WESCO International (NYSE:WCC) Upgraded by Barclays to Strong-Buy Rating

Key Points

• WESCO International has received an upgrade to a "strong-buy" rating from Barclays, reflecting positive sentiment among analysts regarding the company's performance.
• Several firms, including KeyCorp and Loop Capital, have raised their price targets for WESCO International, with an average consensus price target now at $235.20.
• The company reported a significant 7.7% year-over-year increase in revenue, posting $5.90 billion for the quarter, exceeding analysts' expectations.

WESCO International (NYSE:WCC - Get Free Report) was upgraded by investment analysts at Barclays to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

WCC has been the subject of a number of other research reports. KeyCorp boosted their target price on shares of WESCO International from $240.00 to $258.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Weiss Ratings reissued a "hold (c+)" rating on shares of WESCO International in a report on Wednesday. Loop Capital lifted their price target on shares of WESCO International from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. JPMorgan Chase & Co. raised their price objective on WESCO International from $205.00 to $225.00 and gave the stock an "overweight" rating in a research note on Thursday, September 4th. Finally, Oppenheimer raised their price target on WESCO International from $225.00 to $255.00 and gave the stock an "outperform" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $235.20.

WESCO International Stock Performance

NYSE WCC opened at $223.89 on Tuesday. WESCO International has a 52-week low of $125.21 and a 52-week high of $228.35. The stock has a market cap of $10.89 billion, a PE ratio of 17.53, a P/E/G ratio of 1.65 and a beta of 1.79. The firm has a 50-day moving average of $213.97 and a 200-day moving average of $187.20. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.19 and a current ratio of 2.09.

WESCO International (NYSE:WCC - Get Free Report) last posted its earnings results on Thursday, July 31st. The technology company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.31 by $0.08. The company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $5.82 billion. WESCO International had a return on equity of 12.96% and a net margin of 2.98%.The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.21 earnings per share. On average, sell-side analysts anticipate that WESCO International will post 13.3 EPS for the current year.

Insider Buying and Selling

In other news, EVP Nelson John Squires III sold 13,780 shares of the company's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $219.59, for a total transaction of $3,025,950.20. Following the completion of the transaction, the executive vice president directly owned 48,625 shares in the company, valued at approximately $10,677,563.75. This represents a 22.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Cameron sold 10,325 shares of WESCO International stock in a transaction dated Friday, August 29th. The shares were 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 $10,350,123.70. The trade was a 18.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 136,131 shares of company stock worth $30,384,421 in the last quarter. Corporate insiders own 3.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. boosted its stake 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 during the last quarter. First Horizon Advisors Inc. boosted its position in WESCO International by 129.7% during the second quarter. First Horizon Advisors Inc. now owns 232 shares of the technology company's stock valued at $43,000 after acquiring an additional 131 shares during the last quarter. GAMMA Investing LLC lifted its stake 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 during the period. Parallel Advisors LLC boosted its position in shares of WESCO International by 13.4% during the 2nd quarter. Parallel Advisors LLC now owns 507 shares of the technology company's stock valued at $94,000 after purchasing an additional 60 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in WESCO International by 95.6% during the second quarter. EverSource Wealth Advisors LLC now owns 753 shares of the technology company's stock worth $139,000 after purchasing an additional 368 shares during the period. 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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