Clearbridge Investments LLC Takes $52.78 Million Position in WESCO International, Inc. (NYSE:WCC)

Clearbridge Investments LLC purchased a new position in WESCO International, Inc. (NYSE:WCC) during the second quarter, Holdings Channel.com reports. The firm purchased 332,968 shares of the technology company’s stock, valued at approximately $52,782,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in shares of WESCO International by 74.8% in the first quarter. Russell Investments Group Ltd. now owns 72,897 shares of the technology company’s stock worth $12,486,000 after acquiring an additional 31,200 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in WESCO International by 860.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 12,381 shares of the technology company’s stock valued at $1,963,000 after purchasing an additional 11,092 shares during the period. Redwood Investment Management LLC purchased a new stake in shares of WESCO International in the first quarter valued at $639,000. Brevan Howard Capital Management LP purchased a new position in shares of WESCO International during the fourth quarter valued at $1,342,000. Finally, BNP Paribas Financial Markets raised its position in WESCO International by 163.5% during the first quarter. BNP Paribas Financial Markets now owns 24,236 shares of the technology company’s stock valued at $4,151,000 after buying an additional 15,037 shares during the period. Institutional investors and hedge funds own 93.76% of the company’s stock.

Insider Transactions at WESCO International

In related news, Director Steven A. Raymund sold 5,819 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $171.56, for a total transaction of $998,307.64. Following the completion of the transaction, the director now owns 27,004 shares of the company’s stock, valued at approximately $4,632,806.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WCC has been the subject of a number of research reports. Royal Bank of Canada raised their price objective on WESCO International from $171.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Friday, September 27th. Loop Capital boosted their price objective on shares of WESCO International from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Stephens reiterated an “overweight” rating and issued a $190.00 target price on shares of WESCO International in a research report on Monday, August 5th. KeyCorp lowered their price target on shares of WESCO International from $205.00 to $195.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, StockNews.com lowered WESCO International from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, WESCO International presently has an average rating of “Moderate Buy” and a consensus price target of $189.86.

WESCO International Stock Up 0.6 %

WESCO International stock opened at $167.51 on Thursday. The company has a market capitalization of $8.51 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.41 and a beta of 2.03. WESCO International, Inc. has a 1-year low of $122.30 and a 1-year high of $195.43. The firm’s fifty day simple moving average is $161.50 and its 200-day simple moving average is $166.49. The company has a current ratio of 2.28, a quick ratio of 1.34 and a debt-to-equity ratio of 1.07.

WESCO International (NYSE:WCC) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $3.21 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.27). WESCO International had a return on equity of 14.44% and a net margin of 3.30%. The company had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.55 billion. During the same period in the prior year, the firm earned $3.71 EPS. WESCO International’s quarterly revenue was down 4.6% on a year-over-year basis. Sell-side analysts forecast that WESCO International, Inc. will post 12.14 earnings per share for the current fiscal year.

WESCO International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.4125 dividend. This represents a $1.65 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, September 13th. WESCO International’s dividend payout ratio is 13.74%.

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).