1,247,052.00. Following the transaction, the executive vice president directly owned 27,404 shares in the company, valued at approximately $10,051,239.12. This trade represents a 11.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.60% of the stock is owned by corporate insiders.

WESCO International Stock Performance

WCC stock opened at $292.62 on Monday. The company has a quick ratio of 1.19, a current ratio of 2.01 and a debt-to-equity ratio of 1.10. The business's fifty day simple moving average is $347.80 and its two-hundred day simple moving average is $327.95. WESCO International, Inc. has a twelve month low of $240.55 and a twelve month high of $388.64. The firm has a market cap of $14.26 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 1.59 and a beta of 1.55.

WESCO International (NYSE:WCC - Get Free Report) last issued its earnings results 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 analyst estimates 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 was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.92 earnings per share. Analysts predict that WESCO International, Inc. will post 18.39 earnings per share for the current year.

WESCO International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Friday, September 11th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date 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.

WESCO serves customers in the United States and internationally.

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