Watsco (NYSE:WSO) Given New $460.00 Price Target at JPMorgan Chase & Co.

Watsco (NYSE:WSO) had its price target hoisted by analysts at JPMorgan Chase & Co. from $445.00 to $460.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 4.06% from the company’s previous close.

WSO has been the subject of several other research reports. Wall Street Zen raised Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Robert W. Baird lowered their price target on Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Mizuho set a $490.00 target price on Watsco in a report on Thursday, April 24th. Loop Capital boosted their target price on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a report on Thursday, February 27th. Finally, Morgan Stanley started coverage on Watsco in a research report on Monday, April 14th. They set an “equal weight” rating and a $515.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $486.67.

Watsco Trading Down 3.9%

Shares of WSO opened at $442.05 on Tuesday. The company’s 50 day simple moving average is $482.91 and its 200-day simple moving average is $495.28. Watsco has a 12-month low of $439.08 and a 12-month high of $571.42. The firm has a market cap of $17.91 billion, a PE ratio of 33.36 and a beta of 1.11.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the business posted $2.17 EPS. Watsco’s revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Watsco will post 14.62 EPS for the current fiscal year.

Institutional Investors Weigh In On Watsco

Several hedge funds have recently modified their holdings of the stock. Manitou Investment Management Ltd. purchased a new stake in shares of Watsco during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new stake in Watsco in the 1st quarter valued at approximately $25,000. WPG Advisers LLC acquired a new stake in shares of Watsco during the 1st quarter worth approximately $25,000. TCTC Holdings LLC grew its holdings in shares of Watsco by 115.4% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock worth $28,000 after purchasing an additional 30 shares in the last quarter. Finally, City Holding Co. acquired a new stake in shares of Watsco during the 1st quarter worth approximately $29,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

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.