Watsco (NYSE:WSO) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Watsco (NYSE:WSO - Free Report) had its price target upped by JPMorgan Chase & Co. from $445.00 to $460.00 in a research report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the construction company's stock.

Other equities analysts have also issued reports about the company. Morgan Stanley started coverage on Watsco in a research report on Monday, April 14th. They set an "equal weight" rating and a $515.00 price target on the stock. Loop Capital raised their target price on Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research note on Thursday, February 27th. Mizuho set a $490.00 price objective on shares of Watsco in a report on Thursday, April 24th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Finally, UBS Group dropped their price target on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Watsco has an average rating of "Hold" and a consensus target price of $486.67.

Watsco Price Performance

Shares of NYSE:WSO traded up $2.45 on Tuesday, hitting $445.21. The company's stock had a trading volume of 517,310 shares, compared to its average volume of 256,989. The company has a market capitalization of $18.04 billion, a PE ratio of 33.60 and a beta of 1.11. The company has a 50-day simple moving average of $481.57 and a 200 day simple moving average of $494.65. Watsco has a 1 year low of $435.72 and a 1 year high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The company had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the business earned $2.17 earnings per share. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities research analysts expect that Watsco will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were paid a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.70%. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.

Institutional Investors Weigh In On Watsco

Several large investors have recently bought and sold shares of WSO. Vanguard Group Inc. boosted its position in Watsco by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock worth $1,714,586,000 after purchasing an additional 52,127 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Watsco by 0.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,557,610 shares of the construction company's stock worth $791,734,000 after buying an additional 7,760 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Watsco by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,454,512 shares of the construction company's stock valued at $739,088,000 after purchasing an additional 82,977 shares in the last quarter. Blair William & Co. IL increased its stake in Watsco by 5.7% during the first quarter. Blair William & Co. IL now owns 814,712 shares of the construction company's stock worth $414,118,000 after acquiring an additional 43,776 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Watsco by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company's stock worth $343,168,000 after purchasing an additional 20,856 shares during the period. 89.71% of the stock is currently owned by institutional investors.

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.