Longbow Research Upgrades Watsco Inc. (WSO) to “Buy”
Watsco Inc. (NYSE:WSO) was upgraded by equities research analysts at Longbow Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday.
WSO has been the subject of several other reports. Zacks Investment Research raised Watsco from a “sell” rating to a “hold” rating in a research note on Monday, September 12th. JPMorgan Chase & Co. reduced their target price on Watsco from $131.00 to $128.00 and set a “neutral” rating for the company in a report on Wednesday, July 27th. Seaport Global Securities lowered Watsco from an “accumulate” rating to a “neutral” rating and set a $150.00 target price for the company. in a report on Monday, July 25th. Barclays PLC set a $113.00 target price on Watsco and gave the company a “sell” rating in a report on Monday, July 25th. Finally, Stifel Nicolaus reduced their target price on Watsco from $154.00 to $150.00 and set a “buy” rating for the company in a report on Monday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Watsco currently has a consensus rating of “Hold” and a consensus price target of $138.50.
Watsco (NYSE:WSO) opened at 139.35 on Friday. Watsco has a one year low of $106.58 and a one year high of $149.99. The firm has a 50-day moving average price of $143.50 and a 200 day moving average price of $138.82. The firm has a market capitalization of $4.54 billion, a PE ratio of 28.24 and a beta of 0.94.
Watsco (NYSE:WSO) last issued its quarterly earnings data on Friday, July 22nd. The company reported $1.82 EPS for the quarter, missing the consensus estimate of $2.04 by $0.22. The company earned $1.21 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Watsco had a return on equity of 13.65% and a net margin of 4.05%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period last year, the company earned $1.85 earnings per share. Analysts anticipate that Watsco will post $5.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 17th will be issued a $1.05 dividend. This is a positive change from Watsco’s previous quarterly dividend of $0.85. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date is Thursday, October 13th. Watsco’s dividend payout ratio (DPR) is presently 69.11%.
Several institutional investors have recently bought and sold shares of WSO. Vanguard Group Inc. raised its position in Watsco by 2.7% in the second quarter. Vanguard Group Inc. now owns 1,834,530 shares of the company’s stock worth $258,100,000 after buying an additional 48,234 shares during the last quarter. JPMorgan Chase & Co. raised its position in Watsco by 7.1% in the second quarter. JPMorgan Chase & Co. now owns 1,258,375 shares of the company’s stock worth $177,041,000 after buying an additional 83,319 shares during the last quarter. BlackRock Fund Advisors raised its position in Watsco by 3.9% in the second quarter. BlackRock Fund Advisors now owns 1,050,405 shares of the company’s stock worth $147,781,000 after buying an additional 39,647 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Watsco by 17.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 996,145 shares of the company’s stock worth $134,221,000 after buying an additional 151,049 shares during the last quarter. Finally, State Street Corp raised its position in Watsco by 0.7% in the second quarter. State Street Corp now owns 698,119 shares of the company’s stock worth $98,217,000 after buying an additional 4,722 shares during the last quarter. 67.33% of the stock is owned by hedge funds and other institutional investors.
Watsco, Inc (Watsco) is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R). The Company operates in the HVAC/R distribution industry in North America. The Company operates at approximately 570 locations in over 40 United States’ states, Canada, Mexico and Puerto Rico.
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