WESCO International (NYSE:WCC) Stock Breaks Above 50-Day Moving Average - Here's What Happened

Key Points

• WESCO shares moved above their 50-day moving average of $350.64, reaching $353.99 during Tuesday’s trading and last trading at about $351.91.
• The company reported quarterly EPS of $5.77, beating the $4.69 consensus, while revenue of $7.23 billion exceeded estimates and rose 16.6% year over year.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy and one Hold, with a consensus “Moderate Buy” rating and a $405.33 average price target.

Shares of WESCO International, Inc. (NYSE:WCC - Get Free Report) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $350.64 and traded as high as $353.99. WESCO International shares last traded at $351.9120, with a volume of 843,660 shares.

Analyst Ratings Changes

Several equities research analysts have issued reports on WCC shares. Stephens upgraded WESCO International from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $350.00 to $400.00 in a report on Tuesday, July 14th. Royal Bank Of Canada raised their price target on WESCO International from $435.00 to $450.00 and gave the stock an "outperform" rating in a research report on Friday, October 30th. Wall Street Zen upgraded WESCO International from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Barclays boosted their price objective on WESCO International from $390.00 to $437.00 and gave the company an "overweight" rating in a research report on Monday, October 12th. Finally, Zacks Research lowered WESCO International from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 19th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $405.33.

WESCO International Trading Up 4.9%

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 moving average is $350.64 and its 200 day moving average is $327.68. The firm has a market capitalization of $17.15 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 1.82 and a beta of 1.55.

WESCO International (NYSE:WCC - Get Free Report) last announced its earnings results on Thursday, October 29th. The technology company reported $5.77 earnings per share for the quarter, topping 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 company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.92 EPS. Equities analysts predict that WESCO International, Inc. will post 18.41 earnings per share for the current year.

WESCO International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Friday, September 11th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, September 11th. WESCO International's payout ratio is 12.41%.

Insider Activity

In related news, Director Laura Thompson sold 270 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $368.45, for a total transaction of $99,481.50. Following the completion of the transaction, the director directly owned 10,720 shares in the company, valued at approximately $3,949,784. This trade represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Akash Khurana sold 3,400 shares of WESCO International stock in a transaction that occurred on Monday, August 17th. The shares were 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 represents a 11.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On WESCO International

Several hedge funds have recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in WESCO International by 116.9% in the 3rd quarter. Brighton Jones LLC now owns 3,667 shares of the technology company's stock valued at $1,318,000 after acquiring an additional 1,976 shares during the period. Pictet Asset Management Holding SA boosted its holdings in shares of WESCO International by 4.7% during the third quarter. Pictet Asset Management Holding SA now owns 7,733 shares of the technology company's stock worth $2,781,000 after acquiring an additional 349 shares during the period. Parallel Advisors LLC boosted its holdings in shares of WESCO International by 7.3% during the third quarter. Parallel Advisors LLC now owns 619 shares of the technology company's stock worth $223,000 after acquiring an additional 42 shares during the period. Ashton Thomas Private Wealth LLC boosted its holdings in shares of WESCO International by 4.4% during the third quarter. Ashton Thomas Private Wealth LLC now owns 2,327 shares of the technology company's stock worth $837,000 after acquiring an additional 98 shares during the period. Finally, Allegiance Financial Group Advisory Services LLC grew its position in shares of WESCO International by 75.2% in the third quarter. Allegiance Financial Group Advisory Services LLC now owns 1,060 shares of the technology company's stock valued at $381,000 after purchasing an additional 455 shares during the last quarter. 93.75% of the stock is owned by institutional investors.

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.

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