Watsco (WSO) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Watsco (NYSE:WSO) from a hold rating to a buy rating in a report issued on Monday morning. The firm currently has $198.00 price objective on the construction company’s stock.
According to Zacks, “Watsco will gain from its industry-leading technologies and estimates the e-commerce sales to touch $1 billion this year. Watsco continues to transform its business into the digital age by investing in scalable platforms for mobile apps, e-commerce, business intelligence and supply-chain optimization. Its technology evolution continues to make progress. Further, its focus on strategic acquisitions, cost-cutting initiatives and growth potential in the replacement market will drive growth.”
Other equities analysts have also issued reports about the company. KeyCorp reissued a buy rating on shares of Watsco in a report on Friday, November 17th. Morgan Stanley increased their price objective on Watsco from $151.00 to $156.00 and gave the stock an underweight rating in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Watsco presently has an average rating of Buy and an average price target of $166.20.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Tuesday, January 16th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Friday, January 12th. Watsco’s dividend payout ratio (DPR) is 91.74%.
In related news, SVP Barry S. Logan sold 3,246 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $164.30, for a total value of $533,317.80. Following the completion of the transaction, the senior vice president now directly owns 15,800 shares of the company’s stock, valued at approximately $2,595,940. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.93% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. State Street Corp grew its holdings in Watsco by 6.8% in the 2nd quarter. State Street Corp now owns 799,293 shares of the construction company’s stock worth $123,247,000 after buying an additional 50,751 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Watsco by 1.8% during the 3rd quarter. Wells Fargo & Company MN now owns 765,046 shares of the construction company’s stock valued at $123,227,000 after purchasing an additional 13,404 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Watsco by 0.8% during the 3rd quarter. Baillie Gifford & Co. now owns 701,295 shares of the construction company’s stock valued at $112,958,000 after purchasing an additional 5,761 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Watsco by 0.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 549,423 shares of the construction company’s stock valued at $88,496,000 after purchasing an additional 3,692 shares in the last quarter. Finally, DF Dent & Co. Inc. boosted its stake in Watsco by 25.7% during the 3rd quarter. DF Dent & Co. Inc. now owns 430,125 shares of the construction company’s stock valued at $69,280,000 after purchasing an additional 88,072 shares in the last quarter. 82.68% of the stock is owned by institutional investors and hedge funds.
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Watsco, Inc is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the HVAC/R distribution industry in North America. As of December 31, 2016, the Company sold a range of non-equipment products, representing more than 300,000 stock keeping units, including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats and air quality products.
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