Watsco (NYSE:WSO) Now Covered by Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of Watsco (NYSE:WSO) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $515.00 price target on the construction company’s stock.

WSO has been the topic of a number of other reports. Loop Capital upped their target price on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research report on Thursday, February 27th. Robert W. Baird increased their price objective on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Raymond James initiated coverage on Watsco in a research note on Friday, January 17th. They issued a “market perform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Watsco has an average rating of “Hold” and an average price target of $492.00.

Watsco Stock Up 1.4 %

Shares of NYSE WSO opened at $516.23 on Monday. Watsco has a 12-month low of $396.82 and a 12-month high of $571.42. The company has a market cap of $20.86 billion, a price-to-earnings ratio of 38.96 and a beta of 1.00. The firm’s 50-day simple moving average is $497.82 and its 200 day simple moving average is $499.05.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.67 billion. On average, equities analysts expect that Watsco will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.32%. This is a boost from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is currently 90.57%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. My Legacy Advisors LLC grew its holdings in Watsco by 3.2% during the fourth quarter. My Legacy Advisors LLC now owns 687 shares of the construction company’s stock worth $329,000 after purchasing an additional 21 shares during the period. Avidian Wealth Enterprises LLC increased its holdings in shares of Watsco by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company’s stock valued at $567,000 after purchasing an additional 21 shares during the last quarter. Centennial Wealth Advisory LLC raised its position in shares of Watsco by 3.0% in the fourth quarter. Centennial Wealth Advisory LLC now owns 754 shares of the construction company’s stock valued at $358,000 after purchasing an additional 22 shares during the period. M&T Bank Corp raised its position in shares of Watsco by 1.4% in the fourth quarter. M&T Bank Corp now owns 1,686 shares of the construction company’s stock valued at $799,000 after purchasing an additional 23 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Watsco by 0.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company’s stock worth $3,645,000 after acquiring an additional 23 shares during the last quarter. 89.71% of the stock is currently owned by 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.