The stock of Watsco Inc (NYSE:WSO) gapped up by $1.25 today and has $207.34 target or 45.00% above today’s $142.99 share price. The 9 months technical chart setup indicates low risk for the $4.98B company. The gap was reported on Oct, 14 by Barchart.com. If the $207.34 price target is reached, the company will be worth $2.24 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 118,402 shares traded hands. Watsco Inc (NYSE:WSO) has risen 8.99% since March 11, 2016 and is uptrending. It has outperformed by 3.53% the S&P500.
Analysts await Watsco Inc (NYSE:WSO) to report earnings on October, 25. They expect $1.88 earnings per share, up 14.63% or $0.24 from last year’s $1.64 per share. WSO’s profit will be $65.48 million for 19.01 P/E if the $1.88 EPS becomes a reality. After $1.82 actual earnings per share reported by Watsco Inc for the previous quarter, Wall Street now forecasts 3.30% EPS growth.
Watsco Inc (NYSE:WSO) Ratings Coverage
Out of 7 analysts covering Watsco (NYSE:WSO), 5 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 71% are positive. Watsco has been the topic of 16 analyst reports since September 11, 2015 according to StockzIntelligence Inc. Robert W. Baird maintained Watsco Inc (NYSE:WSO) on Thursday, April 21 with “Outperform” rating. On Thursday, March 24 the stock rating was maintained by Stifel Nicolaus with “Buy”. As per Wednesday, November 25, the company rating was initiated by Stifel Nicolaus. The firm has “Underweight” rating given on Monday, April 18 by Barclays Capital. Stephens maintained the shares of WSO in a report on Wednesday, October 28 with “Overweight” rating. The company was initiated on Monday, June 6 by SunTrust. Stifel Nicolaus downgraded the shares of WSO in a report on Monday, April 25 to “Neutral” rating. The firm earned “Underweight” rating on Monday, October 5 by Barclays Capital. The stock has “Accumulate” rating given by Seaport Global on Thursday, April 21. The stock has “Positive” rating given by Susquehanna on Wednesday, June 1.
According to Zacks Investment Research, “Watsco, Inc. is one of the largest distributor of air conditioning and heating equipment and related parts and supplies in the United States. The company also sells products used in the refrigeration industry. Such products include condensing units, compressors, evaporators, valves, walk-in coolers and ice machines for industrial and commercial applications. The company distributes products manufactured by Copeland Compressor Corporation, Tecumseh Products Company, The Manitowoc Company, Inc. and Scotsman Industries, Inc.”
Insitutional Activity: The institutional sentiment increased to 1.29 in 2016 Q2. Its up 0.08, from 1.21 in 2016Q1. The ratio increased, as 16 funds sold all Watsco Inc shares owned while 84 reduced positions. 31 funds bought stakes while 98 increased positions. They now own 22.99 million shares or 0.34% less from 23.06 million shares in 2016Q1.
Moreover, Timessquare has 0.2% invested in Watsco Inc (NYSE:WSO) for 210,450 shares. Webster National Bank & Trust N A last reported 1,667 shares in the company. Hsbc Holding Public Limited Com last reported 0% of its portfolio in the stock. Moreover, Canada Pension Plan Investment Board has 0.01% invested in Watsco Inc (NYSE:WSO) for 18,702 shares. C M Bidwell Associates last reported 0% of its portfolio in the stock. Vanguard Inc owns 1.83 million shares or 0.02% of their US portfolio. Laurion L P has 0% invested in the company for 1,500 shares. Coldstream Capital Mgmt last reported 5,606 shares in the company. Janus Cap Mngmt Limited Co holds 75,194 shares or 0.01% of its portfolio. Pub Employees Retirement Association Of Colorado owns 833 shares or 0% of their US portfolio. Ibm Retirement Fund holds 0.01% of its portfolio in Watsco Inc (NYSE:WSO) for 2,623 shares. Thomas J Herzfeld last reported 10,100 shares in the company. Cubist Systematic Strategies Limited Liability Company last reported 0.01% of its portfolio in the stock. Texas Permanent School Fund reported 19,720 shares or 0.04% of all its holdings. Mutual Of America Management Ltd Liability Com last reported 0.06% of its portfolio in the stock.
Another recent and important Watsco Inc (NYSE:WSO) news was published by Nasdaq.com which published an article titled: “Watsco, Inc. (WSO) Ex-Dividend Date Scheduled for October 13, 2016” on October 12, 2016.
WSO Company Profile
Watsco, Inc. (Watsco), incorporated on July 14, 1956, is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R). The Firm operates in the HVAC/R distribution industry in North America. The Firm operates at approximately 570 locations in over 40 United States’ states, Canada, Mexico and Puerto Rico. The Firm has market coverage on an export basis to Latin America and the Caribbean, through which it serves over 88,000 active contractors and dealers that service the replacement and new construction markets.
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