Watsco (NYSE:WSO) Price Target Lowered to $540.00 at Robert W. Baird

Watsco (NYSE:WSO) had its price target cut by Robert W. Baird from $550.00 to $540.00 in a report released on Thursday, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

Separately, JPMorgan Chase & Co. increased their price objective on shares of Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st.

Watsco Price Performance

Shares of Watsco stock opened at $473.50 on Thursday. The stock has a 50 day moving average price of $481.96 and a 200-day moving average price of $473.32. Watsco has a one year low of $340.52 and a one year high of $520.41. The stock has a market cap of $19.08 billion, a price-to-earnings ratio of 36.78 and a beta of 0.88. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.55 and a current ratio of 3.21.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the firm earned $4.35 earnings per share. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. Equities analysts expect that Watsco will post 13.78 EPS for the current year.

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be given a dividend of $2.70 per share. The ex-dividend date is Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.28%. Watsco’s dividend payout ratio (DPR) is 83.08%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC boosted its position in Watsco by 100.0% in the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after buying an additional 29 shares during the period. Quarry LP purchased a new stake in shares of Watsco in the second quarter valued at approximately $26,000. ORG Partners LLC purchased a new stake in shares of Watsco in the first quarter valued at approximately $31,000. Tortoise Investment Management LLC grew its stake in Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock worth $34,000 after purchasing an additional 32 shares in the last quarter. Finally, Salomon & Ludwin LLC increased its holdings in Watsco by 52.6% during the 1st quarter. Salomon & Ludwin LLC now owns 87 shares of the construction company’s stock worth $38,000 after purchasing an additional 30 shares during the period. 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.