Lake Street Financial LLC cut its holdings in shares of Watsco, Inc. (NYSE:WSO – Get Rating) by 7.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 896 shares of the construction company's stock after selling 73 shares during the period. Lake Street Financial LLC's holdings in Watsco were worth $214,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. GoalVest Advisory LLC bought a new position in Watsco in the 1st quarter worth $32,000. O Dell Group LLC purchased a new position in shares of Watsco during the first quarter valued at about $32,000. Zullo Investment Group Inc. raised its stake in Watsco by 351.6% in the first quarter. Zullo Investment Group Inc. now owns 140 shares of the construction company's stock worth $43,000 after buying an additional 109 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in Watsco in the first quarter worth about $56,000. Finally, Prospera Financial Services Inc bought a new stake in Watsco during the 1st quarter valued at approximately $60,000. Institutional investors own 82.38% of the company's stock.
Get Watsco alerts:Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on WSO. Stephens decreased their target price on Watsco to $350.00 and set an "outperform" rating for the company in a research report on Wednesday, July 27th. Morgan Stanley increased their price objective on Watsco from $204.00 to $217.00 and gave the stock an "underweight" rating in a report on Thursday, September 1st. KeyCorp boosted their target price on shares of Watsco from $300.00 to $310.00 and gave the company an "overweight" rating in a report on Tuesday, September 6th. Deutsche Bank Aktiengesellschaft started coverage on shares of Watsco in a research note on Wednesday, August 17th. They issued a "hold" rating and a $311.00 price target for the company. Finally, Robert W. Baird raised shares of Watsco from a "neutral" rating to an "outperform" rating and dropped their price objective for the stock from $350.00 to $313.00 in a research note on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Watsco currently has a consensus rating of "Hold" and an average target price of $300.20.
Watsco Stock Performance
Shares of Watsco stock opened at $265.62 on Thursday. Watsco, Inc. has a 1 year low of $220.68 and a 1 year high of $318.98. The firm's 50-day moving average is $276.68 and its 200 day moving average is $271.44. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 19.72 and a beta of 0.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.47 and a quick ratio of 1.08.Watsco (NYSE:WSO – Get Rating) last issued its earnings results on Tuesday, July 26th. The construction company reported $4.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.82 by $0.11. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.15 billion. Watsco had a net margin of 7.56% and a return on equity of 25.27%. The business's revenue was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.71 earnings per share. Sell-side analysts anticipate that Watsco, Inc. will post 14.5 EPS for the current fiscal year.
Watsco Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, July 29th. Shareholders of record on Friday, July 15th were issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date was Thursday, July 14th. Watsco's payout ratio is 65.33%.
About Watsco
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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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