Allspring Global Investments Holdings LLC Increases Stock Position in Watsco, Inc. $WSO

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Watsco, Inc. by 11.9%, owning approximately 0.17% of the company worth $30.88 million.
• Watsco reported earnings of $4.52 per share for the last quarter, missing estimates and showing a revenue decline of 3.6% year-over-year.
• The company declared a quarterly dividend of $3.00 set to be paid on October 31st, representing an annualized yield of 3.3%.

Allspring Global Investments Holdings LLC raised its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 11.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 67,772 shares of the construction company's stock after acquiring an additional 7,197 shares during the period. Allspring Global Investments Holdings LLC owned about 0.17% of Watsco worth $30,876,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of WSO. GAMMA Investing LLC grew its position in Watsco by 76.0% during the first quarter. GAMMA Investing LLC now owns 940 shares of the construction company's stock valued at $478,000 after acquiring an additional 406 shares during the last quarter. SG Americas Securities LLC grew its position in Watsco by 133.1% during the first quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock valued at $429,000 after acquiring an additional 482 shares during the last quarter. Fifth Third Bancorp grew its position in Watsco by 4.8% during the first quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company's stock valued at $523,000 after acquiring an additional 47 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Watsco during the first quarter valued at approximately $25,000. Finally, FNY Investment Advisers LLC bought a new position in Watsco during the first quarter valued at approximately $50,000. 89.71% of the stock is currently owned by institutional investors.

Watsco Stock Performance

Shares of Watsco stock opened at $360.02 on Thursday. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of 27.61 and a beta of 0.94. The company's 50 day moving average price is $400.35 and its 200-day moving average price is $442.24. Watsco, Inc. has a 52-week low of $350.00 and a 52-week high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The company had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the previous year, the firm posted $4.49 earnings per share. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, equities research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 16th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco's dividend payout ratio is presently 92.02%.

Analysts Set New Price Targets

A number of research analysts have commented on WSO shares. UBS Group reduced their price target on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 23rd. Morgan Stanley cut their target price on shares of Watsco from $505.00 to $460.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their target price on shares of Watsco from $425.00 to $400.00 and set a "neutral" rating on the stock in a report on Wednesday. Weiss Ratings restated a "hold (c+)" rating on shares of Watsco in a report on Wednesday, October 8th. Finally, William Blair restated a "market perform" rating on shares of Watsco in a report on Wednesday. One investment analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $462.50.

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.

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