Envestnet Asset Management Inc. increased its position in shares of Watsco, Inc. (NYSE: WSO – Get Rating) by 1.2% during the 1st quarter, according to the company in its latest filing with the Securities & Exchange Commission. The institutional investor held 73,537 shares of the construction company after buying an additional 860 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Watsco were worth $22,402,000 when it last filed with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently changed their holdings in the company. Versor Investments LP purchased a new stake in Watsco during the first quarter for $273,000. Arizona State Retirement System increased its holdings in Watsco by 0.6% in the first quarter. Arizona State Retirement System now owns 8,927 shares of the construction company worth $2,720,000 after acquiring 53 additional shares during the period. Redmond Asset Management LLC increased its stake in Watsco by 1.4% in the first quarter. Redmond Asset Management LLC now owns 18,219 shares of the construction company worth $5,550,000 after acquiring an additional 251 shares during the period. New Jersey State Joint Pension Fund D increased its stake in Watsco by 8.4% in the first quarter. New Jersey State Joint Pension Fund D now owns 17,851 shares of the construction company worth $5,438,000 after acquiring 1,385 additional shares during the period. Finally, GoalVest Advisory LLC purchased a new stake in Watsco during the first quarter for $32,000. Hedge funds and other institutional investors hold 78.13% of the company’s shares.
Insider Activity at Watsco
Separately, director Cesar L. Alvarez sold 4,000 shares of the company in a transaction dated Friday, May 27. The stock was sold at an average price of $253.55, for a total transaction of $1,014,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. 13.31% of the shares are currently held by company insiders.
Performance of Watsco shares
NYSE: WSO opened at $273.22 on Wednesday. The company has a debt ratio of 0.09, a quick ratio of 1.08 and a current ratio of 2.47. Watsco, Inc. has a 52-week low of $220.68 and a 52-week high of $318.98. The company has a market capitalization of $10.64 billion, a price-earnings ratio of 20.28 and a beta of 0.93. The company’s 50-day moving average is $249.62 and its 200-day moving average is $268.87.
Watsco (NYSE:WSO – Get Rating) last released its quarterly earnings data on Tuesday, July 26. The construction company reported earnings per share (EPS) of $4.93 for the quarter, beating analysts’ consensus estimate of $4.82 by $0.11. Watsco had a return on equity of 25.27% and a net margin of 7.56%. The company posted revenue of $2.13 billion for the quarter, versus analyst estimates of $2.15 billion. During the same period a year earlier, the company posted EPS of $3.71. The company’s revenue for the quarter increased 15.4% compared to the same quarter last year. Research analysts predict Watsco, Inc. will post EPS of 14.83 for the current year.
Watsco announces dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 29. Investors of record on Friday, July 15 received a dividend of $2.20 per share. The ex-dividend date was Thursday, July 14. This represents a dividend of $8.80 on an annualized basis and a dividend yield of 3.22%. Watsco’s payout ratio is 65.33%.
Analyst upgrades and downgrades
A number of brokerages have recently commented on WSO. Robert W. Baird raised his price target on Watsco from $313.00 to $323.00 and gave the stock a “holding” rating in a Wednesday, July 27 report. Stephens lowered his target price on Watsco to $350.00 and set an “outperform” rating on the stock in a Wednesday July 27 research note. Morgan Stanley lowered its target price on Watsco from $208.00 to $204.00 and set an “underweight” rating on the stock in a Wednesday July 27 research note. KeyCorp lowered its target price on Watsco from $320.00 to $300.00 and set an “overweight” rating on the stock in a Monday, July 18 research note. Finally, StockNews.com downgraded Watsco from a “buy” rating to a “hold” rating in a Saturday, April 30 research rating. One financial analyst has assigned the stock a sell rating, two have assigned a hold rating and two have assigned the stock a buy rating. Based on data from MarketBeat.com, Watsco has an average rating of “Hold” and an average target price of $295.40.
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Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating and refrigeration equipment, and related parts and supplies. The company distributes equipment including residential air conditioners with or without ducts, such as gas, electric and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.
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