Watsco (NYSE:WSO) Stock Rating Upgraded by Zacks Research

Watsco (NYSE:WSO) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Wolfe Research set a $349.00 target price on shares of Watsco in a report on Tuesday, December 9th. Mizuho set a $425.00 price objective on shares of Watsco in a research report on Wednesday, February 18th. UBS Group assumed coverage on shares of Watsco in a report on Monday, January 5th. They issued a “neutral” rating and a $370.00 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Watsco from $370.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, February 19th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Watsco in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Watsco presently has an average rating of “Hold” and a consensus price target of $409.00.

Watsco Trading Up 0.8%

NYSE:WSO opened at $410.97 on Wednesday. The stock has a 50-day moving average price of $383.35 and a 200 day moving average price of $378.60. The stock has a market capitalization of $16.67 billion, a P/E ratio of 33.94 and a beta of 1.04. Watsco has a 12-month low of $323.05 and a 12-month high of $533.07.

Watsco (NYSE:WSO) last issued its earnings results on Tuesday, February 17th. The construction company reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.26). The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.62 billion. Watsco had a return on equity of 15.49% and a net margin of 6.87%.Watsco’s revenue was down 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.37 EPS. On average, research analysts predict that Watsco will post 14.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Watsco

Hedge funds have recently added to or reduced their stakes in the company. Alpine Global Management LLC bought a new stake in Watsco in the fourth quarter worth about $207,000. Anchor Investment Management LLC raised its holdings in shares of Watsco by 19.4% in the fourth quarter. Anchor Investment Management LLC now owns 21,804 shares of the construction company’s stock worth $7,347,000 after buying an additional 3,538 shares during the period. River Road Asset Management LLC lifted its stake in shares of Watsco by 91.5% during the 4th quarter. River Road Asset Management LLC now owns 16,907 shares of the construction company’s stock worth $5,697,000 after acquiring an additional 8,076 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Watsco during the 4th quarter worth approximately $1,436,000. Finally, Invesco Ltd. boosted its holdings in Watsco by 6.6% during the 4th quarter. Invesco Ltd. now owns 78,336 shares of the construction company’s stock valued at $26,395,000 after acquiring an additional 4,863 shares during the period. 89.71% of the stock is currently owned by institutional investors.

About Watsco

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.