WESCO International, Inc (NYSE: WCC) is a leading provider of electrical, industrial and communications maintenance, repair and operating and OEM products and logistic services. Seems to be a fitting company to see strength in as potential of an infrastructure spending bill and possible an energy infrastructure bill crosses the headlines. The S&P 500 Industrial sector was the best performing sector on Wednesday and there appears to be rotation back into the sector over the past week.
The share price of WCC popped 9.48% on Wednesday on news of news of private equity firm Leonard Green & Partners disclosed a new 5.7 million shares or 11.4% stake in the company. An SEC filing shows Green Equity Investors VII, L.P. adding over 962,000 shares between July 10 and July 14, which increased their position by nearly 50%. This was the first insider transaction since June 2019.
Currently, insiders own only 4.47% of the company, but purchases and sales by 10% owners like Green Equity is significant since they typically buy and sell based on their outlook in the company.
- America’s Economy Could Be In For A Rude Awakening
If you’re worried about why stocks are surging while millions of Americans are out of work and commercial bankruptcies are skyrocketing, I strongly urge you to listen to this message.
Here are links to our latest insider trading reports.
Action to Take: The June 8 resistance level near $42.50 is significant as it aligns with the 61.8% Fibonacci retracement of the 2020 downtrend. A close above that level is an indication that the price will fully retrace back to the 2020 high near $61.