Loop Capital Forecasts Strong Price Appreciation for Watsco (NYSE:WSO) Stock

Watsco (NYSE:WSO) had its price target increased by investment analysts at Loop Capital from $450.00 to $460.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the construction company’s stock. Loop Capital’s price target indicates a potential downside of 7.70% from the stock’s previous close.

A number of other brokerages have also commented on WSO. Robert W. Baird boosted their price objective on Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Raymond James initiated coverage on Watsco in a research report on Friday, January 17th. They set a “market perform” rating on the stock. Finally, Northcoast Research initiated coverage on shares of Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $486.25.

Watsco Stock Performance

Shares of NYSE WSO traded down $0.57 during mid-day trading on Thursday, reaching $498.36. The company had a trading volume of 122,515 shares, compared to its average volume of 252,019. The business’s 50-day simple moving average is $484.56 and its 200 day simple moving average is $492.99. Watsco has a one year low of $387.58 and a one year high of $571.41. The firm has a market cap of $20.12 billion, a price-to-earnings ratio of 37.60 and a beta of 0.95.

Watsco (NYSE:WSO) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, sell-side analysts anticipate that Watsco will post 14.62 EPS for the current year.

Insider Buying and Selling

In other news, EVP Barry S. Logan sold 10,998 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 12.86% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Watsco

Several institutional investors have recently bought and sold shares of WSO. Rialto Wealth Management LLC bought a new position in Watsco in the 4th quarter valued at $31,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Watsco during the fourth quarter valued at about $36,000. Ashton Thomas Securities LLC acquired a new stake in Watsco during the 3rd quarter worth about $43,000. Quarry LP increased its stake in shares of Watsco by 57.9% in the third quarter. Quarry LP now owns 90 shares of the construction company’s stock worth $44,000 after acquiring an additional 33 shares during the period. Finally, Brooklyn Investment Group acquired a new position in Watsco in the third quarter valued at approximately $48,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Company Profile

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.