WESCO International (NYSE:WCC) Stock Rating Upgraded by Wall Street Zen

Key Points

• WESCO International was upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased confidence in the stock's performance.
• Analyst price targets have varied, with Loop Capital setting a new target of $235.00 and KeyCorp increasing to $258.00, reflecting positive sentiment in the market.
• Following the recent quarterly earnings release, WESCO reported earnings per share of $3.39, exceeding analyst expectations and showcasing a 7.7% increase in revenue year-over-year.

WESCO International (NYSE:WCC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Friday.

A number of other research firms have also weighed in on WCC. Loop Capital upped their price objective on WESCO International from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Stephens lowered WESCO International from an "overweight" rating to an "equal weight" rating and upped their price objective for the stock from $190.00 to $200.00 in a research note on Wednesday, July 16th. Raymond James Financial reissued a "strong-buy" rating and set a $240.00 price target (up from $230.00) on shares of WESCO International in a research note on Friday, August 1st. KeyCorp increased their price target on WESCO International from $240.00 to $258.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Finally, Oppenheimer increased their price target on WESCO International from $225.00 to $255.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, WESCO International presently has an average rating of "Moderate Buy" and an average target price of $232.67.

WESCO International Price Performance

Shares of NYSE WCC traded up $2.07 during mid-day trading on Friday, reaching $215.96. The company's stock had a trading volume of 440,045 shares, compared to its average volume of 666,817. The firm has a market capitalization of $10.51 billion, a PE ratio of 16.91, a P/E/G ratio of 1.65 and a beta of 1.79. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.09 and a quick ratio of 1.19. The stock has a fifty day moving average of $213.75 and a two-hundred day moving average of $186.07. 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 released 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. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $5.82 billion. WESCO International had a return on equity of 12.96% and a net margin of 2.98%.The business's quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.21 earnings per share. As a group, sell-side analysts anticipate that WESCO International will post 13.3 EPS for the current fiscal year.

Insider Transactions at WESCO International

In other news, EVP James Cameron sold 10,325 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $226.45, for a total value of $2,338,096.25. Following the sale, the executive vice president directly owned 45,706 shares in the company, valued at approximately $10,350,123.70. This represents a 18.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Hemant Porwal sold 4,656 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $224.84, for a total value of $1,046,855.04. Following the completion of the sale, the executive vice president owned 19,141 shares in the company, valued at approximately $4,303,662.44. The trade was a 19.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,131 shares of company stock valued at $30,384,421. Company insiders own 3.30% of the company's stock.

Institutional Investors Weigh In On WESCO International

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in WESCO International by 33.0% during the 3rd quarter. GAMMA Investing LLC now owns 589 shares of the technology company's stock worth $125,000 after purchasing an additional 146 shares during the period. Lazard Asset Management LLC increased its holdings in WESCO International by 1.4% during the 2nd quarter. Lazard Asset Management LLC now owns 4,006 shares of the technology company's stock worth $740,000 after purchasing an additional 54 shares during the period. BNP Paribas Financial Markets increased its holdings in WESCO International by 516.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 41,354 shares of the technology company's stock worth $7,659,000 after purchasing an additional 34,649 shares during the period. California State Teachers Retirement System increased its holdings in WESCO International by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 45,604 shares of the technology company's stock worth $8,446,000 after purchasing an additional 365 shares during the period. Finally, Gabelli Funds LLC increased its holdings in WESCO International by 51.1% during the 2nd quarter. Gabelli Funds LLC now owns 16,390 shares of the technology company's stock worth $3,035,000 after purchasing an additional 5,540 shares during the period. 93.75% of the stock is currently owned by hedge funds and other institutional investors.

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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