Watsco (WSO) Announces Earnings Results, Misses Expectations By $0.04 EPS

Watsco (NYSE:WSO) released its quarterly earnings results on Thursday. The construction company reported $1.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.04), MarketWatch Earnings reports. Watsco had a net margin of 5.15% and a return on equity of 14.00%. The business had revenue of $991.32 million for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the business earned $1.19 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis.

NYSE WSO opened at $143.08 on Friday. The firm has a market capitalization of $5.73 billion, a PE ratio of 26.11, a PEG ratio of 1.75 and a beta of 0.96. Watsco has a 52 week low of $131.88 and a 52 week high of $192.94.

The company also recently announced a quarterly dividend, which was paid on Thursday, January 31st. Stockholders of record on Wednesday, January 16th were paid a $1.60 dividend. This is a boost from Watsco’s previous quarterly dividend of $1.45. This represents a $6.40 annualized dividend and a dividend yield of 4.47%. The ex-dividend date of this dividend was Tuesday, January 15th. Watsco’s dividend payout ratio (DPR) is 116.79%.

In other news, SVP Barry S. Logan sold 2,500 shares of Watsco stock in a transaction on Thursday, December 20th. The stock was sold at an average price of $141.27, for a total value of $353,175.00. Following the completion of the sale, the senior vice president now directly owns 13,300 shares of the company’s stock, valued at approximately $1,878,891. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 13.45% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the stock. Park National Corp OH grew its stake in shares of Watsco by 7.1% during the fourth quarter. Park National Corp OH now owns 1,666 shares of the construction company’s stock worth $232,000 after purchasing an additional 111 shares during the period. First Hawaiian Bank grew its stake in shares of Watsco by 16.8% during the fourth quarter. First Hawaiian Bank now owns 885 shares of the construction company’s stock worth $123,000 after purchasing an additional 127 shares during the period. Redmond Asset Management LLC grew its stake in shares of Watsco by 1.1% during the fourth quarter. Redmond Asset Management LLC now owns 18,384 shares of the construction company’s stock worth $2,558,000 after purchasing an additional 199 shares during the period. Virginia Retirement Systems ET AL grew its stake in shares of Watsco by 2.7% during the fourth quarter. Virginia Retirement Systems ET AL now owns 7,600 shares of the construction company’s stock worth $1,057,000 after purchasing an additional 200 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Watsco by 13.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,164 shares of the construction company’s stock worth $301,000 after purchasing an additional 252 shares during the period. 85.75% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on WSO shares. Buckingham Research dropped their price target on Watsco from $187.00 to $167.00 and set a “neutral” rating for the company in a report on Friday, October 26th. Zacks Investment Research reissued a “sell” rating on shares of Watsco in a research note on Saturday, November 17th. Finally, Morgan Stanley began coverage on Watsco in a research note on Tuesday, December 18th. They issued an “equal weight” rating and a $144.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $176.00.

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About Watsco

Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. It offers residential ducted and ductless air conditioners; gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.

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Earnings History for Watsco (NYSE:WSO)

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