WESCO International, Inc. (NYSE:WCC) was the target of a significant increase in short interest in February. As of February 14th, there was short interest totalling 3,690,000 shares, an increase of 117.1% from the January 30th total of 1,700,000 shares. Approximately 8.9% of the company’s stock are sold short. Based on an average daily volume of 847,400 shares, the days-to-cover ratio is currently 4.4 days.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Parametric Portfolio Associates LLC raised its position in WESCO International by 40.0% during the third quarter. Parametric Portfolio Associates LLC now owns 260,874 shares of the technology company’s stock worth $12,462,000 after acquiring an additional 74,524 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of WESCO International by 4.3% in the third quarter. Public Employees Retirement System of Ohio now owns 96,547 shares of the technology company’s stock valued at $4,612,000 after purchasing an additional 3,977 shares during the period. Hartford Investment Management Co. bought a new position in shares of WESCO International in the third quarter valued at about $1,463,000. California Public Employees Retirement System raised its position in shares of WESCO International by 27.7% in the third quarter. California Public Employees Retirement System now owns 116,269 shares of the technology company’s stock valued at $5,554,000 after purchasing an additional 25,233 shares during the period. Finally, Polaris Capital Management LLC raised its position in shares of WESCO International by 7.8% in the third quarter. Polaris Capital Management LLC now owns 834,658 shares of the technology company’s stock valued at $39,872,000 after purchasing an additional 60,500 shares during the period. 99.52% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on WCC shares. TheStreet lowered shares of WESCO International from a “b-” rating to a “c” rating in a research report on Monday, February 10th. Buckingham Research cut their price objective on shares of WESCO International from $57.00 to $49.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada raised shares of WESCO International from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $60.00 to $72.00 in a research report on Tuesday, January 14th. Wolfe Research set a $52.00 price objective on shares of WESCO International and gave the stock a “hold” rating in a research report on Friday, November 1st. Finally, Raymond James boosted their price objective on shares of WESCO International from to and gave the stock a “strong-buy” rating in a research report on Monday, January 13th. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. WESCO International presently has a consensus rating of “Buy” and a consensus target price of $60.90.
WESCO International (NYSE:WCC) last posted its quarterly earnings results on Thursday, January 30th. The technology company reported $1.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.33 by ($0.01). WESCO International had a return on equity of 10.30% and a net margin of 2.67%. The firm had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the company posted $1.26 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. Analysts predict that WESCO International will post 5.4 EPS for the current fiscal year.
WESCO International Company Profile
WESCO International, Inc distributes electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers products and construction materials in North America and internationally. The company sells general supplies, such as wiring devices, fuses, terminals, connectors, boxes, enclosures, fittings, lugs, terminations, wraps, splicing and marking equipment, tools and testers, safety, personal protection, sealants, cutting tools, adhesives, consumables, fasteners, janitorial, and other MRO supplies.
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