KeyCorp Weighs in on Watsco, Inc.’s Q3 2024 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSO) – Equities researchers at KeyCorp issued their Q3 2024 earnings per share estimates for Watsco in a report released on Monday, October 14th. KeyCorp analyst J. Hammond forecasts that the construction company will post earnings per share of $4.67 for the quarter. The consensus estimate for Watsco’s current full-year earnings is $13.83 per share. KeyCorp also issued estimates for Watsco’s Q4 2024 earnings at $2.16 EPS and FY2025 earnings at $14.75 EPS.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird boosted their target price on Watsco from $522.00 to $550.00 and gave the stock an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st.

Watsco Stock Performance

Shares of WSO stock opened at $494.61 on Wednesday. The stock has a market capitalization of $19.93 billion, a PE ratio of 38.05 and a beta of 0.88. Watsco has a 52-week low of $338.58 and a 52-week high of $520.41. The stock’s 50-day moving average price is $480.15 and its 200 day moving average price is $471.32. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.01.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Tuesday, July 30th. The construction company reported $4.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The business had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the firm earned $4.42 earnings per share. The firm’s quarterly revenue was up 5.0% on a year-over-year basis.

Watsco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, October 16th. Watsco’s payout ratio is currently 83.08%.

Institutional Investors Weigh In On Watsco

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC increased its holdings in shares of Watsco by 50.9% during the 1st quarter. Jennison Associates LLC now owns 185,633 shares of the construction company’s stock worth $80,188,000 after buying an additional 62,593 shares during the last quarter. American National Bank increased its holdings in Watsco by 878.1% in the 1st quarter. American National Bank now owns 2,416 shares of the construction company’s stock valued at $1,044,000 after purchasing an additional 2,169 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Watsco during the first quarter valued at about $822,000. EverSource Wealth Advisors LLC grew its stake in shares of Watsco by 256.3% during the first quarter. EverSource Wealth Advisors LLC now owns 3,374 shares of the construction company’s stock valued at $1,510,000 after acquiring an additional 2,427 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Watsco during the first quarter valued at about $491,000. Hedge funds and other 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.