Watsco (NYSE:WSO) Price Target Raised to $560.00

Watsco (NYSE:WSO) had its price objective increased by Robert W. Baird from $540.00 to $560.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the construction company’s stock.

WSO has been the subject of a number of other reports. Raymond James started coverage on Watsco in a research report on Friday, January 17th. They issued a “market perform” rating for the company. Northcoast Research assumed coverage on Watsco in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Watsco has an average rating of “Hold” and an average price target of $495.00.

Watsco Price Performance

Shares of Watsco stock opened at $498.12 on Wednesday. The company has a market capitalization of $20.11 billion, a P/E ratio of 37.59 and a beta of 0.95. Watsco has a 1 year low of $380.58 and a 1 year high of $571.41. The business has a 50-day moving average of $484.75 and a two-hundred day moving average of $492.16.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.67 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. On average, equities analysts anticipate that Watsco will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were paid a $2.70 dividend. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a dividend yield of 2.17%. Watsco’s payout ratio is 81.51%.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 12.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WSO. FMR LLC lifted its holdings in Watsco by 10.6% during the 3rd quarter. FMR LLC now owns 3,624,159 shares of the construction company’s stock worth $1,782,651,000 after buying an additional 346,470 shares during the period. Norges Bank acquired a new position in Watsco during the 4th quarter worth approximately $118,312,000. International Assets Investment Management LLC raised its stake in Watsco by 48,984.7% during the 3rd quarter. International Assets Investment Management LLC now owns 233,643 shares of the construction company’s stock worth $114,924,000 after buying an additional 233,167 shares during the period. Lord Abbett & CO. LLC acquired a new position in Watsco during the 4th quarter worth approximately $104,533,000. Finally, Proficio Capital Partners LLC bought a new stake in Watsco during the 4th quarter worth approximately $63,603,000. 89.71% of the stock is 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.