WESCO International (NYSE:WCC) to Buyback $1.00 billion in Outstanding Shares

Posted by on Jun 2nd, 2022

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.

WESCO International (NYSE:WCC – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The technology company reported $3.63 EPS for the quarter, beating the consensus estimate of $2.20 by $1.43. WESCO International had a net margin of 3.07% and a return on equity of 17.89%. The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the prior year, the firm earned $1.43 EPS. WESCO International’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities analysts forecast that WESCO International will post 14.67 EPS for the current fiscal year.

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).

Featured Stories

Want More Great Investing Ideas?

Receive News & Ratings for WESCO International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WESCO International and related companies with MarketBeat.com's FREE daily email newsletter.