Watsco (NYSE:WSO) Sets New 12-Month High – Here’s What Happened

Watsco, Inc. (NYSE:WSO) shares reached a new 52-week high on Thursday . The company traded as high as $546.27 and last traded at $545.95, with a volume of 69586 shares. The stock had previously closed at $533.40.

Analyst Ratings Changes

WSO has been the subject of a number of analyst reports. Robert W. Baird cut their price target on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st.

Watsco Stock Up 2.6 %

The company’s fifty day moving average price is $496.90 and its two-hundred day moving average price is $484.03. The company has a market cap of $22.10 billion, a price-to-earnings ratio of 41.84 and a beta of 0.88.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 6.99% and a return on equity of 17.77%. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $4.35 earnings per share. Research analysts forecast that Watsco, Inc. will post 13.06 earnings per share for the current year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were issued a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Wednesday, October 16th. Watsco’s dividend payout ratio is currently 83.46%.

Institutional Trading of Watsco

Several hedge funds have recently modified their holdings of WSO. Anchor Investment Management LLC boosted its position in Watsco by 500.0% in the 3rd quarter. Anchor Investment Management LLC now owns 228 shares of the construction company’s stock valued at $112,000 after buying an additional 190 shares during the last quarter. Tudor Financial Inc. acquired a new position in shares of Watsco during the third quarter valued at $588,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Watsco by 0.6% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 34,467 shares of the construction company’s stock valued at $16,953,000 after acquiring an additional 220 shares during the last quarter. Toronto Dominion Bank increased its position in Watsco by 32.2% in the third quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company’s stock worth $2,094,000 after purchasing an additional 1,038 shares during the period. Finally, Coldstream Capital Management Inc. raised its holdings in Watsco by 3.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 5,421 shares of the construction company’s stock worth $2,668,000 after purchasing an additional 172 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Watsco Company Profile

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.