Robert W. Baird Forecasts Strong Price Appreciation for Watsco (NYSE:WSO) Stock

Watsco (NYSE:WSO) had its price objective increased by Robert W. Baird from $540.00 to $560.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Robert W. Baird’s price objective suggests a potential upside of 8.63% from the company’s previous close.

Several other research firms have also recently commented on WSO. Raymond James assumed coverage on shares of Watsco in a research note on Friday, January 17th. They set a “market perform” rating on the stock. Northcoast Research initiated coverage on Watsco in a report on Friday, November 22nd. They set a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $495.00.

Watsco Trading Up 0.8 %

WSO stock opened at $515.53 on Wednesday. The business’s 50 day moving average is $484.99 and its 200-day moving average is $491.92. The firm has a market cap of $20.82 billion, a P/E ratio of 38.91 and a beta of 0.95. Watsco has a 1-year low of $377.92 and a 1-year high of $571.41.

Watsco (NYSE:WSO) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.61%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.67 billion. Sell-side analysts forecast that Watsco will post 14.5 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Barry S. Logan sold 10,998 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 12.86% of the company’s stock.

Hedge Funds Weigh In On Watsco

A number of large investors have recently modified their holdings of the business. Rialto Wealth Management LLC bought a new stake in shares of Watsco during the 4th quarter worth approximately $31,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Watsco in the fourth quarter valued at about $36,000. Ashton Thomas Securities LLC bought a new stake in Watsco in the 3rd quarter valued at about $43,000. Quarry LP boosted its stake in shares of Watsco by 57.9% in the third quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after buying an additional 33 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in shares of Watsco during the 3rd quarter worth $48,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

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.