Robert W. Baird Cuts Watsco (NYSE:WSO) Price Target to $540.00

Watsco (NYSE:WSO) had its target price lowered by Robert W. Baird from $550.00 to $540.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the construction company’s stock.

Separately, JPMorgan Chase & Co. raised their price objective on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st.

Watsco Price Performance

Watsco stock opened at $475.90 on Thursday. The firm has a market capitalization of $19.18 billion, a P/E ratio of 36.61 and a beta of 0.88. The business has a 50-day moving average of $482.01 and a 200-day moving average of $473.79. The company has a current ratio of 3.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.01. Watsco has a 1 year low of $340.52 and a 1 year high of $520.41.

Watsco (NYSE:WSO) last issued its earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Watsco had a net margin of 7.02% and a return on equity of 18.55%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.35 EPS. On average, equities analysts anticipate that Watsco will post 13.78 EPS for the current year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th will be paid a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Wednesday, October 16th. Watsco’s payout ratio is currently 83.08%.

Institutional Investors Weigh In On Watsco

Several large investors have recently made changes to their positions in WSO. Massmutual Trust Co. FSB ADV boosted its stake in Watsco by 30.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock worth $46,000 after purchasing an additional 22 shares during the period. CWM LLC boosted its position in shares of Watsco by 2.6% during the third quarter. CWM LLC now owns 952 shares of the construction company’s stock worth $468,000 after buying an additional 24 shares during the period. MCF Advisors LLC grew its holdings in shares of Watsco by 27.8% during the third quarter. MCF Advisors LLC now owns 115 shares of the construction company’s stock worth $57,000 after buying an additional 25 shares in the last quarter. Mather Group LLC. raised its position in Watsco by 10.2% in the 2nd quarter. Mather Group LLC. now owns 293 shares of the construction company’s stock valued at $127,000 after buying an additional 27 shares during the last quarter. Finally, EntryPoint Capital LLC lifted its stake in Watsco by 100.0% in the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after acquiring an additional 29 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.

About Watsco

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.