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%.

About Watsco

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.

Earnings History and Estimates for Watsco (NYSE:WSO)

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