California State Teachers Retirement System trimmed its position in WESCO International, Inc. (NYSE:WCC) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,209 shares of the technology company’s stock after selling 5,641 shares during the period. California State Teachers Retirement System owned approximately 0.18% of WESCO International worth $4,905,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund increased its position in WESCO International by 1.2% during the 3rd quarter. New York State Common Retirement Fund now owns 211,054 shares of the technology company’s stock worth $12,294,000 after purchasing an additional 2,600 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in WESCO International by 2.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 399,583 shares of the technology company’s stock valued at $23,276,000 after buying an additional 8,560 shares during the period. Tocqueville Asset Management L.P. grew its holdings in WESCO International by 18.4% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 312,715 shares of the technology company’s stock valued at $18,216,000 after buying an additional 48,700 shares during the period. Canada Pension Plan Investment Board grew its holdings in WESCO International by 0.9% in the 3rd quarter. Canada Pension Plan Investment Board now owns 296,600 shares of the technology company’s stock valued at $17,277,000 after buying an additional 2,600 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in WESCO International in the 3rd quarter valued at about $502,000. 98.74% of the stock is owned by institutional investors.
Shares of WESCO International, Inc. (NYSE WCC) opened at $64.80 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.31 and a quick ratio of 1.42. WESCO International, Inc. has a one year low of $48.95 and a one year high of $76.15. The stock has a market capitalization of $3,060.00, a PE ratio of 16.66, a P/E/G ratio of 1.53 and a beta of 1.95.
WESCO International declared that its board has approved a stock buyback program on Wednesday, December 13th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently issued reports on WCC shares. KeyCorp reiterated a “buy” rating and set a $64.00 target price on shares of WESCO International in a report on Thursday, October 12th. Zacks Investment Research raised WESCO International from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Tuesday, October 31st. ValuEngine raised WESCO International from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Robert W. Baird reissued a “hold” rating and set a $56.00 price target on shares of WESCO International in a research report on Wednesday, October 4th. Finally, Standpoint Research lowered WESCO International from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $68.54.
In other WESCO International news, Director James Louis Singleton sold 3,288 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $64.25, for a total value of $211,254.00. Following the sale, the director now owns 19,477 shares of the company’s stock, valued at approximately $1,251,397.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.90% of the company’s stock.
WESCO International Company Profile
WESCO International, Inc is a distributor of products and provider of supply chain management and logistics services used in industrial, construction, utility and commercial, institutional and government (CIG) markets. The Company is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and supply chain management and logistics services.
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