Amalgamated Bank Trims Holdings in WESCO International, Inc. (NYSE:WCC)

Posted by Defense World Staff on Aug 2nd, 2023

Amalgamated Bank reduced its stake in shares of WESCO International, Inc. (NYSE:WCC – Free Report) by 47.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,303 shares of the technology company’s stock after selling 7,638 shares during the quarter. Amalgamated Bank’s holdings in WESCO International were worth $1,283,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. MetLife Investment Management LLC increased its stake in shares of WESCO International by 55.8% during the first quarter. MetLife Investment Management LLC now owns 23,551 shares of the technology company’s stock valued at $3,065,000 after buying an additional 8,430 shares during the period. Neuberger Berman Group LLC lifted its position in shares of WESCO International by 4.3% in the 1st quarter. Neuberger Berman Group LLC now owns 55,479 shares of the technology company’s stock worth $7,220,000 after purchasing an additional 2,304 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of WESCO International by 29.5% during the second quarter. UBS Asset Management Americas Inc. now owns 82,766 shares of the technology company’s stock valued at $8,864,000 after purchasing an additional 18,860 shares in the last quarter. Captrust Financial Advisors increased its holdings in WESCO International by 35.2% during the second quarter. Captrust Financial Advisors now owns 3,212 shares of the technology company’s stock valued at $344,000 after buying an additional 837 shares during the period. Finally, BNP Paribas Arbitrage SNC raised its stake in WESCO International by 33.0% in the third quarter. BNP Paribas Arbitrage SNC now owns 21,877 shares of the technology company’s stock worth $2,612,000 after buying an additional 5,424 shares in the last quarter. 92.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WCC. Robert W. Baird raised WESCO International from a “neutral” rating to an “outperform” rating and set a $180.00 price target for the company in a research report on Friday, May 5th. KeyCorp raised their price target on shares of WESCO International from $175.00 to $210.00 in a report on Thursday, July 13th. Oppenheimer boosted their price objective on shares of WESCO International from $180.00 to $190.00 in a research note on Friday, May 26th. Loop Capital raised their target price on shares of WESCO International from $170.00 to $210.00 in a research note on Wednesday, June 21st. Finally, StockNews.com assumed coverage on WESCO International in a research report on Thursday, May 18th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, WESCO International currently has an average rating of “Buy” and an average price target of $193.57.

Insider Transactions at WESCO International

In other WESCO International news, EVP Nelson John Squires III sold 3,490 shares of the stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $180.00, for a total transaction of $628,200.00. Following the transaction, the executive vice president now owns 66,147 shares in the company, valued at $11,906,460. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP James Cameron sold 7,687 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $153.47, for a total transaction of $1,179,723.89. Following the completion of the sale, the executive vice president now directly owns 35,811 shares in the company, valued at $5,495,914.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nelson John Squires III sold 3,490 shares of WESCO International stock in a transaction on Friday, June 30th. The stock was sold at an average price of $180.00, for a total transaction of $628,200.00. Following the sale, the executive vice president now directly owns 66,147 shares in the company, valued at approximately $11,906,460. The disclosure for this sale can be found here. Insiders have sold a total of 14,668 shares of company stock valued at $2,418,849 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

WESCO International Trading Up 2.7 %

NYSE WCC opened at $180.31 on Wednesday. The company has a fifty day moving average of $165.83 and a 200 day moving average of $153.24. The company has a market capitalization of $9.24 billion, a PE ratio of 11.54, a P/E/G ratio of 1.01 and a beta of 2.00. The company has a debt-to-equity ratio of 1.22, a current ratio of 2.39 and a quick ratio of 1.33. WESCO International, Inc. has a 1 year low of $112.08 and a 1 year high of $185.23.

WESCO International (NYSE:WCC – Get Free Report) last issued its earnings results on Thursday, May 4th. The technology company reported $3.75 EPS for the quarter, topping analysts’ consensus estimates of $3.61 by $0.14. WESCO International had a return on equity of 21.33% and a net margin of 3.98%. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.45 billion. During the same quarter in the prior year, the business earned $3.63 earnings per share. The company’s revenue was up 12.0% compared to the same quarter last year. Research analysts forecast that WESCO International, Inc. will post 17.44 earnings per share for the current year.

WESCO International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were given a $0.375 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.83%. WESCO International’s dividend payout ratio (DPR) is currently 9.60%.

WESCO International Company Profile

(Free Report)

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).