WESCO International, Inc. (NYSE:WCC) Short Interest Up 18,456.7% in July

Key Points

• WESCO International, Inc. saw a staggering increase in short interest of 18,456.7% in July, climbing to 1,800,000 shares from just 9,700 shares at the end of June.
• Wall Street analysts show mixed sentiments; while Stephens raised their price target to $200.00, Oppenheimer and JPMorgan Chase lowered theirs to $195.00 and $180.00 respectively, resulting in a consensus rating of "Moderate Buy".
• WESCO International has announced a quarterly dividend payment of $0.4538 per share, yielding approximately 0.9% annually, reinforcing its commitment to return value to shareholders.

WESCO International, Inc. (NYSE:WCC - Get Free Report) was the target of a large growth in short interest in July. As of July 15th, there was short interest totaling 1,800,000 shares, agrowthof18,456.7% from the June 30th total of 9,700 shares. Approximately3.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 652,900 shares, the days-to-cover ratio is presently 2.8 days. Based on an average daily trading volume, of 652,900 shares, the days-to-cover ratio is presently 2.8 days. Approximately3.8% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on WCC shares. Stephens downgraded WESCO International from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $190.00 to $200.00 in a report on Wednesday, July 16th. Oppenheimer lowered their price objective on WESCO International from $225.00 to $195.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. JPMorgan Chase & Co. reduced their price objective on WESCO International from $210.00 to $180.00 and set an "overweight" rating for the company in a research note on Tuesday, May 27th. Raymond James Financial restated a "strong-buy" rating and issued a $240.00 price target (up previously from $230.00) on shares of WESCO International in a research note on Friday. Finally, Loop Capital lowered their price objective on WESCO International from $250.00 to $220.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $217.33.

Insiders Place Their Bets

In other WESCO International news, EVP Christine Ann Wolf sold 3,106 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $177.14, for a total transaction of $550,196.84. Following the completion of the transaction, the executive vice president owned 30,181 shares in the company, valued at $5,346,262.34. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On WESCO International

A number of institutional investors and hedge funds have recently modified their holdings of WCC. Whittier Trust Co. boosted its stake in WESCO International by 46.8% in the first quarter. Whittier Trust Co. now owns 279 shares of the technology company's stock valued at $43,000 after acquiring an additional 89 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of WESCO International by 21.1% during the first quarter. Parallel Advisors LLC now owns 447 shares of the technology company's stock worth $69,000 after buying an additional 78 shares during the period. GAMMA Investing LLC boosted its stake in shares of WESCO International by 27.7% during the first quarter. GAMMA Investing LLC now owns 479 shares of the technology company's stock worth $74,000 after buying an additional 104 shares during the period. Raiffeisen Bank International AG acquired a new stake in shares of WESCO International during the fourth quarter worth about $180,000. Finally, NBC Securities Inc. boosted its stake in shares of WESCO International by 101,900.0% during the first quarter. NBC Securities Inc. now owns 1,020 shares of the technology company's stock worth $158,000 after buying an additional 1,019 shares during the period. Institutional investors and hedge funds own 93.76% of the company's stock.

WESCO International Trading Down 1.8%

NYSE WCC traded down $3.81 on Friday, reaching $203.15. The stock had a trading volume of 902,557 shares, compared to its average volume of 744,898. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.64 and a beta of 1.83. The company has a quick ratio of 1.23, a current ratio of 2.15 and a debt-to-equity ratio of 1.02. WESCO International has a 12-month low of $125.21 and a 12-month high of $219.07. The stock has a fifty day moving average price of $188.04 and a two-hundred day moving average price of $176.05.

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

WESCO International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.4538 per share. The ex-dividend date was Friday, June 13th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 0.9%. WESCO International's payout ratio is presently 13.69%.

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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