KeyCorp Weighs in on Watsco, Inc.’s FY2023 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSO) – KeyCorp issued their FY2023 EPS estimates for Watsco in a research note issued to investors on Wednesday, January 12th. KeyCorp analyst J. Hammond forecasts that the construction company will post earnings per share of $11.40 for the year.

Separately, Zacks Investment Research downgraded Watsco from a “buy” rating to a “hold” rating and set a $330.00 target price on the stock. in a research note on Tuesday, December 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Watsco has an average rating of “Hold” and a consensus target price of $288.29.

Shares of NYSE WSO opened at $298.05 on Friday. Watsco has a twelve month low of $230.10 and a twelve month high of $318.98. The stock’s 50 day moving average price is $304.21 and its 200-day moving average price is $289.57. The company has a market capitalization of $11.56 billion, a PE ratio of 30.23 and a beta of 0.79.

Watsco (NYSE:WSO) last announced its earnings results on Tuesday, October 19th. The construction company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.55 by $0.07. Watsco had a return on equity of 20.51% and a net margin of 6.52%. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the business earned $2.76 EPS. The company’s revenue was up 16.0% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 31st. Shareholders of record on Friday, January 14th will be issued a dividend of $1.95 per share. The ex-dividend date of this dividend is Thursday, January 13th. This represents a $7.80 dividend on an annualized basis and a yield of 2.62%. Watsco’s payout ratio is 79.11%.

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its holdings in Watsco by 2.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,052,571 shares of the construction company’s stock valued at $301,709,000 after acquiring an additional 23,273 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Watsco by 14.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 883,507 shares of the construction company’s stock valued at $253,250,000 after acquiring an additional 110,314 shares during the period. State Street Corp raised its holdings in Watsco by 9.7% during the 2nd quarter. State Street Corp now owns 858,503 shares of the construction company’s stock valued at $246,081,000 after acquiring an additional 76,258 shares during the period. Blair William & Co. IL raised its holdings in Watsco by 1.5% during the 2nd quarter. Blair William & Co. IL now owns 572,664 shares of the construction company’s stock valued at $164,148,000 after acquiring an additional 8,305 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Watsco by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 478,036 shares of the construction company’s stock valued at $137,025,000 after acquiring an additional 7,856 shares during the period. 77.45% of the stock is currently owned by institutional investors and hedge funds.

About Watsco

Watsco, Inc engages in distribution of air conditioning, heating and refrigeration equipment and related parts. Its products include residential central air conditioners, gas, electric & oil furnaces, commercial air conditioning & heating equipment, and other specialized equipment, parts, including replacement compressors, evaporator coils, motors and other component parts; and supplies, including thermostats, insulation material, refrigerants, ductwork, grills, registers, sheet metal, tools, copper tubing, concrete pads, tape, adhesives, and other ancillary supplies.

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