WESCO International, Inc. $WCC Stock: Carnegie Lake Advisors LLC Decreases Stake

Carnegie Lake Advisors LLC cut its holdings in WESCO International, Inc. (NYSE:WCC) by 43.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,680 shares of the technology company’s stock after selling 10,600 shares during the quarter. WESCO International makes up about 4.3% of Carnegie Lake Advisors LLC’s investment portfolio, making the stock its 7th largest position. Carnegie Lake Advisors LLC’s holdings in WESCO International were worth $4,919,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Diversify Advisory Services LLC grew its holdings in WESCO International by 5.0% during the 3rd quarter. Diversify Advisory Services LLC now owns 672 shares of the technology company’s stock worth $233,000 after acquiring an additional 32 shares in the last quarter. Trust Point Inc. raised its holdings in shares of WESCO International by 4.5% in the 2nd quarter. Trust Point Inc. now owns 771 shares of the technology company’s stock valued at $266,000 after purchasing an additional 33 shares in the last quarter. Sheets Smith Wealth Management raised its holdings in shares of WESCO International by 2.2% in the 2nd quarter. Sheets Smith Wealth Management now owns 1,565 shares of the technology company’s stock valued at $541,000 after purchasing an additional 34 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of WESCO International by 0.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 10,095 shares of the technology company’s stock valued at $3,630,000 after purchasing an additional 37 shares in the last quarter. Finally, North Dakota State Investment Board lifted its position in shares of WESCO International by 2.8% in the 3rd quarter. North Dakota State Investment Board now owns 1,465 shares of the technology company’s stock worth $527,000 after purchasing an additional 40 shares during the period. 93.75% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other WESCO International news, Director Laura K. Thompson sold 270 shares of WESCO International stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $368.45, for a total value of $99,481.50. Following the transaction, the director directly owned 10,720 shares of the company’s stock, valued at approximately $3,949,784. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Akash Khurana sold 3,400 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $366.78, for a total value of $1,247,052.00. Following the transaction, the executive vice president directly owned 27,404 shares in the company, valued at approximately $10,051,239.12. The trade was a 11.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.60% of the company’s stock.

WESCO International Stock Performance

Shares of WESCO International stock opened at $292.62 on Monday. The company has a market capitalization of $14.26 billion, a PE ratio of 18.16, a P/E/G ratio of 1.59 and a beta of 1.55. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.19 and a current ratio of 2.01. The company has a 50-day simple moving average of $347.80 and a two-hundred day simple moving average of $327.95. WESCO International, Inc. has a one year low of $240.55 and a one year high of $388.64.

WESCO International (NYSE:WCC) last released its quarterly earnings results on Thursday, October 29th. The technology company reported $5.77 EPS for the quarter, beating the consensus estimate of $4.69 by $1.08. WESCO International had a net margin of 3.04% and a return on equity of 16.27%. The business had revenue of $7.23 billion during the quarter, compared to analyst estimates of $6.87 billion. During the same period in the prior year, the firm posted $3.92 earnings per share. The company’s quarterly revenue was up 16.6% on a year-over-year basis. Research analysts expect that WESCO International, Inc. will post 18.39 EPS for the current fiscal year.

WESCO International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Friday, September 11th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Friday, September 11th. WESCO International’s payout ratio is 12.41%.

Analysts Set New Price Targets

WCC has been the topic of a number of recent research reports. Barclays increased their price objective on shares of WESCO International from $390.00 to $437.00 and gave the company an “overweight” rating in a research note on Monday, October 12th. Royal Bank Of Canada lifted their price objective on shares of WESCO International from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, October 30th. Zacks Research downgraded shares of WESCO International from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 19th. Stephens upgraded WESCO International from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $350.00 to $400.00 in a report on Tuesday, July 14th. Finally, Weiss Ratings cut WESCO International from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $403.86.

About WESCO International

WESCO International is a business-to-business distributor of electrical, communications, utility and industrial products. Its offerings include wire and cable, lighting, electrical equipment, networking and security systems, and supplies used in maintenance, repair and operations.

The company also provides services such as procurement, inventory management, logistics, project support and supply-chain consulting. Its customers include contractors, manufacturers, utilities, communications providers, government organizations and commercial businesses.

WESCO serves customers in the United States and internationally.