JPMorgan Chase & Co. Issues Pessimistic Forecast for Watsco (NYSE:WSO) Stock Price

Watsco (NYSE:WSO) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $425.00 to $400.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 8.10% from the company’s current price.

WSO has been the topic of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Watsco in a research note on Wednesday, October 8th. Morgan Stanley lowered their target price on Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. William Blair reiterated a “market perform” rating on shares of Watsco in a research note on Wednesday. Finally, UBS Group lowered their target price on Watsco from $450.00 to $425.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 23rd. One analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $462.50.

Watsco Trading Up 2.9%

Shares of WSO stock opened at $370.02 on Wednesday. The business’s 50 day moving average is $399.42 and its two-hundred day moving average is $441.28. Watsco has a twelve month low of $350.00 and a twelve month high of $571.41. The company has a market capitalization of $15.00 billion, a P/E ratio of 28.38 and a beta of 0.94.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the business posted $4.49 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities analysts predict that Watsco will post 14.62 earnings per share for the current fiscal year.

Institutional Trading of Watsco

Hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC acquired a new position in Watsco during the first quarter worth $25,000. WPG Advisers LLC acquired a new position in Watsco during the first quarter worth $25,000. TCTC Holdings LLC raised its holdings in Watsco by 115.4% during the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock worth $28,000 after purchasing an additional 30 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Watsco during the second quarter worth $26,000. Finally, Rossby Financial LCC acquired a new position in Watsco during the first quarter worth $33,000. 89.71% of the stock is owned by institutional investors and hedge funds.

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.