Watsco (NYSE:WSO) Rating Increased to Hold at Zacks Research

Watsco (NYSE:WSO) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also commented on WSO. JPMorgan Chase & Co. decreased their price objective on shares of Watsco from $400.00 to $360.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Mizuho reduced their target price on shares of Watsco from $525.00 to $400.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. Morgan Stanley decreased their price target on shares of Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. William Blair restated a “market perform” rating on shares of Watsco in a research report on Wednesday, October 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Watsco in a research report on Thursday, October 30th. One analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $422.71.

Watsco Price Performance

NYSE WSO opened at $341.63 on Monday. The stock’s 50 day simple moving average is $354.03 and its 200 day simple moving average is $402.22. Watsco has a one year low of $323.05 and a one year high of $535.40. The firm has a market cap of $13.86 billion, a PE ratio of 26.69 and a beta of 1.01.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Friday, November 7th. The construction company reported $3.98 EPS for the quarter. The company had revenue of $2.07 billion for the quarter. Watsco had a return on equity of 16.48% and a net margin of 7.04%. As a group, equities analysts expect that Watsco will post 14.62 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in Watsco by 62.8% in the first quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company’s stock valued at $238,329,000 after purchasing an additional 180,951 shares in the last quarter. Catalyst Funds Management Pty Ltd acquired a new stake in Watsco in the second quarter valued at $331,000. Legal & General Group Plc grew its position in shares of Watsco by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 108,889 shares of the construction company’s stock valued at $48,088,000 after acquiring an additional 1,122 shares during the period. Voya Investment Management LLC grew its position in shares of Watsco by 23.1% in the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company’s stock valued at $8,244,000 after acquiring an additional 3,045 shares during the period. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Watsco by 4.9% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 21,717 shares of the construction company’s stock worth $9,591,000 after purchasing an additional 1,013 shares during the last quarter. 89.71% of the stock is currently owned by institutional investors.

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.