According to a recent filing with the Securities & Exchange Commission, investment management firm Foundry Partners LLC has decreased its position in WESCO International, Inc. (NYSE:WCC) by 30.9% during the second quarter of this year. The institutional investor now owns 2,541 shares of the technology company’s stock, down from 3,676 shares previously held. Foundry Partners LLC’s holdings in WESCO International were valued at $455,000 at the time of its most recent filing.
WESCO International is a leading provider of electrical, industrial, and communications maintenance and repair products and services. The company operates in various sectors including construction, government, utilities, and commercial enterprises.
In its latest quarterly earnings report released on August 3rd, WESCO International reported earnings per share of $3.71 for the quarter. This figure fell short of analysts’ consensus estimate of $4.45 by ($0.74). The company generated revenue of $5.75 billion during the same period, slightly below analysts’ expectations of $5.94 billion.
Despite missing earnings estimates, WESCO International demonstrated a net margin of 3.81% and a return on equity of 19.97%. Comparing these figures to the previous year’s performance during the same quarter when it posted earnings per share of $4.19, the company experienced a slight increase in revenue by 4.5%.
Looking ahead, equities analysts predict that WESCO International will achieve an earnings per share figure of 15.33 for the current fiscal year.
It is worth noting that Foundry Partners LLC’s decision to decrease its stake in WESCO International might have been influenced by various factors such as market conditions or changes within their investment strategy.
Investors and industry observers will be closely monitoring any future developments regarding both Foundry Partners LLC’s position in WESCO International as well as any upcoming announcements or strategic moves by the technology company. These factors will undoubtedly shape the investment landscape and provide valuable insights for decision-making in the coming months.
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Investment Trends and Analyst Ratings Surrounding WESCO International, Inc.
WESCO International, Inc. (WCC) has been attracting attention from various institutional investors and hedge funds, as evidenced by their buying and selling of shares in the company. Geode Capital Management LLC, for instance, has increased its holdings in WESCO International by 3.8% during the first quarter of this year. They now own 615,883 shares of the technology company’s stock valued at $95,179,000 after acquiring an additional 22,340 shares. Similarly, Eagle Asset Management Inc. saw a significant increase of 28.9% in their holdings during the same period. They currently hold 244,975 shares worth $37,858,000 after acquiring an additional 54,875 shares.
Farmers & Merchants Investments Inc. also boosted its holdings by 1.1% in the first quarter and now owns 189,580 shares valued at $29,298,000 after acquiring an additional 2,147 shares. Braun Stacey Associates Inc., on the other hand skyrocketed their holdings by a staggering 89.2%, amounting to 151,224 shares worth $23,370,000 after purchasing an extra 71,289 shares.
Lastly, J.L Bainbridge & Co. Inc increased their holdings by 48.5% during the first quarter adding another layer of perplexity to WESCO International’s movement within institutional investors’ portfolios with a total holding of $125269.
It is noteworthy that these institutional investments represent a considerable majority stake in WESCO International as they collectively own approximately 99.15% of the stocks outstanding.
Apart from garnering interest from investment firms and stakeholders alike investing heavily into Wesco’s catalogs yields countless potential possibilities.The company has been under scrutiny from analysts who have subsequently released reports on its performance and offered varied perspectives on its outlook.A few among them Royal Bank Canada , Key Corp Loop Capital Oppenheimer Stock News. Royal Bank of Canada, for instance, reduced its price target on WESCO International from $214.00 to $189.00 but maintained an “outperform” rating on the stock.
Similarly, KeyCorp dropped their price target from $210.00 to $185.00 and set an “overweight” rating on the company’s shares in their analysis.
Loop Capital, however, took a different approach by upping WESCO International’s target price from $170.00 to $210.00. Oppenheimer followed suit with their own lowered target price of $185.00 but maintained an “outperform” rating on the stock.
In addition to these analyst ratings and reports, StockNews.com also initiated coverage on WESCO International and assigned a “hold” rating to the stock.
Overall, based on data compiled from Bloomberg.com, analysts have given WESCO International a consensus rating of “Moderate Buy” with a consensus price target of approximately $181.75.
Interestingly enough, there have been recent notable insider transactions as well.Publicly reported through legal filings with the Securities & Exchange Commission (SEC), it has come to light that Director Easwaran Sundaram sold 1,052 shares of WESCO International’s stock on Wednesday, August 9th at an average price of $152.83.He now possesses around 9k shares worth over 1 million $. Adding onto this EVP Nelson John Squires III sold 3490 shares back in June.Essentially further adding considerable intrigue when it comes to fillings mentioned by SEC.Additionaly,Easwaren Sundam again publicly reported selling his personal shares at $152 in same August.
Insider transactions like these tend to attract Investor’s attention as insiders often have significant knowledge on the company’s performance and prospects.
These recent activities within both institutional investors’ portfolios and insider trading activities may potentially impact Wesco International’s share price and market performance moving forward.
On Friday, September 22nd,Wesco International opened at the stock price of $146.57.The company appears to maintain a stable financial position with a debt-to-equity ratio of 1.15, quick ratio of 1.40 and a current ratio standing at 2.40.Furthermore, with a fifty-two week trading range from $112.08 being its lowest to $185.23 at highest this might act as bullish sign for Wesco’s trajectory.An added proposition may become clear given theres a beta rating of 2.02 on Wesco’s stock.
All these events and figures must be carefully considered by investors and analysts alike when evaluating the potential investment opportunities presented by WESCO International, Inc., especially as it navigates through its current position in the technology sector market.
