Watsco (NYSE:WSO) Coverage Initiated by Analysts at Northcoast Research

Northcoast Research initiated coverage on shares of Watsco (NYSE:WSO) in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage issued a neutral rating on the construction company’s stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their target price on Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Robert W. Baird reduced their target price on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $491.25.

Watsco Trading Up 2.5 %

Watsco stock opened at $568.51 on Friday. The firm has a market cap of $22.96 billion, a PE ratio of 43.93 and a beta of 0.88. The stock’s 50 day simple moving average is $501.60 and its two-hundred day simple moving average is $485.95. Watsco has a 12 month low of $373.33 and a 12 month high of $571.41.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 6.99% and a return on equity of 17.77%. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.35 EPS. On average, equities research analysts forecast that Watsco will post 13.06 EPS for the current year.

Watsco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were paid a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Wednesday, October 16th. Watsco’s dividend payout ratio (DPR) is presently 83.46%.

Institutional Investors Weigh In On Watsco

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP purchased a new stake in Watsco in the second quarter valued at $26,000. EntryPoint Capital LLC raised its holdings in Watsco by 100.0% in the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after buying an additional 29 shares during the period. Tortoise Investment Management LLC lifted its position in Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock valued at $34,000 after buying an additional 32 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Watsco during the third quarter worth about $43,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Watsco by 30.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock worth $46,000 after buying an additional 22 shares during the period. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.