Ballentine Partners LLC Buys New Shares in Watsco, Inc. (NYSE:WSO)

Ballentine Partners LLC bought a new position in shares of Watsco, Inc. (NYSE:WSO - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 810 shares of the construction company's stock, valued at approximately $412,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Manitou Investment Management Ltd. bought a new position in Watsco during the first quarter worth $25,000. Opal Wealth Advisors LLC bought a new position in shares of Watsco during the first quarter valued at about $25,000. City Holding Co. bought a new position in Watsco during the first quarter valued at about $29,000. Rossby Financial LCC bought a new stake in Watsco in the first quarter worth about $33,000. Finally, ST Germain D J Co. Inc. raised its position in Watsco by 260.0% in the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company's stock worth $37,000 after acquiring an additional 52 shares during the period. 89.71% of the stock is owned by institutional investors.

Watsco Stock Performance

Watsco stock traded up $0.84 during midday trading on Friday, reaching $473.26. 23,022 shares of the stock were exchanged, compared to its average volume of 260,297. The company's fifty day moving average is $453.31 and its 200-day moving average is $476.79. The firm has a market cap of $19.17 billion, a PE ratio of 36.37 and a beta of 1.04. Watsco, Inc. has a 52 week low of $418.31 and a 52 week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a return on equity of 17.13% and a net margin of 6.98%. Watsco's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.17 EPS. On average, sell-side analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Wednesday, July 16th. Watsco's dividend payout ratio (DPR) is presently 92.24%.

Analyst Upgrades and Downgrades

Several brokerages have commented on WSO. Morgan Stanley set a $505.00 price objective on shares of Watsco in a research report on Wednesday, July 2nd. Robert W. Baird lowered their price target on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. UBS Group lowered their price target on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. JPMorgan Chase & Co. increased their price target on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Watsco has an average rating of "Hold" and an average price target of $484.17.

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.