JPMorgan Chase & Co. Forecasts Strong Price Appreciation for WESCO International (NYSE:WCC) Stock

Key Points

• JPMorgan Chase & Co. has raised the price target for WESCO International from $205.00 to $225.00, indicating a potential upside of 3.15% from the current price.
• Other analysts have also increased their price targets for WESCO, with Loop Capital setting it at $235.00 and KeyCorp at $258.00, reflecting strong market confidence.
• WESCO International reported a quarterly earnings per share (EPS) of $3.39, surpassing estimates and showing a 7.7% revenue increase compared to the same quarter last year.

WESCO International (NYSE:WCC - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $205.00 to $225.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 5.43% from the company's previous close.

WCC has been the topic of a number of other reports. Stephens lowered shares of WESCO International from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $190.00 to $200.00 in a research note on Wednesday, July 16th. KeyCorp upped their target price on shares of WESCO International from $240.00 to $258.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Raymond James Financial restated a "strong-buy" rating and set a $240.00 target price (up from $230.00) on shares of WESCO International in a research note on Friday, August 1st. Finally, Loop Capital upped their target price on shares of WESCO International from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Two research 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $232.67.

WESCO International Trading Down 2.0%

NYSE:WCC traded down $4.43 on Thursday, reaching $213.41. 403,695 shares of the company's stock were exchanged, compared to its average volume of 717,863. The company has a quick ratio of 1.19, a current ratio of 2.09 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 1.69 and a beta of 1.81. The business has a fifty day moving average of $209.07 and a 200-day moving average of $180.33. WESCO International has a 52-week low of $125.21 and a 52-week high of $228.35.

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

Insiders Place Their Bets

In other news, EVP Christine Ann Wolf sold 2,098 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $224.92, for a total value of $471,882.16. Following the completion of the sale, the executive vice president directly owned 30,188 shares of the company's stock, valued at approximately $6,789,884.96. This represents a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John Engel sold 51,051 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $226.17, for a total value of $11,546,204.67. Following the completion of the sale, the chief executive officer directly owned 475,971 shares of the company's stock, valued at $107,650,361.07. The trade was a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 125,457 shares of company stock valued at $27,908,668. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On WESCO International

Several hedge funds have recently modified their holdings of the stock. Lazard Asset Management LLC raised its position in WESCO International by 1.4% in the second quarter. Lazard Asset Management LLC now owns 4,006 shares of the technology company's stock worth $740,000 after acquiring an additional 54 shares in the last quarter. Parallel Advisors LLC raised its position in WESCO International by 13.4% in the second quarter. Parallel Advisors LLC now owns 507 shares of the technology company's stock worth $94,000 after acquiring an additional 60 shares in the last quarter. Third Avenue Management LLC raised its position in WESCO International by 0.6% in the first quarter. Third Avenue Management LLC now owns 14,822 shares of the technology company's stock worth $2,302,000 after acquiring an additional 83 shares in the last quarter. Greenleaf Trust raised its position in WESCO International by 3.7% in the first quarter. Greenleaf Trust now owns 2,360 shares of the technology company's stock worth $367,000 after acquiring an additional 84 shares in the last quarter. Finally, Whittier Trust Co. raised its position in WESCO International by 46.8% in the first quarter. Whittier Trust Co. now owns 279 shares of the technology company's stock worth $43,000 after acquiring an additional 89 shares in the last quarter. 93.75% of the stock is owned by institutional investors and hedge funds.

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).