Watsco, Inc. (NYSE:WSO) to Issue Quarterly Dividend of $2.70

Watsco, Inc. (NYSE:WSO - Get Free Report) declared a quarterly dividend on Thursday, January 2nd,RTT News reports. Investors of record on Friday, January 17th will be given a dividend of 2.70 per share by the construction company on Friday, January 31st. This represents a $10.80 annualized dividend and a yield of 2.30%.

Watsco has raised its dividend by an average of 12.3% annually over the last three years and has increased its dividend every year for the last 11 years. Watsco has a payout ratio of 74.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Watsco to earn $14.51 per share next year, which means the company should continue to be able to cover its $10.80 annual dividend with an expected future payout ratio of 74.4%.

Watsco Stock Down 1.1 %

Shares of Watsco stock traded down $5.09 during trading hours on Thursday, hitting $468.80. The company's stock had a trading volume of 197,869 shares, compared to its average volume of 273,921. The business has a fifty day moving average of $511.70 and a 200 day moving average of $492.47. Watsco has a 1-year low of $373.33 and a 1-year high of $571.41. The company has a market capitalization of $18.93 billion, a PE ratio of 36.23 and a beta of 0.92.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). Watsco had a net margin of 6.99% and a return on equity of 17.77%. The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.24 billion. During the same period last year, the business earned $4.35 earnings per share. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Watsco will post 13.06 earnings per share for the current fiscal year.

Insider Activity at Watsco

In related news, EVP Barry S. Logan sold 10,998 shares of the company'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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.86% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

WSO has been the topic of several recent research reports. Robert W. Baird reduced their price target on Watsco from $550.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Northcoast Research began coverage on shares of Watsco in a research report on Friday, November 22nd. They set a "neutral" rating on the 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.