KeyCorp Issues Positive Forecast for WESCO International (NYSE:WCC) Stock Price

Key Points

• KeyCorp has raised its price target for WESCO International from $240.00 to $258.00, suggesting a potential upside of 14.73% from the previous close, maintaining an "overweight" rating.
• WESCO International recently reported $3.39 earnings per share, surpassing analysts' expectations, with revenues of $5.90 billion for the quarter.
• Insider selling activity includes CEO John Engel, who sold over 51,000 shares for approximately $11.55 million, indicating a 9.69% decrease in his position.

WESCO International (NYSE:WCC - Get Free Report) had its price objective increased by KeyCorp from $240.00 to $258.00 in a report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. KeyCorp's price target would indicate a potential upside of 14.73% from the stock's previous close.

Several other brokerages have also recently issued reports on WCC. Loop Capital increased their price target on shares of WESCO International from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. JPMorgan Chase & Co. raised 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. Oppenheimer reduced their target price on WESCO International from $225.00 to $195.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Stephens downgraded WESCO International from an "overweight" rating to an "equal weight" rating and lifted their price target for the stock from $190.00 to $200.00 in a research note on Wednesday, July 16th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $240.00 price objective (up previously from $230.00) on shares of WESCO International in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, WESCO International has a consensus rating of "Buy" and a consensus target price of $223.78.

WESCO International Price Performance

NYSE:WCC traded down $0.63 during trading hours on Friday, reaching $224.88. 15,685 shares of the company were exchanged, compared to its average volume of 717,394. The company has a current ratio of 2.09, a quick ratio of 1.19 and a debt-to-equity ratio of 1.19. The stock's 50-day moving average is $204.11 and its 200-day moving average is $179.29. The firm has a market cap of $10.94 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.84. WESCO International has a twelve month low of $125.21 and a twelve month high of $228.35.

WESCO International (NYSE:WCC - Get Free Report) last released 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 net margin of 2.98% and a return on equity of 12.96%. The business had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the prior year, the firm earned $3.21 earnings per share. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. On average, sell-side analysts anticipate that WESCO International will post 13.3 earnings per share for the current fiscal year.

Insider Buying and Selling at WESCO International

In other WESCO International news, CEO John Engel sold 51,051 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $226.17, for a total value of $11,546,204.67. Following the completion of the transaction, the chief executive officer owned 475,971 shares in the company, valued at $107,650,361.07. This represents a 9.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Louis Singleton sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $226.54, for a total value of $339,810.00. Following the completion of the transaction, the director owned 38,877 shares of the company's stock, valued at approximately $8,807,195.58. This represents a 3.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,495 shares of company stock worth $21,138,765. Company insiders own 3.30% of the company's stock.

Hedge Funds Weigh In On WESCO International

Institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. boosted its holdings in WESCO International by 129.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 232 shares of the technology company's stock worth $43,000 after acquiring an additional 131 shares during the period. Whittier Trust Co. raised its position in shares of WESCO International by 46.8% in the 1st quarter. Whittier Trust Co. now owns 279 shares of the technology company's stock valued at $43,000 after purchasing an additional 89 shares in the last quarter. Parallel Advisors LLC raised its position in shares of WESCO International by 21.1% in the 1st quarter. Parallel Advisors LLC now owns 447 shares of the technology company's stock valued at $69,000 after purchasing an additional 78 shares in the last quarter. GAMMA Investing LLC raised its position in shares of WESCO International by 27.7% in the 1st quarter. GAMMA Investing LLC now owns 479 shares of the technology company's stock valued at $74,000 after purchasing an additional 104 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of WESCO International by 95.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the technology company's stock valued at $139,000 after purchasing an additional 368 shares in the last quarter. Hedge funds and other institutional investors own 93.75% of the company's stock.

About WESCO International

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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