Raymond James Begins Coverage on Watsco (NYSE:WSO)

Equities researchers at Raymond James assumed coverage on shares of Watsco (NYSE:WSO) in a research report issued on Friday,Benzinga reports. The firm set a “market perform” rating on the construction company’s stock.

A number of other brokerages have also recently commented on WSO. Robert W. Baird cut their price target on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Northcoast Research assumed coverage on Watsco in a report on Friday, November 22nd. They set a “neutral” rating for the company. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $488.33.

Watsco Stock Performance

NYSE:WSO opened at $490.84 on Friday. The stock’s 50-day simple moving average is $509.79 and its 200 day simple moving average is $492.09. Watsco has a 52-week low of $373.33 and a 52-week high of $571.41. The company has a market cap of $19.82 billion, a P/E ratio of 37.93 and a beta of 0.95.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.51). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a return on equity of 17.77% and a net margin of 6.99%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $4.35 EPS. As a group, equities analysts predict that Watsco will post 12.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total transaction of $5,589,293.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.86% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Watsco

A number of large investors have recently made changes to their positions in the company. Quarry LP acquired a new position in Watsco in the 2nd quarter valued at $26,000. Ashton Thomas Securities LLC acquired a new position in shares of Watsco in the third quarter valued at about $43,000. Massmutual Trust Co. FSB ADV increased its position in Watsco by 30.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock worth $46,000 after acquiring an additional 22 shares during the period. Brooklyn Investment Group bought a new position in Watsco during the third quarter worth about $48,000. Finally, MCF Advisors LLC raised its stake in Watsco by 27.8% in the 3rd quarter. MCF Advisors LLC now owns 115 shares of the construction company’s stock worth $57,000 after purchasing an additional 25 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.

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.