Q3 2017 Earnings Forecast for Watsco, Inc. Issued By KeyCorp (WSO)
Watsco, Inc. (NYSE:WSO) – Stock analysts at KeyCorp dropped their Q3 2017 earnings per share estimates for shares of Watsco in a research note issued on Tuesday. KeyCorp analyst J. Hammond now forecasts that the construction company will earn $1.92 per share for the quarter, down from their previous estimate of $1.99. KeyCorp also issued estimates for Watsco’s FY2017 earnings at $5.65 EPS.
Watsco (NYSE:WSO) last posted its earnings results on Tuesday, July 25th. The construction company reported $2.07 EPS for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.05. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.29 billion. Watsco had a net margin of 4.29% and a return on equity of 14.52%. The company’s revenue was up 5.1% on a year-over-year basis. During the same period last year, the firm posted $1.82 EPS.
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WSO has been the topic of several other reports. Robert W. Baird reaffirmed a “buy” rating and issued a $163.00 price target on shares of Watsco in a report on Friday, September 1st. BidaskClub cut shares of Watsco from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $154.00 price target on shares of Watsco in a report on Thursday, September 7th. Zacks Investment Research cut shares of Watsco from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $141.00 price target (up from $139.00) on shares of Watsco in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Watsco has a consensus rating of “Hold” and a consensus price target of $161.17.
Watsco (WSO) opened at 160.79 on Thursday. The company has a 50 day moving average of $154.71 and a 200-day moving average of $147.83. Watsco has a 52-week low of $128.60 and a 52-week high of $163.95. The stock has a market capitalization of $5.25 billion, a P/E ratio of 29.73 and a beta of 0.84.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in Watsco by 5,677.9% during the first quarter. BlackRock Inc. now owns 2,656,561 shares of the construction company’s stock valued at $380,367,000 after purchasing an additional 2,610,583 shares during the last quarter. Vanguard Group Inc. increased its stake in Watsco by 1.4% during the second quarter. Vanguard Group Inc. now owns 2,489,042 shares of the construction company’s stock valued at $383,810,000 after purchasing an additional 34,943 shares during the last quarter. FMR LLC increased its stake in Watsco by 10.7% during the second quarter. FMR LLC now owns 1,023,513 shares of the construction company’s stock valued at $157,826,000 after purchasing an additional 99,041 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Watsco by 54.7% during the second quarter. Ameriprise Financial Inc. now owns 875,680 shares of the construction company’s stock valued at $134,994,000 after purchasing an additional 309,675 shares during the last quarter. Finally, State Street Corp increased its stake in Watsco by 6.8% during the second quarter. State Street Corp now owns 799,293 shares of the construction company’s stock valued at $123,247,000 after purchasing an additional 50,751 shares during the last quarter. Hedge funds and other institutional investors own 81.63% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Monday, October 16th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, October 13th. This represents a $5.00 annualized dividend and a yield of 3.11%. Watsco’s payout ratio is 93.11%.
Watsco, Inc is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the HVAC/R distribution industry in North America. As of December 31, 2016, the Company sold a range of non-equipment products, representing more than 300,000 stock keeping units, including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats and air quality products.
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