Cary Street Partners Financial LLC Takes Position in Watsco, Inc. (NYSE:WSO)

Cary Street Partners Financial LLC purchased a new position in Watsco, Inc. (NYSE:WSO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,050 shares of the construction company's stock, valued at approximately $498,000.

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

Watsco Stock Performance

NYSE WSO traded up $8.30 during trading on Monday, reaching $484.20. The company's stock had a trading volume of 468,498 shares, compared to its average volume of 253,553. The business's fifty day moving average price is $491.82 and its 200-day moving average price is $497.29. Watsco, Inc. has a twelve month low of $439.08 and a twelve month high of $571.42. The firm has a market cap of $19.56 billion, a price-to-earnings ratio of 36.54 and a beta of 1.11.

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

Watsco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were issued a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.48%. This is a positive change from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is presently 92.24%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on WSO shares. Morgan Stanley initiated coverage on Watsco in a research report on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price on the stock. UBS Group dropped their target price on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Raymond James assumed coverage on shares of Watsco in a research report on Friday, January 17th. They issued a "market perform" rating for the company. Loop Capital upped their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research note on Thursday, February 27th. Finally, Mizuho set a $490.00 target price on Watsco in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $480.83.

About Watsco

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.