UBS Group Issues Pessimistic Forecast for Watsco (NYSE:WSO) Stock Price

Watsco (NYSE:WSO - Get Free Report) had its target price dropped by equities research analysts at UBS Group from $455.00 to $450.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. UBS Group's target price suggests a potential upside of 5.79% from the stock's current price.

Several other analysts have also recently issued reports on WSO. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Robert W. Baird lowered their price objective on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Loop Capital upped their target price on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price objective on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Mizuho set a $490.00 price objective on Watsco in a research report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $485.83.

Watsco Stock Performance

Shares of WSO traded down $5.85 during mid-day trading on Wednesday, reaching $425.37. The company had a trading volume of 29,344 shares, compared to its average volume of 284,264. The company has a market capitalization of $17.23 billion, a price-to-earnings ratio of 32.70 and a beta of 1.06. Watsco has a 1-year low of $419.90 and a 1-year high of $571.41. The company's 50 day simple moving average is $458.82 and its 200 day simple moving average is $481.28.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 6.98% and a return on equity of 17.13%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the company posted $2.17 EPS. Watsco's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts forecast that Watsco will post 14.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Watsco

Several large investors have recently modified their holdings of the business. Manitou Investment Management Ltd. purchased a new position in Watsco during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Watsco during the 1st quarter valued at $25,000. WPG Advisers LLC bought a new stake in Watsco during the 1st quarter valued at $25,000. TCTC Holdings LLC increased its holdings in shares of Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after acquiring an additional 30 shares during the period. Finally, City Holding Co. bought a new position in shares of Watsco in the 1st quarter worth $29,000. Institutional investors own 89.71% of the company's stock.

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.

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