KeyCorp Comments on Watsco, Inc.’s Q3 2022 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSOGet Rating) – Equities research analysts at KeyCorp increased their Q3 2022 earnings per share (EPS) estimates for shares of Watsco in a research note issued on Thursday, April 21st. KeyCorp analyst J. Hammond now anticipates that the construction company will post earnings per share of $4.20 for the quarter, up from their previous estimate of $4.11. KeyCorp currently has a “Overweight” rating and a $320.00 price objective on the stock.

Watsco (NYSE:WSOGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The construction company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $1.10. Watsco had a return on equity of 23.76% and a net margin of 7.16%. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the firm posted $1.39 EPS. The company’s quarterly revenue was up 34.1% on a year-over-year basis.

A number of other equities analysts have also commented on WSO. Robert W. Baird lifted their price objective on Watsco from $300.00 to $350.00 in a research note on Friday. StockNews.com raised Watsco from a “hold” rating to a “buy” rating in a research note on Friday. Morgan Stanley dropped their price target on Watsco from $288.00 to $277.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Zacks Investment Research lowered Watsco from a “hold” rating to a “sell” rating and set a $313.00 price target on the stock. in a research note on Monday, January 17th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $316.29.

WSO stock opened at $290.98 on Monday. Watsco has a 52 week low of $252.50 and a 52 week high of $318.98. The company has a quick ratio of 1.16, a current ratio of 2.77 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $287.55 and a 200 day simple moving average of $291.90. The company has a market cap of $11.31 billion, a PE ratio of 23.75 and a beta of 0.85.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 29th. Shareholders of record on Thursday, April 14th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend is Wednesday, April 13th. This is an increase from Watsco’s previous quarterly dividend of $1.95. Watsco’s dividend payout ratio is 71.84%.

In other news, Director Brian E. Keeley sold 11,000 shares of the stock in a transaction on Wednesday, March 23rd. The stock was sold at an average price of $299.68, for a total transaction of $3,296,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.31% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in Watsco by 9.6% in the 3rd quarter. Victory Capital Management Inc. now owns 78,704 shares of the construction company’s stock worth $20,827,000 after purchasing an additional 6,898 shares during the period. Baker Tilly Wealth Management LLC increased its stake in Watsco by 14.7% in the 3rd quarter. Baker Tilly Wealth Management LLC now owns 1,783 shares of the construction company’s stock worth $472,000 after purchasing an additional 228 shares during the period. Raymond James & Associates increased its stake in Watsco by 2.3% in the 3rd quarter. Raymond James & Associates now owns 185,429 shares of the construction company’s stock worth $49,070,000 after purchasing an additional 4,217 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Watsco by 21.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 16,841 shares of the construction company’s stock valued at $4,457,000 after buying an additional 2,920 shares during the period. Finally, Segall Bryant & Hamill LLC increased its stake in shares of Watsco by 7.8% during the third quarter. Segall Bryant & Hamill LLC now owns 1,845 shares of the construction company’s stock valued at $489,000 after buying an additional 133 shares during the period. Institutional investors own 78.42% of the company’s stock.

About Watsco (Get Rating)

Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, refrigeration equipment, and related parts and supplies. The company distributes equipment comprising residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.

See Also

Earnings History and Estimates for Watsco (NYSE:WSO)

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