Watsco, Inc. (NYSE:WSO) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC lessened its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 38.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,191 shares of the construction company's stock after selling 4,523 shares during the quarter. Cresset Asset Management LLC's holdings in Watsco were worth $3,408,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Mizuho set a $490.00 price objective on Watsco in a report on Thursday, April 24th. Robert W. Baird lowered their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. 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. Morgan Stanley assumed coverage on shares of Watsco in a report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 target price for the company. Finally, StockNews.com upgraded shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $480.83.

Watsco Stock Up 1.7%

Shares of Watsco stock traded up $8.30 during trading hours on Monday, hitting $484.20. The company's stock had a trading volume of 468,498 shares, compared to its average volume of 253,553. The business has a fifty day moving average of $492.18 and a 200 day moving average of $497.23. Watsco, Inc. has a 1-year low of $439.08 and a 1-year high of $571.42. The company has a market capitalization of $19.56 billion, a PE ratio of 36.54 and a beta of 1.11.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data 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). 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 analyst estimates of $1.66 billion. During the same period last year, the business earned $2.17 EPS. The firm's revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

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

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.