KeyCorp Comments on Watsco's FY2024 Earnings (NYSE:WSO)

Watsco, Inc. (NYSE:WSO - Free Report) - KeyCorp issued their FY2024 EPS estimates for Watsco in a research report issued to clients and investors on Monday, October 14th. KeyCorp analyst J. Hammond anticipates that the construction company will earn $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 - Get Free Report) last issued its earnings results on Tuesday, July 30th. The construction company reported $4.49 earnings per share for the quarter, missing the consensus estimate of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the company posted $4.42 earnings per share. The company's quarterly revenue was up 5.0% compared to the same quarter last year.

Several other research firms have also commented on WSO. JPMorgan Chase & Co. increased their price target on shares of Watsco from $420.00 to $425.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. Robert W. Baird increased their price target on shares of Watsco from $522.00 to $550.00 and gave the company an "outperform" rating in a research report on Wednesday.

Watsco Price Performance

Shares of WSO stock traded up $10.11 during trading hours on Thursday, hitting $504.72. The company's stock had a trading volume of 228,124 shares, compared to its average volume of 290,029. The business has a fifty day moving average of $480.15 and a 200-day moving average of $471.32. The stock has a market cap of $20.34 billion, a price-to-earnings ratio of 38.05 and a beta of 0.88. Watsco has a twelve month low of $338.58 and a twelve month high of $520.41. The company has a current ratio of 3.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.01.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Wednesday, October 16th. Watsco's payout ratio is 83.08%.

Hedge Funds Weigh In On Watsco

Several institutional investors and hedge funds have recently modified their holdings of WSO. SageView Advisory Group LLC purchased a new position in shares of Watsco during the fourth quarter valued at approximately $321,000. Vanguard Group Inc. raised its stake in Watsco by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 3,265,589 shares of the construction company's stock worth $1,399,207,000 after purchasing an additional 55,119 shares during the period. HighPoint Advisor Group LLC purchased a new position in Watsco during the fourth quarter worth approximately $201,000. CWM LLC raised its stake in Watsco by 38.3% during the first quarter. CWM LLC now owns 957 shares of the construction company's stock worth $413,000 after purchasing an additional 265 shares during the period. Finally, Mather Group LLC. purchased a new position in Watsco during the first quarter worth approximately $114,000. 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.