Castleark Management LLC acquired a new stake in WESCO International, Inc. (NYSE:WCC – Free Report) in the second quarter, Holdings Channel.com reports. The firm acquired 27,347 shares of the technology company’s stock, valued at approximately $9,446,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vaughan Nelson Investment Management L.P. raised its position in WESCO International by 8.4% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 404,730 shares of the technology company’s stock worth $110,742,000 after acquiring an additional 31,210 shares during the period. Geode Capital Management LLC raised its position in shares of WESCO International by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 864,237 shares of the technology company’s stock worth $211,473,000 after purchasing an additional 14,739 shares during the last quarter. BlackRock Inc. purchased a new position in WESCO International in the 2nd quarter valued at about $3,094,634,000. Van Lanschot Kempen Investment Management N.V. boosted its holdings in WESCO International by 74.8% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 186,012 shares of the technology company’s stock worth $45,506,000 after buying an additional 79,612 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in WESCO International by 4.8% during the 4th quarter. Bank of New York Mellon Corp now owns 822,568 shares of the technology company’s stock worth $201,233,000 after buying an additional 37,972 shares in the last quarter. Institutional investors and hedge funds own 93.75% of the company’s stock.
WESCO International Stock Performance
WESCO International stock opened at $339.38 on Wednesday. The firm has a 50 day simple moving average of $343.01 and a 200-day simple moving average of $323.32. The stock has a market cap of $16.54 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 2.01 and a beta of 1.54. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.09 and a quick ratio of 1.23. WESCO International, Inc. has a 1-year low of $203.40 and a 1-year high of $385.37.
WESCO International Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Friday, June 12th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, June 12th. WESCO International’s dividend payout ratio (DPR) is presently 13.82%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on WCC. Stephens raised WESCO International from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $350.00 to $400.00 in a research note on Tuesday, July 14th. Barclays lifted their target price on shares of WESCO International from $376.00 to $390.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. DA Davidson assumed coverage on shares of WESCO International in a research note on Tuesday, June 16th. They issued a “buy” rating and a $440.00 price target on the stock. Weiss Ratings raised shares of WESCO International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Finally, KeyCorp raised their target price on shares of WESCO International from $340.00 to $415.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $374.29.
Read Our Latest Stock Analysis on WCC
Insider Transactions at WESCO International
In other WESCO International news, EVP Akash Khurana sold 3,400 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $366.78, for a total transaction of $1,247,052.00. Following the transaction, the executive vice president owned 27,404 shares of the company’s stock, valued at approximately $10,051,239.12. This trade represents a 11.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Daniel J. Castillo bought 960 shares of WESCO International stock in a transaction dated Tuesday, August 4th. The stock was purchased at an average cost of $365.89 per share, with a total value of $351,254.40. Following the completion of the acquisition, the executive vice president directly owned 16,305 shares in the company, valued at approximately $5,965,836.45. The trade was a 6.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.
About WESCO International
WESCO International, Inc is a leading global distributor of electrical, industrial, communications and utility products, serving a diverse customer base across maintenance, repair and operations (MRO), original equipment manufacturing (OEM) and construction markets. The company offers a comprehensive portfolio of products ranging from power distribution and automation solutions to data communications, security systems and lighting controls. Through an extensive branch network, WESCO provides critical components and value‐added services that help organizations streamline operations and improve reliability in their facilities and infrastructure.
In addition to its broad product offering, WESCO delivers advanced supply chain management and logistics solutions designed to optimize inventory levels, reduce downtime and lower overall procurement costs.
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