August 20, 2023
Russell Investments Group Ltd. Increases Stake in WESCO International, Inc.
Seattle-based financial services firm Russell Investments Group Ltd. has recently revealed that it has raised its position in WESCO International, Inc. by 14.1% during the first quarter of the year. The Securities and Exchange Commission (SEC) filing indicates that the firm now owns 46,369 shares of the technology company’s stock, having purchased an additional 5,740 shares during the quarter. Based on the most recent filing with the SEC, this stake is valued at $7,140,000 and represents about 0.09% of WESCO International’s total worth.
Various equities research analysts have recently commented on the stock’s performance and provided ratings for investors to consider. In a research report released on May 5th, Robert W. Baird upgraded their rating for WESCO International from “neutral” to “outperform,” setting a price objective of $180.00 for the stock. Additionally, StockNews.com initiated coverage on WESCO International with a “hold” rating. These updates were followed by Oppenheimer reducing their price objective from $190.00 to $185.00 and maintaining an “outperform” rating for the company on August 4th.
KeyCorp also lowered its price objective from $210.00 to $185.00 while giving WESCO International an “overweight” rating on August 4th.According to data from Bloomberg, two investment analysts have assigned a hold rating to the stock while five others have given it a buy rating; one analyst even rated it as a strong buy option.In line with these ratings, the average consensus rating for WESCO International stands at “Moderate Buy” with an average price target of $181.75.
On Friday, August 18th shares of WESCO International opened at $152.61. The firm’s 50-day moving average price is $168.60, while its 200-day moving average price currently stands at $154.58. With regards to the company’s financials, it has a market capitalization of $7.84 billion and a price-to-earnings (PE) ratio of 10.11. The stock also boasts a price-to-earnings-growth (PEG) ratio of 0.97, indicating favorable growth expectations in relation to its current valuation.
In terms of risk, WESCO International carries a beta value of 2.00, implying that the stock is relatively more volatile compared to the overall market.Furthermore, over the past year, WESCO International has seen a low share price point of $112.08 and a high of $185.23.
The company’s financial health can also be assessed through its key ratios: debt-to-equity ratio sits at 1.15, indicative of moderate leverage; quick ratio is at 1.40, suggesting that the firm possesses adequate short-term liquidity; and current ratio stands at 2.40, further mirroring its strong ability to cover short-term obligations.
As these recent developments demonstrate, Russell Investments Group Ltd.’s increased stake in WESCO International indicates growing confidence in the technology company’s performance and prospects for future growth. Investors will likely monitor this situation closely as they assess their own positions in WESCO International moving forward.
*Please note that this article is purely informative and should not be treated as financial advice.*
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WESCO International’s Stock Attracts Institutional Investors and Faces Analyst Ratings as Quarterly Earnings Released
WESCO International, a technology company listed on the New York Stock Exchange (NYSE: WCC), has recently garnered attention from several institutional investors. Whittier Trust Co. significantly boosted its position in WESCO International during the first quarter of this year, with a staggering increase of 4,980.0%. This acquisition brought their total shares to 254, valued at $39,000. Fred Alger Management LLC also entered the playing field during the third quarter, purchasing a new stake in WESCO International worth $60,000.
Parallel Advisors LLC increased its position in WESCO International by 42.3% during the first quarter as well, adding 191 additional shares to their portfolio, now valued at $99,000. Ellevest Inc., not to be outdone, acquired an impressive 327.3% increase in shares during the same period. Their holdings now amount to 893 shares at a value of $138,000. Additionally, Assetmark Inc.’s position saw a 48.7% boost in shares of WESCO International during the first quarter alone.
These investments by institutional and hedge funds have resulted in approximately 92.78% of WESCO’s stock being owned by such entities.
In other news related to the company’s executive team, EVP Nelson John Squires III completed a transaction on June 30th where he sold 3,490 shares of WESCO International stock at an average price of $180 per share. This totaled $628,200 in revenue for Squires III. Following this transaction, his direct ownership in the company stands at approximately 66,147 shares valued at around $11,906,460.
Similarly, EVP James Cameron contributed to insider selling by selling 7,687 shares on June 8th at an average price of $153.47 per share for a total transaction amounting to approximately $1,179,723.89. Following this sale, Cameron retains 35,811 shares in WESCO International valued at $5,495,914.17.
Combined, insiders have sold a total of 15,720 shares worth $2,579,626 within the past three months. Currently, insiders hold approximately 2.60% of the company’s stock.
Financial analysts have also chimed in on WESCO International’s prospects. Robert W. Baird upgraded the stock from a “neutral” rating to an “outperform” rating and set a price objective of $180.00 per share. StockNews.com began coverage with a “hold” rating, while Oppenheimer dropped their price objective to $185.00 and maintained an “outperform” rating for the company.
Furthermore, Loop Capital upped its price objective from $170.00 to $210.00 in June of this year. Based on data from Bloomberg, WESCO International currently holds a consensus rating of “Moderate Buy” among analysts with an average price target of $181.75.
On August 3rd, WESCO International released its quarterly earnings report for Q2 2023. The company reported earnings per share (EPS) of $3.71 for the quarter, falling short of consensus estimates which stood at $4.45 per share by ($0.74). Despite this minor setback, WESCO International announced revenue of $5.75 billion during the quarter compared to expectations of $5.94 billion – representing an increase of 4.5% compared to the same quarter last year.
Although details about future earnings predictions remain uncertain due to ongoing market conditions and other factors beyond our control, sell-side analysts anticipate that WESCO International will post EPS figures of 15.36 for the current year.
To further enhance shareholder value and bolster investor confidence in their commitment to long-term growth strategies as well as providing return on investment returns, WESCO International recently announced a quarterly dividend. The dividend payout, which was paid on June 30th to stockholders of record as of June 15th, equated to $0.375 per share. This represents an annualized dividend yield of 0.98% or $1.50.
In conclusion, WESCO International continues to attract the attention and investment of institutional investors while also catching the eye of financial analysts who have provided ratings and price objectives for its stock. As the company moves forward and confronts challenges in the ever-evolving market landscape, its quarterly earnings report will be an important indicator for investors and stakeholders alike.
