Watsco (NYSE:WSO) Price Target Cut to $390.00 by Analysts at UBS Group

Watsco (NYSE:WSO) had its price objective reduced by UBS Group from $425.00 to $390.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Watsco from $400.00 to $360.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c)” rating on shares of Watsco in a research note on Thursday, October 30th. Mizuho cut their price objective on Watsco from $525.00 to $400.00 and set a “neutral” rating on the stock in a research report on Friday, October 17th. William Blair reiterated a “market perform” rating on shares of Watsco in a report on Wednesday, October 15th. Finally, Zacks Research cut Watsco from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $435.00.

Watsco Trading Down 2.0%

WSO opened at $350.66 on Thursday. The stock’s 50-day moving average price is $383.83 and its 200 day moving average price is $426.98. Watsco has a 12-month low of $350.00 and a 12-month high of $571.41. The firm has a market cap of $14.22 billion, a price-to-earnings ratio of 27.40 and a beta of 0.93.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, October 29th. The construction company reported $3.98 earnings per share for the quarter, missing the consensus estimate of $4.60 by ($0.62). The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.18 billion. Watsco had a net margin of 7.04% and a return on equity of 16.48%. The business’s revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.22 earnings per share. On average, research analysts forecast that Watsco will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Thursday, October 16th were given a $3.00 dividend. The ex-dividend date of this dividend was Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.4%. Watsco’s dividend payout ratio is 93.75%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. WPG Advisers LLC purchased a new position in shares of Watsco during the first quarter worth approximately $25,000. Ameritas Advisory Services LLC purchased a new stake in Watsco in the 2nd quarter valued at $26,000. TCTC Holdings LLC boosted its stake in Watsco by 115.4% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock worth $28,000 after purchasing an additional 30 shares during the period. SJS Investment Consulting Inc. grew its position in Watsco by 2,366.7% during the 3rd quarter. SJS Investment Consulting Inc. now owns 74 shares of the construction company’s stock worth $30,000 after purchasing an additional 71 shares during the last quarter. Finally, TD Waterhouse Canada Inc. grew its position in Watsco by 242.9% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 72 shares of the construction company’s stock worth $33,000 after purchasing an additional 51 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company’s stock.

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.