Watsco (NYSE:WSO) Now Covered by Northcoast Research

Northcoast Research assumed coverage on shares of Watsco (NYSE:WSO) in a report published on Friday, Marketbeat.com reports. The brokerage issued a neutral rating on the construction company’s stock.

WSO has been the topic of several other reports. JPMorgan Chase & Co. lifted their price target 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 cut their target price on Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Watsco has an average rating of “Moderate Buy” and a consensus target price of $491.25.

Watsco Price Performance

Shares of WSO opened at $554.60 on Friday. The stock’s 50-day moving average is $499.99 and its two-hundred day moving average is $485.04. The stock has a market cap of $22.39 billion, a PE ratio of 42.86 and a beta of 0.88. Watsco has a 12 month low of $373.33 and a 12 month high of $555.42.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS 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 firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business earned $4.35 EPS. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, research analysts anticipate that Watsco will post 13.06 earnings per share for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were given a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco’s dividend payout ratio is currently 83.46%.

Hedge Funds Weigh In On Watsco

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC raised its holdings in Watsco by 500.0% in the 3rd quarter. Anchor Investment Management LLC now owns 228 shares of the construction company’s stock valued at $112,000 after acquiring an additional 190 shares during the period. Tudor Financial Inc. acquired a new position in shares of Watsco during the third quarter worth $588,000. Teachers Retirement System of The State of Kentucky raised its stake in Watsco by 0.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 34,467 shares of the construction company’s stock worth $16,953,000 after buying an additional 220 shares during the last quarter. Toronto Dominion Bank raised its stake in Watsco by 32.2% during the third quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company’s stock worth $2,094,000 after buying an additional 1,038 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its stake in Watsco by 3.3% in the third quarter. Coldstream Capital Management Inc. now owns 5,421 shares of the construction company’s stock valued at $2,668,000 after purchasing an additional 172 shares in the last quarter. 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.