Watsco (NYSE:WSO) Upgraded by Zacks Research to “Hold” Rating

by · The Markets Daily

Zacks Research upgraded shares of Watsco (NYSE:WSO – Free Report) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks.com reports.

WSO has been the topic of several other research reports. JPMorgan Chase & Co. reduced their target price on shares of Watsco from $400.00 to $360.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Morgan Stanley reduced their price objective on Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. UBS Group lowered their target price on Watsco from $425.00 to $390.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. KeyCorp reiterated a “sector weight” rating on shares of Watsco in a report on Friday. Finally, Mizuho decreased their price target on Watsco from $525.00 to $400.00 and set a “neutral” rating for the company in a report on Friday, October 17th. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $422.71.

Get Our Latest Report on Watsco

Watsco Trading Up 1.2%

WSO traded up $3.95 during midday trading on Monday, hitting $345.84. The company’s stock had a trading volume of 68,343 shares, compared to its average volume of 363,035. Watsco has a 52-week low of $323.05 and a 52-week high of $535.40. The firm has a 50-day moving average price of $354.03 and a two-hundred day moving average price of $402.22. The firm has a market cap of $14.03 billion, a P/E ratio of 27.02 and a beta of 1.01.

Watsco (NYSE:WSO – Get Free Report) last issued its earnings results on Friday, November 7th. The construction company reported $3.98 earnings per share for the quarter. Watsco had a return on equity of 16.48% and a net margin of 7.04%.The firm had revenue of $2.07 billion for the quarter. On average, equities analysts expect that Watsco will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Thursday, October 16th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.5%. Watsco’s dividend payout ratio (DPR) is presently 93.75%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WSO. Goldman Sachs Group Inc. lifted its holdings in shares of Watsco by 62.8% during the first quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company’s stock worth $238,329,000 after buying an additional 180,951 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new position in Watsco during the second quarter worth $331,000. Legal & General Group Plc raised its stake in Watsco by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 108,889 shares of the construction company’s stock valued at $48,088,000 after purchasing an additional 1,122 shares during the last quarter. Voya Investment Management LLC raised its stake in Watsco by 23.1% during the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company’s stock valued at $8,244,000 after purchasing an additional 3,045 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Watsco by 4.9% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 21,717 shares of the construction company’s stock valued at $9,591,000 after purchasing an additional 1,013 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Company Profile

(Get Free Report)

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.

See Also