Lord Abbett & CO. LLC Invests $104.53 Million in Watsco, Inc. (NYSE:WSO)

Lord Abbett & CO. LLC purchased a new position in shares of Watsco, Inc. (NYSE:WSO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 220,586 shares of the construction company's stock, valued at approximately $104,533,000. Lord Abbett & CO. LLC owned approximately 0.55% of Watsco at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WSO. Rialto Wealth Management LLC purchased a new stake in Watsco during the 4th quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. acquired a new position in Watsco in the 4th quarter valued at $36,000. Atala Financial Inc purchased a new position in Watsco during the 4th quarter worth $49,000. Golden State Wealth Management LLC acquired a new stake in shares of Watsco in the 4th quarter worth $50,000. Finally, Tortoise Investment Management LLC boosted its holdings in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock valued at $70,000 after acquiring an additional 64 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Stock Down 0.3 %

Shares of NYSE WSO traded down $1.36 during trading on Wednesday, reaching $454.25. 79,959 shares of the stock were exchanged, compared to its average volume of 254,838. The company has a market capitalization of $18.35 billion, a price-to-earnings ratio of 34.28 and a beta of 1.00. The business's 50-day moving average price is $496.56 and its 200 day moving average price is $498.28. Watsco, Inc. has a twelve month low of $439.08 and a twelve month high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The firm had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the previous year, the company earned $2.17 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a dividend of $3.00 per share. This is a positive change from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Tuesday, April 15th. Watsco's dividend payout ratio is currently 92.24%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Robert W. Baird dropped their target price on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Mizuho set a $490.00 price objective on Watsco in a report on Thursday, April 24th. Loop Capital boosted their price target on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Morgan Stanley initiated coverage on shares of Watsco in a research report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price target on the stock. Finally, StockNews.com lowered shares of Watsco from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $480.83.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.