Watsco, Inc. (NYSE:WSO) to Issue Quarterly Dividend of $2.70

Watsco, Inc. (NYSE:WSO) announced a quarterly dividend on Thursday, January 2nd,RTT News reports. Shareholders of record on Friday, January 17th will be given a dividend of 2.70 per share by the construction company on Friday, January 31st. This represents a $10.80 annualized dividend and a yield of 2.30%.

Watsco has raised its dividend by an average of 12.3% per year over the last three years and has raised its dividend every year for the last 11 years. Watsco has a dividend payout ratio of 74.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Watsco to earn $14.51 per share next year, which means the company should continue to be able to cover its $10.80 annual dividend with an expected future payout ratio of 74.4%.

Watsco Trading Down 1.1 %

NYSE:WSO opened at $468.80 on Friday. The firm’s fifty day simple moving average is $511.51 and its 200 day simple moving average is $492.30. Watsco has a twelve month low of $373.33 and a twelve month high of $571.41. The firm has a market capitalization of $18.93 billion, a price-to-earnings ratio of 36.23 and a beta of 0.92.

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

Analyst Upgrades and Downgrades

WSO has been the subject of several research analyst reports. Northcoast Research assumed coverage on shares of Watsco in a research report on Friday, November 22nd. They issued a “neutral” rating for the company. Robert W. Baird decreased their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th.

Insider Activity

In related news, EVP Barry S. Logan sold 10,998 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.86% of the stock is owned by insiders.

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.