WESCO International (NYSE:WCC) Releases Quarterly Earnings Results, Misses Expectations By $0.13 EPS

WESCO International (NYSE:WCC) released its earnings results on Thursday. The technology company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.13), Briefing.com reports. WESCO International had a net margin of 3.08% and a return on equity of 15.10%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter last year, the firm posted $3.75 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. WESCO International updated its FY24 guidance to $13.75-15.75 EPS.

WESCO International Stock Up 1.6 %

Shares of NYSE:WCC traded up $2.62 during trading on Friday, reaching $167.70. The stock had a trading volume of 754,885 shares, compared to its average volume of 656,150. The firm’s 50-day simple moving average is $161.27 and its 200 day simple moving average is $159.76. The company has a current ratio of 2.21, a quick ratio of 1.42 and a debt-to-equity ratio of 1.04. WESCO International has a one year low of $121.90 and a one year high of $195.43. The company has a market capitalization of $8.54 billion, a P/E ratio of 13.96, a PEG ratio of 1.17 and a beta of 2.07.

WESCO International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.4125 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from WESCO International’s previous quarterly dividend of $0.38. This represents a $1.65 dividend on an annualized basis and a yield of 0.98%. WESCO International’s payout ratio is currently 13.74%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WCC. JPMorgan Chase & Co. cut their target price on shares of WESCO International from $180.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Robert W. Baird reduced their target price on WESCO International from $203.00 to $170.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. StockNews.com upgraded shares of WESCO International from a “hold” rating to a “buy” rating in a report on Friday. Royal Bank of Canada lowered their price objective on shares of WESCO International from $176.00 to $172.00 and set a “sector perform” rating for the company in a research report on Friday. Finally, Oppenheimer boosted their price target on WESCO International from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Friday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, WESCO International has an average rating of “Moderate Buy” and a consensus price target of $188.67.

Insider Activity at WESCO International

In other WESCO International news, EVP James Cameron sold 5,352 shares of WESCO International stock in a transaction on Monday, March 11th. The shares were sold at an average price of $156.39, for a total value of $836,999.28. Following the transaction, the executive vice president now directly owns 33,595 shares of the company’s stock, valued at $5,253,922.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP James Cameron sold 5,352 shares of WESCO International stock in a transaction on Monday, March 11th. The shares were sold at an average price of $156.39, for a total transaction of $836,999.28. Following the completion of the sale, the executive vice president now directly owns 33,595 shares in the company, valued at $5,253,922.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nelson John Squires III sold 3,490 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $190.00, for a total value of $663,100.00. Following the completion of the transaction, the executive vice president now directly owns 54,385 shares in the company, valued at $10,333,150. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

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).