Watsco (NYSE:WSO) Stock Rating Upgraded by Zacks Research

Watsco (NYSE:WSO) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday, Zacks reports.

A number of other equities research analysts have also issued reports on WSO. Morgan Stanley cut their target price on shares of Watsco from $370.00 to $330.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Weiss Ratings cut shares of Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, October 6th. Robert W. Baird set a $400.00 price target on Watsco in a research note on Thursday, July 30th. Mizuho decreased their price target on Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Finally, Stephens reissued an “overweight” rating and issued a $485.00 price objective on shares of Watsco in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $373.62.

Watsco Trading Up 7.4%

Shares of NYSE:WSO opened at $327.64 on Wednesday. The company has a fifty day simple moving average of $306.99 and a 200 day simple moving average of $358.70. The firm has a market cap of $13.52 billion, a PE ratio of 28.42 and a beta of 1.06. Watsco has a 12-month low of $277.34 and a 12-month high of $459.00.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.41). The company had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.14 billion. Watsco had a net margin of 6.53% and a return on equity of 14.40%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $4.52 earnings per share. As a group, equities research analysts forecast that Watsco will post 12.19 EPS for the current fiscal year.

Institutional Trading of Watsco

A number of institutional investors and hedge funds have recently modified their holdings of the business. Inspire Investing LLC lifted its position in shares of Watsco by 17.9% in the 3rd quarter. Inspire Investing LLC now owns 8,521 shares of the construction company’s stock worth $2,579,000 after buying an additional 1,293 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Watsco during the 3rd quarter valued at about $109,000. Axxcess Wealth Management LLC grew its position in shares of Watsco by 93.1% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,545 shares of the construction company’s stock valued at $468,000 after buying an additional 745 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in Watsco by 2.7% during the third quarter. Crossmark Global Holdings Inc. now owns 1,689 shares of the construction company’s stock worth $511,000 after acquiring an additional 45 shares during the period. Finally, Hosking Partners LLP raised its stake in Watsco by 19.9% during the third quarter. Hosking Partners LLP now owns 8,370 shares of the construction company’s stock worth $2,534,000 after acquiring an additional 1,391 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.

About Watsco

Watsco, Inc (NYSE: WSO) is a distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment and related products. The company supplies residential and light commercial air-conditioning and heating systems, refrigeration equipment, replacement parts, and other supplies used by contractors and service professionals.

Watsco distributes products from leading HVAC/R manufacturers, including equipment and components such as air conditioners, heat pumps, furnaces, air handlers, thermostats, controls, motors and indoor air-quality products.