Watsco (NYSE:WSO) Stock Gets Price Target Cut from Mizuho

Watsco (NYSE:WSO) had its price objective trimmed by Mizuho from $350.00 to $325.00 in a report published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the construction company’s stock.

A number of other equities analysts have also issued reports on the company. DA Davidson decreased their price objective on Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Robert W. Baird set a $400.00 target price on Watsco in a research note on Thursday, July 30th. Weiss Ratings downgraded Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, October 6th. Zacks Research lowered Watsco from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 22nd. Finally, Morgan Stanley decreased their price target on Watsco from $370.00 to $330.00 and set an “equal weight” rating for the company in a research note on Monday, October 12th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $373.62.

Watsco Stock Down 1.3%

Shares of NYSE:WSO opened at $295.54 on Thursday. The company has a market cap of $12.19 billion, a PE ratio of 25.63 and a beta of 1.06. The company’s 50-day moving average price is $307.69 and its 200 day moving average price is $360.39. Watsco has a fifty-two week low of $277.34 and a fifty-two week high of $459.00.

Watsco (NYSE:WSO) last posted its earnings results on Wednesday, July 29th. The construction company reported $4.00 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.41). The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.14 billion. Watsco had a return on equity of 14.40% and a net margin of 6.53%. Watsco’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $4.52 EPS. As a group, equities analysts anticipate that Watsco will post 12.19 EPS for the current year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, October 16th. Watsco’s dividend payout ratio is currently 114.48%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bayban bought a new stake in shares of Watsco during the 4th quarter worth $29,000. Western Wealth Management LLC acquired a new stake in shares of Watsco during the first quarter worth $41,000. Versant Capital Management Inc lifted its holdings in shares of Watsco by 293.3% during the second quarter. Versant Capital Management Inc now owns 118 shares of the construction company’s stock valued at $49,000 after purchasing an additional 88 shares during the last quarter. GK Wealth Management LLC purchased a new stake in shares of Watsco during the third quarter valued at $63,000. Finally, N.E.W. Advisory Services LLC purchased a new stake in shares of Watsco during the second quarter valued at $67,000. 89.71% of the stock is currently owned by institutional investors.

About Watsco

Watsco, Inc (NYSE: WSO) is a distributor of heating, air conditioning and refrigeration equipment and related products. The company supplies residential and commercial contractors with air conditioners, heat pumps, furnaces, refrigeration systems, indoor air-quality products, controls, replacement parts and other installation supplies.

Watsco serves the replacement and new-construction markets through a network of distribution centers, branches, showrooms and e-commerce platforms. Its customers primarily include HVAC and refrigeration contractors, dealers and other industry professionals, while its products are sourced from major manufacturers and distributed under leading industry brands.

Founded in 1956, Watsco has expanded through organic growth and acquisitions to become one of the largest HVAC and refrigeration distributors in North America.