Watsco (NYSE:WSO) Price Target Lowered to $400.00 at JPMorgan Chase & Co.

Key Points

• Watsco's stock price target was lowered by JPMorgan Chase & Co. from $425.00 to $400.00, indicating a "neutral" rating on the construction company's stock.
• The current average rating for Watsco is "Hold" with an average target price of $462.50, reflecting a mixed outlook from various analysts.
• Watsco's latest earnings report showed a quarterly EPS of $4.52, missing analysts' expectations, with revenue down 3.6% year-over-year at $2.06 billion.

Watsco (NYSE:WSO - Get Free Report) had its target price lowered by JPMorgan Chase & Co. from $425.00 to $400.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the construction company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 9.95% from the stock's current price.

Other equities research analysts have also recently issued reports about the company. William Blair reaffirmed a "market perform" rating on shares of Watsco in a research note on Wednesday. Morgan Stanley decreased their price objective on Watsco from $505.00 to $460.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 8th. UBS Group decreased their price objective on Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a research note on Tuesday, September 23rd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Watsco in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, Watsco currently has an average rating of "Hold" and an average target price of $462.50.

Watsco Price Performance

Shares of NYSE WSO traded down $2.55 during midday trading on Wednesday, hitting $363.82. The stock had a trading volume of 184,617 shares, compared to its average volume of 337,934. The company's 50-day simple moving average is $401.51 and its 200 day simple moving average is $442.81. The firm has a market cap of $14.75 billion, a P/E ratio of 27.99 and a beta of 0.94. Watsco has a fifty-two week low of $350.00 and a fifty-two week high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.32). The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm's quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the business posted $4.49 earnings per share. Equities analysts expect that Watsco will post 14.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new position in Watsco during the first quarter worth about $25,000. WPG Advisers LLC bought a new stake in shares of Watsco in the first quarter valued at about $25,000. Ameritas Advisory Services LLC bought a new stake in shares of Watsco in the second quarter valued at about $26,000. TCTC Holdings LLC lifted its holdings in shares of Watsco by 115.4% in the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after purchasing an additional 30 shares in the last quarter. Finally, Rossby Financial LCC bought a new stake in shares of Watsco in the first quarter valued at about $33,000. 89.71% of the stock is currently 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.

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