WESCO International (NYSE:WCC) Updates FY24 Earnings Guidance

WESCO International (NYSE:WCC) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $13.75-15.75 for the period, compared to the consensus earnings per share estimate of $14.24.

Wall Street Analyst Weigh In

Several research firms have commented on WCC. JPMorgan Chase & Co. dropped their price target on shares of WESCO International from $180.00 to $175.00 and set an overweight rating for the company in a research note on Friday, March 15th. Oppenheimer upped their price target on WESCO International from $190.00 to $200.00 and gave the stock an outperform rating in a report on Friday. KeyCorp increased their price target on WESCO International from $190.00 to $205.00 and gave the company an overweight rating in a research report on Friday. StockNews.com raised WESCO International from a hold rating to a buy rating in a research report on Friday. Finally, Royal Bank of Canada decreased their price target on shares of WESCO International from $176.00 to $172.00 and set a sector perform rating for the company in a research note on Friday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $188.67.

WESCO International Stock Performance

WCC traded up $2.62 on Friday, hitting $167.70. 754,885 shares of the company traded hands, compared to its average volume of 656,150. WESCO International has a 12-month low of $121.90 and a 12-month high of $195.43. The company has a 50 day moving average of $161.27 and a 200-day moving average of $159.91. The company has a quick ratio of 1.42, a current ratio of 2.21 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $8.54 billion, a PE ratio of 13.96, a PEG ratio of 1.19 and a beta of 2.07.

WESCO International (NYSE:WCC) last announced its quarterly earnings data on Thursday, May 2nd. The technology company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.13). WESCO International had a net margin of 3.08% and a return on equity of 15.10%. The firm had revenue of $5.35 billion during the quarter, compared to analyst estimates of $5.30 billion. During the same period in the prior year, the firm posted $3.75 earnings per share. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts anticipate that WESCO International will post 14.12 earnings per share for the current year.

WESCO International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.4125 per share. This represents a $1.65 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Thursday, March 14th. This is a positive change from WESCO International’s previous quarterly dividend of $0.38. WESCO International’s dividend payout ratio is currently 13.74%.

Insiders Place Their Bets

In other WESCO International news, EVP Nelson John Squires III sold 3,490 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $190.00, for a total transaction of $663,100.00. Following the transaction, the executive vice president now directly owns 54,385 shares in the company, valued at $10,333,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP James Cameron sold 5,352 shares of WESCO International stock in a transaction on Monday, March 11th. The stock was sold at an average price of $156.39, for a total transaction of $836,999.28. Following the completion of the transaction, the executive vice president now owns 33,595 shares of the company’s stock, valued at approximately $5,253,922.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nelson John Squires III sold 3,490 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $190.00, for a total transaction of $663,100.00. Following the completion of the sale, the executive vice president now owns 54,385 shares in the company, valued at $10,333,150. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.

About WESCO International

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).