Equities Analysts Set Expectations for Watsco, Inc.’s Q2 2024 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSO) – Equities research analysts at William Blair decreased their Q2 2024 earnings per share estimates for shares of Watsco in a note issued to investors on Wednesday, April 24th. William Blair analyst R. Merkel now expects that the construction company will post earnings of $5.43 per share for the quarter, down from their previous estimate of $5.48. The consensus estimate for Watsco’s current full-year earnings is $14.19 per share. William Blair also issued estimates for Watsco’s Q3 2024 earnings at $5.32 EPS and Q4 2024 earnings at $2.51 EPS.

Other equities analysts have also issued reports about the stock. Stephens reaffirmed an “overweight” rating and issued a $500.00 price target on shares of Watsco in a report on Thursday. Robert W. Baird raised their price objective on Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $404.25.

Watsco Stock Down 0.2 %

Shares of Watsco stock opened at $443.21 on Friday. Watsco has a 52-week low of $315.17 and a 52-week high of $451.29. The firm’s 50 day moving average price is $412.36 and its 200-day moving average price is $399.76. The company has a quick ratio of 1.47, a current ratio of 2.92 and a debt-to-equity ratio of 0.01. The company has a market cap of $17.51 billion, a P/E ratio of 34.09 and a beta of 0.90.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, April 24th. The construction company reported $2.17 EPS for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.09). Watsco had a return on equity of 19.26% and a net margin of 7.03%. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the firm posted $2.83 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year.

Watsco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, April 15th will be paid a dividend of $2.70 per share. This is an increase from Watsco’s previous quarterly dividend of $2.45. This represents a $10.80 annualized dividend and a dividend yield of 2.44%. The ex-dividend date is Friday, April 12th. Watsco’s payout ratio is presently 83.08%.

Institutional Investors Weigh In On Watsco

A number of large investors have recently made changes to their positions in WSO. Trueblood Wealth Management LLC lifted its position in Watsco by 0.9% during the 1st quarter. Trueblood Wealth Management LLC now owns 3,603 shares of the construction company’s stock worth $1,556,000 after acquiring an additional 32 shares during the period. Conestoga Capital Advisors LLC raised its stake in shares of Watsco by 5.3% in the first quarter. Conestoga Capital Advisors LLC now owns 81,097 shares of the construction company’s stock worth $35,031,000 after purchasing an additional 4,090 shares during the last quarter. SlateStone Wealth LLC lifted its holdings in shares of Watsco by 3.9% during the first quarter. SlateStone Wealth LLC now owns 1,803 shares of the construction company’s stock worth $779,000 after purchasing an additional 68 shares during the period. SYSTM Wealth Solutions LLC lifted its holdings in shares of Watsco by 11.6% during the first quarter. SYSTM Wealth Solutions LLC now owns 7,734 shares of the construction company’s stock worth $3,341,000 after purchasing an additional 806 shares during the period. Finally, Shaker Investments LLC OH boosted its position in Watsco by 0.3% in the first quarter. Shaker Investments LLC OH now owns 7,564 shares of the construction company’s stock valued at $3,267,000 after buying an additional 24 shares during the last quarter. 89.71% of the stock is owned by hedge funds and other 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.