Highland Capital Management LLC Takes Position in WESCO International, Inc. (NYSE:WCC)

Highland Capital Management LLC acquired a new stake in shares of WESCO International, Inc. (NYSE:WCC) during the third quarter, Holdings Channel reports. The fund acquired 1,313 shares of the technology company’s stock, valued at approximately $221,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of WESCO International by 71.1% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 166 shares of the technology company’s stock worth $26,000 after purchasing an additional 69 shares during the period. UMB Bank n.a. boosted its holdings in shares of WESCO International by 18.3% during the third quarter. UMB Bank n.a. now owns 633 shares of the technology company’s stock worth $106,000 after purchasing an additional 98 shares during the period. GAMMA Investing LLC boosted its holdings in shares of WESCO International by 65.4% during the second quarter. GAMMA Investing LLC now owns 253 shares of the technology company’s stock worth $40,000 after purchasing an additional 100 shares during the period. Greenleaf Trust boosted its holdings in shares of WESCO International by 4.8% during the third quarter. Greenleaf Trust now owns 2,401 shares of the technology company’s stock worth $403,000 after purchasing an additional 111 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in shares of WESCO International during the third quarter worth about $28,000. 93.76% of the stock is owned by institutional investors.

WESCO International Price Performance

WCC stock opened at $176.03 on Monday. The firm has a 50 day moving average price of $165.91 and a 200-day moving average price of $166.81. WESCO International, Inc. has a 52-week low of $123.97 and a 52-week high of $195.43. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 1.44 and a beta of 2.03. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.34 and a current ratio of 2.28.

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 the consensus estimate of $3.48 by ($0.27). The firm had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.55 billion. WESCO International had a net margin of 3.30% and a return on equity of 14.44%. WESCO International’s revenue was down 4.6% on a year-over-year basis. During the same period last year, the business earned $3.71 EPS. Equities research analysts forecast that WESCO International, Inc. will post 12.14 EPS for the current fiscal year.

WESCO International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.4125 per share. This represents a $1.65 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Friday, September 13th. WESCO International’s dividend payout ratio (DPR) is currently 13.74%.

Insider Activity at WESCO International

In related news, Director Steven A. Raymund sold 5,819 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $171.56, for a total transaction of $998,307.64. Following the completion of the sale, the director now owns 27,004 shares of the company’s stock, valued at $4,632,806.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WCC. Royal Bank of Canada raised their price objective on shares of WESCO International from $171.00 to $187.00 and gave the stock a “sector perform” rating in a report on Friday, September 27th. StockNews.com lowered shares of WESCO International from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Robert W. Baird upgraded shares of WESCO International from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $522.00 to $550.00 in a report on Wednesday, October 16th. Loop Capital raised their price objective on shares of WESCO International from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Finally, Baird R W upgraded shares of WESCO International from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $243.86.

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).