KeyCorp Forecasts Strong Price Appreciation for WESCO International (NYSE:WCC) Stock

Key Points

• KeyCorp raised its price target for WESCO International's stock from $210.00 to $240.00, indicating a potential upside of 19.81% based on the previous close.
• Despite mixed ratings from other analysts, the majority maintain a Moderate Buy consensus with an average target price of $214.50.
• WESCO International reported $3.39 EPS for the last quarter, exceeding analyst expectations, and showing a 7.7% increase in quarterly revenue compared to the previous year.

WESCO International (NYSE:WCC - Get Free Report) had its price objective raised by investment analysts at KeyCorp from $210.00 to $240.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. KeyCorp's target price points to a potential upside of 19.81% from the company's previous close.

A number of other research analysts also recently commented on the stock. Loop Capital dropped their target price on shares of WESCO International from $250.00 to $220.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Stephens downgraded shares of WESCO International from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $190.00 to $200.00 in a research report on Wednesday, July 16th. JPMorgan Chase & Co. dropped their target price on shares of WESCO International from $210.00 to $180.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 27th. Finally, Oppenheimer dropped their target price 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. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $214.50.

WESCO International Trading Down 3.2%

Shares of NYSE:WCC opened at $200.32 on Friday. WESCO International has a 52 week low of $125.21 and a 52 week high of $219.07. The company's 50 day moving average is $188.04 and its two-hundred day moving average is $176.05. The company has a current ratio of 2.15, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The company has a market cap of $9.78 billion, a PE ratio of 15.15, a P/E/G ratio of 1.64 and a beta of 1.83.

WESCO International (NYSE:WCC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The technology company reported $3.39 EPS for the quarter, beating analysts' consensus estimates of $3.31 by $0.08. The company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.82 billion. WESCO International had a net margin of 3.30% and a return on equity of 13.40%. The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.21 EPS. Equities analysts predict that WESCO International will post 13.3 earnings per share for the current fiscal year.

Insider Activity at WESCO International

In other news, EVP Christine Ann Wolf sold 3,106 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $177.14, for a total value of $550,196.84. Following the completion of the sale, the executive vice president owned 30,181 shares in the company, valued at approximately $5,346,262.34. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.30% of the company's stock.

Institutional Trading of WESCO International

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in shares of WESCO International by 88.2% in the 1st quarter. Bank of New York Mellon Corp now owns 758,786 shares of the technology company's stock worth $117,839,000 after acquiring an additional 355,570 shares during the period. Pacer Advisors Inc. lifted its stake in shares of WESCO International by 6,769.8% in the first quarter. Pacer Advisors Inc. now owns 456,290 shares of the technology company's stock valued at $70,862,000 after purchasing an additional 449,648 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of WESCO International in the second quarter valued at about $75,136,000. Ameriprise Financial Inc. lifted its stake in shares of WESCO International by 21.2% in the first quarter. Ameriprise Financial Inc. now owns 309,081 shares of the technology company's stock valued at $48,001,000 after purchasing an additional 54,046 shares during the period. Finally, Davis Selected Advisers lifted its stake in shares of WESCO International by 0.6% in the first quarter. Davis Selected Advisers now owns 258,503 shares of the technology company's stock valued at $40,146,000 after purchasing an additional 1,516 shares during the period. Institutional investors and hedge funds own 93.76% of the company's stock.

WESCO International Company 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).

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