Peregrine Capital Management LLC boosted its position in shares of WESCO International, Inc. (NYSE:WCC) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,205 shares of the technology company’s stock after purchasing an additional 2,559 shares during the period. Peregrine Capital Management LLC owned 0.43% of WESCO International worth $6,362,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in shares of WESCO International by 539.0% in the first quarter. Parallel Advisors LLC now owns 1,278 shares of the technology company’s stock worth $29,000 after buying an additional 1,078 shares during the last quarter. AGF Investments LLC lifted its position in shares of WESCO International by 131.0% in the first quarter. AGF Investments LLC now owns 2,359 shares of the technology company’s stock worth $54,000 after buying an additional 1,338 shares during the last quarter. Cerebellum GP LLC acquired a new stake in shares of WESCO International in the second quarter worth about $76,000. Nisa Investment Advisors LLC acquired a new stake in shares of WESCO International in the first quarter worth about $82,000. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of WESCO International in the second quarter worth about $102,000. 97.08% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on WCC. Raymond James reduced their price target on WESCO International from $65.00 to $60.00 and set a “strong-buy” rating for the company in a research report on Friday, May 1st. Wolfe Research boosted their price target on WESCO International from $35.00 to $44.00 and gave the stock a “peer perform” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price target on WESCO International from $30.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 23rd. ValuEngine upgraded WESCO International from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 2nd. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $32.00 price objective on shares of WESCO International in a research note on Thursday, April 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $49.73.
Shares of WCC opened at $38.87 on Friday. WESCO International, Inc. has a 12-month low of $13.52 and a 12-month high of $61.32. The company has a quick ratio of 1.76, a current ratio of 2.67 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 2.43 and a beta of 2.04. The stock’s 50-day moving average price is $37.63 and its 200 day moving average price is $35.68.
WESCO International (NYSE:WCC) last issued its quarterly earnings results on Thursday, April 30th. The technology company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.05). WESCO International had a net margin of 2.58% and a return on equity of 10.11%. The firm had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The company’s revenue was up .4% on a year-over-year basis. Equities research analysts expect that WESCO International, Inc. will post 3.2 EPS for the current year.
In related news, major shareholder Equity Investors Vii L. Green acquired 962,805 shares of the stock in a transaction dated Tuesday, July 14th. The shares were bought at an average cost of $35.78 per share, for a total transaction of $34,449,162.90. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Equity Investors Vii L. Green acquired 662,805 shares of the stock in a transaction dated Friday, July 10th. The stock was bought at an average price of $35.41 per share, for a total transaction of $23,469,925.05. The disclosure for this purchase can be found here. Corporate insiders own 3.70% of the company’s stock.
WESCO International Profile
WESCO International, Inc distributes electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers products and construction materials in North America and internationally. The company sells general supplies, such as wiring devices, fuses, terminals, connectors, boxes, enclosures, fittings, lugs, terminations, wraps, splicing and marking equipment, tools and testers, safety, personal protection, sealants, cutting tools, adhesives, consumables, fasteners, janitorial, and other MRO supplies.
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