What is KeyCorp’s Forecast for Watsco FY2024 Earnings?

Watsco, Inc. (NYSE:WSO) – Research analysts at KeyCorp issued their FY2024 earnings estimates for Watsco in a note issued to investors on Monday, October 14th. KeyCorp analyst J. Hammond forecasts that the construction company will post earnings of $13.50 per share for the year. The consensus estimate for Watsco’s current full-year earnings is $13.83 per share.

Several other equities analysts have also recently issued reports on WSO. Robert W. Baird raised their price target on Watsco from $522.00 to $550.00 and gave the company an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on shares of Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st.

Watsco Stock Down 0.5 %

NYSE WSO opened at $502.24 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.55 and a current ratio of 3.21. Watsco has a 52 week low of $338.58 and a 52 week high of $520.41. The stock has a market capitalization of $20.24 billion, a P/E ratio of 38.63 and a beta of 0.88. The stock has a fifty day moving average of $481.44 and a 200-day moving average of $472.03.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, July 30th. The construction company reported $4.49 earnings per share for the quarter, missing the consensus estimate of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The company had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the firm earned $4.42 EPS. The business’s revenue for the quarter was up 5.0% on a year-over-year basis.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be paid a $2.70 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.15%. Watsco’s dividend payout ratio (DPR) is presently 83.08%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of Watsco by 50.9% during the first quarter. Jennison Associates LLC now owns 185,633 shares of the construction company’s stock worth $80,188,000 after purchasing an additional 62,593 shares in the last quarter. American National Bank lifted its holdings in Watsco by 878.1% during the first quarter. American National Bank now owns 2,416 shares of the construction company’s stock worth $1,044,000 after acquiring an additional 2,169 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in Watsco in the first quarter valued at about $822,000. EverSource Wealth Advisors LLC increased its holdings in shares of Watsco by 256.3% in the first quarter. EverSource Wealth Advisors LLC now owns 3,374 shares of the construction company’s stock worth $1,510,000 after acquiring an additional 2,427 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Watsco during the first quarter worth about $491,000. Institutional investors and hedge funds own 89.71% of the company’s stock.

About Watsco

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.