Could Watsco, Inc. (WSO) Recover After Forming a Bullish Double Top Chart Pattern?

March 20, 2018 - By Vivian Park

Investors sentiment increased to 1.58 in Q3 2017. Its up 0.13, from 1.45 in 2017Q2. It increased, as 29 investors sold Watsco, Inc. shares while 68 reduced holdings. 49 funds opened positions while 104 raised stakes. 28.54 million shares or 1.86% more from 28.02 million shares in 2017Q2 were reported.
Deutsche Savings Bank Ag, a Germany-based fund reported 14,007 shares. Donaldson Capital Mgmt Ltd Com reported 1,410 shares stake. State Treasurer State Of Michigan stated it has 11,400 shares. Kayne Anderson Rudnick Mgmt Ltd has invested 0.45% in Watsco, Inc. (NYSE:WSO). Moreover, Janney Montgomery Scott Llc has 0% invested in Watsco, Inc. (NYSE:WSO). Illinois-based Columbia Wanger Asset Mngmt Limited Liability Com has invested 0.91% in Watsco, Inc. (NYSE:WSO). Mitsubishi Ufj Trust And Bk Corporation invested 0.06% of its portfolio in Watsco, Inc. (NYSE:WSO). Anchor Capital Limited Liability Com stated it has 5,162 shares. Moreover, Advantus Mgmt has 0.02% invested in Watsco, Inc. (NYSE:WSO). 56,107 are owned by California Employees Retirement System. Ameritas Prns invested 0.06% of its portfolio in Watsco, Inc. (NYSE:WSO). Meeder Asset Mngmt, Ohio-based fund reported 448 shares. Aqr Cap Mgmt Ltd Liability Corp reported 28,577 shares stake. Northern Trust accumulated 258,601 shares or 0.01% of the stock. Verity Verity Limited Liability Corporation stated it has 14,565 shares.

The chart of Watsco, Inc. (WSO) shows a double top with $187.45 target or 5.00 % above today’s $178.52 share price. The 6 months chart pattern indicates low risk for the $6.13 billion company. It was reported on Mar, 20 by If the $187.45 price target is reached, the company will be worth $306.40M more. Double tops are rare but powerful chart patterns.

The stock increased 0.42% or $0.74 during the last trading session, reaching $178.52. About 47,593 shares traded. Watsco, Inc. (NYSE:WSO) has risen 8.75% since March 20, 2017 and is uptrending. It has underperformed by 7.95% the S&P500.

Analysts await Watsco, Inc. (NYSE:WSO) to report earnings on April, 24. They expect $0.88 earnings per share, up 31.34 % or $0.21 from last year’s $0.67 per share. WSO’s profit will be $30.21 million for 50.72 P/E if the $0.88 EPS becomes a reality. After $0.90 actual earnings per share reported by Watsco, Inc. for the previous quarter, Wall Street now forecasts -2.22 % negative EPS growth.

Watsco, Inc. (NYSE:WSO) Ratings Coverage

Among 11 analysts covering Watsco (NYSE:WSO), 6 have Buy rating, 2 Sell and 3 Hold. Therefore 55% are positive. Watsco had 36 analyst reports since September 11, 2015 according to SRatingsIntel. Morgan Stanley downgraded Watsco, Inc. (NYSE:WSO) on Tuesday, December 20 to “Underweight” rating. The rating was maintained by Barclays Capital on Monday, April 18 with “Underweight”. The stock has “Buy” rating by SunTrust on Monday, June 6. The stock of Watsco, Inc. (NYSE:WSO) earned “Positive” rating by Susquehanna on Wednesday, June 1. JP Morgan maintained Watsco, Inc. (NYSE:WSO) on Monday, February 12 with “Neutral” rating. Morgan Stanley maintained the stock with “Underweight” rating in Monday, September 25 report. The company was maintained on Sunday, December 10 by Stifel Nicolaus. The stock of Watsco, Inc. (NYSE:WSO) has “Buy” rating given on Thursday, February 8 by Stifel Nicolaus. On Thursday, October 26 the stock rating was maintained by Stifel Nicolaus with “Buy”. As per Thursday, February 8, the company rating was maintained by Stephens.

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