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

Watsco (NYSE:WSO) had its price objective cut by Robert W. Baird from $560.00 to $540.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the construction company’s stock.

WSO has been the subject of a number of other reports. Morgan Stanley started coverage on Watsco in a report on Monday, April 14th. They set an “equal weight” rating and a $515.00 price target for the company. Raymond James initiated coverage on shares of Watsco in a research note on Friday, January 17th. They set a “market perform” rating for the company. Finally, Loop Capital raised their price target on shares of Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Watsco presently has an average rating of “Hold” and an average target price of $483.57.

Watsco Price Performance

Shares of WSO opened at $452.49 on Thursday. The company has a market capitalization of $18.28 billion, a PE ratio of 34.15 and a beta of 1.00. Watsco has a one year low of $428.30 and a one year high of $571.42. The company’s fifty day moving average price is $500.36 and its 200 day moving average price is $499.01.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business posted $2.17 earnings per share. Analysts anticipate that Watsco will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, April 15th. This is a positive change from Watsco’s previous quarterly dividend of $2.70. Watsco’s payout ratio is 90.57%.

Hedge Funds Weigh In On Watsco

Hedge funds and other institutional investors have recently made changes to their positions in the business. Opal Wealth Advisors LLC acquired a new position in Watsco in the first quarter worth about $25,000. Manitou Investment Management Ltd. acquired a new position in shares of Watsco in the 1st quarter worth approximately $25,000. City Holding Co. bought a new position in shares of Watsco during the 1st quarter worth approximately $29,000. Rialto Wealth Management LLC bought a new position in shares of Watsco during the 4th quarter worth approximately $31,000. Finally, ST Germain D J Co. Inc. boosted its stake in Watsco by 260.0% in the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock valued at $37,000 after buying an additional 52 shares in the last quarter. 89.71% of the stock is 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.