Watsco (NYSE:WSO) Upgraded at Zacks Research

Watsco (NYSE:WSO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

Other analysts have also issued research reports about the company. Morgan Stanley dropped their target price on Watsco from $370.00 to $330.00 and set an “equal weight” rating on the stock in a report on Monday, October 12th. 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. Weiss Ratings downgraded Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, October 6th. Stephens reaffirmed an “overweight” rating and set a $485.00 price target on shares of Watsco in a research report on Monday, August 17th. Finally, DA Davidson lowered their price target on Watsco from $385.00 to $330.00 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $373.62.

Watsco Price Performance

Shares of NYSE:WSO opened at $327.64 on Wednesday. The company’s 50-day moving average price is $306.99 and its two-hundred day moving average price is $358.70. Watsco has a one year low of $277.34 and a one year high of $459.00. The stock has a market capitalization of $13.52 billion, a PE ratio of 28.42 and a beta of 1.06.

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

Institutional Investors Weigh In On Watsco

Several hedge funds have recently added to or reduced their stakes in WSO. Markel Group Inc. increased its holdings in shares of Watsco by 0.8% in the first quarter. Markel Group Inc. now owns 582,169 shares of the construction company’s stock valued at $211,787,000 after purchasing an additional 4,500 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in shares of Watsco during the 3rd quarter worth about $96,991,000. Bank of America Corp DE acquired a new stake in shares of Watsco during the 2nd quarter worth about $119,291,000. Caledonia Investments PLC lifted its stake in shares of Watsco by 12.2% during the 3rd quarter. Caledonia Investments PLC now owns 261,439 shares of the construction company’s stock worth $79,072,000 after buying an additional 28,512 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Watsco during the 2nd quarter worth about $97,937,000. Institutional investors and hedge funds own 89.71% of the company’s stock.

Watsco Company Profile

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.