Watsco
About: Watsco is the largest heating, ventilation, air conditioning, and refrigeration products distributor in North America. The company primarily operates in the United States (90% of 2023 revenue) with significant exposure in the Sunbelt states. Watsco also has operations in Canada (5% of sales) and Latin America (5% of sales). The company's customer base consists of more than 125,000 contractors that serve the replacement and new construction HVACR markets for residential and light commercial applications.
Employees: 7,425
Fund manager confidence
Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)
43% more first-time investments, than exits
New positions opened: 107 | Existing positions closed: 75
15% more funds holding in top 10
Funds holding in top 10: 13 [Q1] → 15 (+2) [Q2]
14% more call options, than puts
Call options by funds: $40.9M | Put options by funds: $36M
7% more capital invested
Capital invested by funds: $15.6B [Q1] → $16.7B (+$1.1B) [Q2]
4% more funds holding
Funds holding: 735 [Q1] → 767 (+32) [Q2]
2.76% less ownership
Funds ownership: 106.31% [Q1] → 103.56% (-2.76%) [Q2]
24% less repeat investments, than reductions
Existing positions increased: 241 | Existing positions reduced: 318
Research analyst outlook
2 Wall Street Analysts provided 1 year price targets over the past 3 months
2 analyst ratings
JP Morgan Stephen Tusa 65% 1-year accuracy 15 / 23 met price target | 12%downside $425 | Neutral Maintained | 31 Jul 2024 |
Baird David Manthey 80% 1-year accuracy 16 / 20 met price target | 8%upside $522 | Outperform Maintained | 31 Jul 2024 |