KeyCorp Weighs in on Watsco’s FY2024 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSO) – Equities research analysts at KeyCorp issued their FY2024 earnings per share estimates for Watsco in a research report issued to clients and investors on Monday, October 14th. KeyCorp analyst J. Hammond expects that the construction company will post earnings of $13.50 per share for the year. The consensus estimate for Watsco’s current full-year earnings is $13.83 per share.

Watsco (NYSE:WSO) last released 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 net margin of 7.02% and a return on equity of 18.55%. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the firm earned $4.42 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year.

Several other analysts have also recently weighed in on the company. Robert W. Baird boosted their price objective on Watsco from $522.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st.

Watsco Stock Performance

Watsco stock opened at $504.72 on Thursday. The stock has a 50-day simple moving average of $480.82 and a 200 day simple moving average of $471.55. 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 has a 12-month low of $338.58 and a 12-month high of $520.41. The stock has a market capitalization of $20.34 billion, a price-to-earnings ratio of 38.82 and a beta of 0.88.

Institutional Trading of Watsco

Hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC raised its holdings in 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 period. American National Bank raised its holdings in Watsco by 878.1% during the 1st quarter. American National Bank now owns 2,416 shares of the construction company’s stock worth $1,044,000 after buying an additional 2,169 shares during the period. Diversify Advisory Services LLC acquired a new stake in Watsco during the 1st quarter worth approximately $822,000. EverSource Wealth Advisors LLC raised its holdings in Watsco by 256.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,374 shares of the construction company’s stock worth $1,510,000 after buying an additional 2,427 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Watsco in the first quarter valued at approximately $491,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be given a dividend of $2.70 per share. The ex-dividend date is Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.14%. Watsco’s payout ratio is currently 83.08%.

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.