Bank of America Corp DE raised its holdings in Watsco, Inc. (NYSE:WSO – Get Rating) by 12.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,437 shares of the construction company's stock after buying an additional 20,508 shares during the period. Bank of America Corp DE owned about 0.47% of Watsco worth $56,187,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of WSO. Capital World Investors increased its position in shares of Watsco by 0.3% during the first quarter. Capital World Investors now owns 1,127,943 shares of the construction company's stock worth $343,617,000 after purchasing an additional 3,540 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new stake in shares of Watsco during the first quarter worth about $2,494,000. Point72 Hong Kong Ltd acquired a new stake in shares of Watsco during the first quarter worth about $232,000. Royal Bank of Canada increased its position in shares of Watsco by 2.1% during the first quarter. Royal Bank of Canada now owns 54,957 shares of the construction company's stock worth $16,743,000 after purchasing an additional 1,156 shares in the last quarter. Finally, Sandler Capital Management increased its position in shares of Watsco by 49.1% during the first quarter. Sandler Capital Management now owns 96,076 shares of the construction company's stock worth $29,269,000 after purchasing an additional 31,650 shares in the last quarter. 82.38% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Ratings Changes
A number of analysts have recently commented on WSO shares. KeyCorp lifted their target price on Watsco from $300.00 to $310.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 6th. Morgan Stanley boosted their price target on Watsco from $204.00 to $217.00 and gave the company an "underweight" rating in a research report on Thursday, September 1st. Robert W. Baird upgraded Watsco from a "neutral" rating to an "outperform" rating and dropped their price target for the company from $350.00 to $313.00 in a research report on Thursday, July 14th. Stephens dropped their price target on Watsco to $350.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 27th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Watsco in a research report on Wednesday, August 17th. They issued a "hold" rating and a $311.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $300.20.
Watsco Price Performance
Shares of WSO opened at $257.02 on Wednesday. Watsco, Inc. has a twelve month low of $220.68 and a twelve month high of $318.98. The stock's 50 day moving average is $276.91 and its two-hundred day moving average is $270.49. The firm has a market capitalization of $10.01 billion, a PE ratio of 19.08 and a beta of 0.92. The company has a current ratio of 2.47, a quick ratio of 1.08 and a debt-to-equity ratio of 0.10.
Watsco (NYSE:WSO – Get Rating) last announced its quarterly earnings data on Tuesday, July 26th. The construction company reported $4.93 earnings per share for the quarter, missing analysts' consensus estimates of $5.02 by ($0.09). Watsco had a net margin of 7.56% and a return on equity of 25.27%. The business had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.15 billion. During the same period in the prior year, the firm posted $3.71 EPS. Watsco's revenue for the quarter was up 15.4% compared to the same quarter last year. Research analysts anticipate that Watsco, Inc. will post 14.5 earnings per share for the current year.
Watsco Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 29th. Stockholders of record on Friday, July 15th were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Thursday, July 14th. Watsco's dividend payout ratio (DPR) is 65.33%.
Watsco Company Profile
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Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, refrigeration equipment, and related parts and supplies. The company distributes equipment comprising residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.
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