California Public Employees Retirement System raised its holdings in WESCO International, Inc. (NYSE:WCC) by 8.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 125,363 shares of the technology company’s stock after buying an additional 10,163 shares during the quarter. California Public Employees Retirement System owned about 0.27% of WESCO International worth $7,302,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of WCC. Bank of New York Mellon Corp grew its position in shares of WESCO International by 5.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 437,185 shares of the technology company’s stock worth $25,051,000 after buying an additional 22,204 shares during the last quarter. Neuberger Berman Group LLC grew its position in shares of WESCO International by 3.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 9,878 shares of the technology company’s stock worth $566,000 after buying an additional 326 shares during the last quarter. Systematic Financial Management LP grew its position in shares of WESCO International by 22.7% in the 2nd quarter. Systematic Financial Management LP now owns 31,130 shares of the technology company’s stock worth $1,784,000 after buying an additional 5,765 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of WESCO International in the 2nd quarter worth approximately $1,530,000. Finally, TIAA CREF Investment Management LLC grew its position in shares of WESCO International by 0.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 81,095 shares of the technology company’s stock worth $4,647,000 after buying an additional 659 shares during the last quarter. Hedge funds and other institutional investors own 98.69% of the company’s stock.
A number of equities research analysts have recently weighed in on WCC shares. KeyCorp reiterated a “buy” rating and issued a $64.00 price objective on shares of WESCO International in a research report on Thursday, October 12th. Zacks Investment Research upgraded WESCO International from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Tuesday, October 31st. ValuEngine upgraded WESCO International from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Robert W. Baird restated a “hold” rating and set a $56.00 price target on shares of WESCO International in a research report on Wednesday, October 4th. Finally, Standpoint Research lowered WESCO International from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $68.54.
Shares of WESCO International, Inc. (NYSE:WCC) opened at $66.80 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.42 and a current ratio of 2.31. WESCO International, Inc. has a 1 year low of $48.95 and a 1 year high of $76.15. The firm has a market capitalization of $3,203.19, a P/E ratio of 17.31, a P/E/G ratio of 1.76 and a beta of 1.95.
WESCO International (NYSE:WCC) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.03 by $0.09. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.93 billion. WESCO International had a return on equity of 9.11% and a net margin of 2.52%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.05 earnings per share. research analysts predict that WESCO International, Inc. will post 3.88 EPS for the current fiscal year.
WESCO International declared that its Board of Directors has initiated a share buyback plan on Wednesday, December 13th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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WESCO International Company Profile
WESCO International, Inc is a distributor of products and provider of supply chain management and logistics services used in industrial, construction, utility and commercial, institutional and government (CIG) markets. The Company is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and supply chain management and logistics services.
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