WESCO International (NYSE:WCC – Get Rating) declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 1st, RTT News reports. The company plans to repurchase $1.00 billion in shares. This repurchase authorization allows the technology company to buy up to 14.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of research analysts recently weighed in on the stock. Loop Capital lifted their price objective on shares of WESCO International from $160.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, February 16th. StockNews.com cut shares of WESCO International from a “buy” rating to a “hold” rating in a report on Monday. Finally, Zacks Investment Research upgraded shares of WESCO International from a “hold” rating to a “strong-buy” rating and set a $150.00 price target for the company in a research note on Tuesday, May 10th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $158.33.
WCC stock traded up $6.71 on Wednesday, hitting $132.29. The company’s stock had a trading volume of 795,639 shares, compared to its average volume of 464,199. The firm has a 50 day moving average of $125.71 and a two-hundred day moving average of $126.11. WESCO International has a 1 year low of $93.80 and a 1 year high of $144.43. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 0.86 and a beta of 2.17. The company has a current ratio of 2.11, a quick ratio of 1.23 and a debt-to-equity ratio of 1.22.
In other WESCO International news, Director Easwaran Sundaram sold 7,344 shares of the business’s stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $120.01, for a total value of $881,353.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 2.60% of the company’s stock.
WESCO International Company Profile (Get Rating)
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).
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