JPMorgan Chase & Co. Boosts Watsco (NYSE:WSO) Price Target to $425.00

Watsco (NYSE:WSO) had its price objective boosted by JPMorgan Chase & Co. from $420.00 to $425.00 in a research note released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the construction company’s stock.

A number of other equities analysts have also recently issued reports on WSO. Stephens reiterated an overweight rating and set a $500.00 price objective on shares of Watsco in a research report on Thursday, April 25th. Robert W. Baird upped their price target on shares of Watsco from $460.00 to $522.00 and gave the stock an outperform rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Watsco presently has a consensus rating of Hold and an average price target of $433.71.

Watsco Stock Down 0.9 %

NYSE WSO opened at $467.10 on Wednesday. The business has a fifty day moving average price of $481.48 and a two-hundred day moving average price of $441.91. The stock has a market capitalization of $18.82 billion, a PE ratio of 35.93 and a beta of 0.88. Watsco has a fifty-two week low of $337.58 and a fifty-two week high of $520.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.21 and a quick ratio of 1.31.

Watsco (NYSE:WSO) last announced 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 business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the company earned $4.42 earnings per share. Watsco’s quarterly revenue was up 5.0% compared to the same quarter last year. Equities analysts expect that Watsco will post 14.03 earnings per share for the current fiscal year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th were issued a $2.70 dividend. The ex-dividend date of this dividend was Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a yield of 2.31%. Watsco’s payout ratio is 83.08%.

Insiders Place Their Bets

In related news, Director John Alexander Macdonald sold 5,334 shares of Watsco stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Watsco news, EVP Barry S. Logan sold 774 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $473.85, for a total transaction of $366,759.90. Following the sale, the executive vice president now owns 1,770 shares of the company’s stock, valued at $838,714.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Alexander Macdonald sold 5,334 shares of Watsco stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The disclosure for this sale can be found here. Company insiders own 12.86% of the company’s stock.

Institutional Investors Weigh In On Watsco

Large investors have recently added to or reduced their stakes in the business. FineMark National Bank & Trust lifted its stake in Watsco by 2.3% in the second quarter. FineMark National Bank & Trust now owns 20,232 shares of the construction company’s stock valued at $9,372,000 after buying an additional 459 shares during the period. Mattern Capital Management LLC lifted its position in shares of Watsco by 22.6% during the 2nd quarter. Mattern Capital Management LLC now owns 1,004 shares of the construction company’s stock valued at $465,000 after acquiring an additional 185 shares during the period. Belpointe Asset Management LLC boosted its stake in Watsco by 1.7% during the second quarter. Belpointe Asset Management LLC now owns 2,343 shares of the construction company’s stock worth $1,086,000 after acquiring an additional 40 shares in the last quarter. Markel Group Inc. grew its holdings in Watsco by 0.9% in the second quarter. Markel Group Inc. now owns 571,250 shares of the construction company’s stock worth $264,626,000 after purchasing an additional 5,000 shares during the period. Finally, Simon Quick Advisors LLC increased its stake in Watsco by 9.8% in the second quarter. Simon Quick Advisors LLC now owns 685 shares of the construction company’s stock valued at $317,000 after purchasing an additional 61 shares in the last quarter. Institutional investors and hedge funds own 89.71% of the company’s stock.

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.