WESCO International, Inc. $WCC Stock: Pzena Investment Management LLC Cuts Position

Key Points

• Pzena Investment Management cut its WESCO stake by 46.1% in the third quarter, selling 32,943 shares and ending the period with 38,551 shares valued at about $13.9 million.
• Analyst sentiment is generally positive: WESCO has a “Moderate Buy” consensus rating and an average price target of $405.33, though some firms recently downgraded or lowered their ratings.
• WESCO beat quarterly earnings and revenue estimates, reporting EPS of $5.77 versus $4.69 expected and revenue of $7.23 billion; revenue grew 16.6% year over year.

Pzena Investment Management LLC lessened its stake in shares of WESCO International, Inc. (NYSE:WCC - Free Report) by 46.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,551 shares of the technology company's stock after selling 32,943 shares during the period. Pzena Investment Management LLC owned approximately 0.08% of WESCO International worth $13,863,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in WESCO International in the second quarter worth $3,094,634,000. Bank of America Corp DE purchased a new stake in shares of WESCO International in the second quarter worth $296,304,000. Bank of New York Mellon Corp bought a new position in shares of WESCO International during the second quarter valued at $249,503,000. Alyeska Investment Group L.P. increased its holdings in shares of 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 valued at $225,770,000 after acquiring an additional 91,321 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of WESCO International during the second quarter valued at $175,189,000. Hedge funds and other institutional investors own 93.75% of the company's stock.

Insiders Place Their Bets

In related news, EVP Akash Khurana sold 3,400 shares of WESCO International stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $366.78, for a total value of $1,247,052.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laura K. Thompson sold 270 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $368.45, for a total value of $99,481.50. Following the completion of the transaction, the director directly owned 10,720 shares of the company's stock, valued at approximately $3,949,784. This trade represents a 2.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Stephens raised WESCO International from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $350.00 to $400.00 in a research report on Tuesday, July 14th. Weiss Ratings downgraded shares of WESCO International from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 23rd. Royal Bank Of Canada increased their price objective on shares of WESCO International from $435.00 to $450.00 and gave the company an "outperform" rating in a research report on Friday, October 30th. Wall Street Zen upgraded shares of WESCO International from a "hold" rating to a "buy" rating in a research note on Saturday, October 24th. Finally, Zacks Research cut shares of WESCO International from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $405.33.

WESCO International Stock Performance

WCC stock opened at $285.85 on Friday. The stock has a market capitalization of $13.93 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 1.72 and a beta of 1.55. WESCO International, Inc. has a 12-month low of $240.55 and a 12-month high of $388.64. The company has a current ratio of 2.01, a quick ratio of 1.19 and a debt-to-equity ratio of 1.10. The stock's 50 day simple moving average is $348.97 and its 200 day simple moving average is $327.87.

WESCO International (NYSE:WCC - Get Free Report) last issued its earnings results on Thursday, October 29th. The technology company reported $5.77 EPS for the quarter, beating the consensus estimate of $4.69 by $1.08. The business had revenue of $7.23 billion for the quarter, compared to the consensus estimate of $6.87 billion. WESCO International had a return on equity of 16.27% and a net margin of 3.04%. The company's revenue was up 16.6% compared to the same quarter last year. During the same period last year, the business posted $3.92 EPS. As a group, research analysts forecast that WESCO International, Inc. will post 18.39 earnings per share for the current fiscal year.

WESCO International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, September 11th. WESCO International's dividend payout ratio is presently 12.41%.

WESCO International Company Profile

WESCO International, Inc is a business-to-business provider of electrical, communications, security, and supply chain solutions. The company distributes products used in electrical and electronic systems, including wire and cable, lighting, circuit protection, automation and control equipment, data communications infrastructure, security products, and other electrical and industrial supplies.

WESCO serves a broad range of customers, including electrical and data communications contractors, industrial companies, original equipment manufacturers, utilities, commercial and institutional businesses, government entities, and telecommunications providers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.