Allspring Global Investments Holdings LLC Sells 20,148 Shares of Watsco, Inc. (NYSE:WSO)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 25.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 60,575 shares of the construction company's stock after selling 20,148 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.15% of Watsco worth $30,993,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in WSO. Vanguard Group Inc. grew its position in Watsco by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock valued at $1,714,586,000 after acquiring an additional 52,127 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Watsco by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock worth $649,957,000 after purchasing an additional 118,713 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Watsco by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company's stock valued at $343,168,000 after purchasing an additional 20,856 shares during the last quarter. Markel Group Inc. boosted its position in Watsco by 1.4% in the fourth quarter. Markel Group Inc. now owns 590,500 shares of the construction company's stock valued at $279,832,000 after buying an additional 8,000 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Watsco by 89,376.0% in the first quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company's stock valued at $242,867,000 after buying an additional 477,268 shares in the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Price Performance

Shares of Watsco stock traded down $0.46 on Wednesday, hitting $455.13. 49,671 shares of the company's stock traded hands, compared to its average volume of 258,919. Watsco, Inc. has a one year low of $418.31 and a one year high of $571.42. The stock has a market capitalization of $18.44 billion, a PE ratio of 34.92 and a beta of 1.04. The firm's 50-day moving average price is $452.37 and its two-hundred day moving average price is $478.61.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share 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 6.98% and a return on equity of 17.13%. The company's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.17 EPS. On average, analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 2.64%. Watsco's dividend payout ratio is currently 92.24%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WSO. Morgan Stanley started coverage on shares of Watsco in a research note on Monday, April 14th. They issued an "equal weight" rating and a $515.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Mizuho set a $490.00 price objective on shares of Watsco in a report on Thursday, April 24th. Finally, UBS Group dropped their target price on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $485.83.

Watsco 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.