WESCO International (NYSE:WCC) Issues Earnings Results

WESCO International (NYSE:WCC) issued its quarterly earnings results on Thursday. The technology company reported $3.21 EPS for the quarter, missing the consensus estimate of $3.48 by ($0.27), Briefing.com reports. WESCO International had a return on equity of 15.10% and a net margin of 3.08%. The business had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.55 billion. During the same period in the prior year, the firm earned $3.71 earnings per share. The business’s quarterly revenue was down 4.6% on a year-over-year basis. WESCO International updated its FY 2024 guidance to 12.000-13.000 EPS.

WESCO International Price Performance

WCC traded down $5.33 during trading on Friday, hitting $153.42. The company’s stock had a trading volume of 1,399,771 shares, compared to its average volume of 710,705. The firm’s 50 day moving average price is $169.29 and its two-hundred day moving average price is $167.31. The company has a quick ratio of 1.33, a current ratio of 2.21 and a debt-to-equity ratio of 1.04. WESCO International has a 12 month low of $122.30 and a 12 month high of $195.43. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 1.25 and a beta of 2.06.

WESCO International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.4125 per share. The ex-dividend date was Friday, June 14th. This represents a $1.65 dividend on an annualized basis and a yield of 1.08%. WESCO International’s dividend payout ratio (DPR) is presently 13.74%.

Insider Buying and Selling

In other news, major shareholder Equity Investors Vii L. Green sold 1,750,000 shares of WESCO International stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $173.02, for a total value of $302,785,000.00. Following the completion of the sale, the insider now directly owns 2,134,683 shares of the company’s stock, valued at approximately $369,342,852.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Christine Ann Wolf sold 4,486 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $190.13, for a total value of $852,923.18. Following the completion of the transaction, the executive vice president now owns 30,304 shares of the company’s stock, valued at approximately $5,761,699.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Equity Investors Vii L. Green sold 1,750,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $173.02, for a total value of $302,785,000.00. Following the completion of the transaction, the insider now directly owns 2,134,683 shares of the company’s stock, valued at $369,342,852.66. The disclosure for this sale can be found here. Insiders have sold a total of 1,754,960 shares of company stock worth $303,728,784 in the last 90 days. Corporate insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WCC. StockNews.com lowered WESCO International from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Oppenheimer increased their price objective on shares of WESCO International from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Royal Bank of Canada lowered their target price on shares of WESCO International from $175.00 to $171.00 and set a “sector perform” rating on the stock in a research note on Friday. Loop Capital raised their price target on shares of WESCO International from $190.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Robert W. Baird lowered their price objective on WESCO International from $195.00 to $172.00 and set a “neutral” rating on the stock in a research note on Friday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.50.

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).