Robert W. Baird Cuts Watsco (NYSE:WSO) Price Target to $420.00

Watsco (NYSE:WSO) had its target price reduced by Robert W. Baird from $460.00 to $420.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the construction company’s stock. Robert W. Baird’s target price suggests a potential upside of 15.43% from the company’s current price.

A number of other equities analysts also recently weighed in on the company. DA Davidson initiated coverage on Watsco in a research report on Tuesday, June 16th. They set a “neutral” rating and a $385.00 price target for the company. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Morgan Stanley increased their target price on shares of Watsco from $370.00 to $405.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Stephens raised their target price on shares of Watsco from $475.00 to $485.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Watsco in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $404.88.

Watsco Price Performance

Shares of Watsco stock opened at $363.85 on Tuesday. The firm has a market cap of $14.79 billion, a price-to-earnings ratio of 30.19 and a beta of 1.02. The stock’s 50-day moving average is $383.81 and its 200-day moving average is $393.54. Watsco has a one year low of $323.05 and a one year high of $491.55.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, April 28th. The construction company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.14. Watsco had a return on equity of 15.31% and a net margin of 6.85%.The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $1.93 earnings per share. Watsco’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts expect that Watsco will post 12.9 EPS for the current year.

Institutional Investors Weigh In On Watsco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Torren Management LLC acquired a new stake in Watsco in the 4th quarter valued at about $26,000. Bayban bought a new stake in Watsco in the fourth quarter valued at approximately $29,000. Bamco Inc. NY bought a new stake in Watsco in the fourth quarter valued at approximately $35,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Watsco in the fourth quarter valued at approximately $37,000. Finally, Quarry LP bought a new position in shares of Watsco during the 4th quarter worth approximately $37,000. 89.71% of the stock is owned by institutional investors.

Watsco Company Profile

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.