Bank of America Corp DE Invests $194.17 Million in Comfort Systems USA, Inc. $FIX

Key Points

• Bank of America acquired 97,968 shares of Comfort Systems USA worth approximately $194.2 million, while institutional investors collectively own 96.51% of the company.
• Analysts remain broadly bullish, with an average rating of “Buy” and a consensus price target of $2,082.86; several firms recently initiated or reiterated buy ratings.
• Comfort Systems USA reported strong quarterly results, with EPS of $12.53 and revenue of $3.27 billion, up 50.3% year over year. The company also raised its quarterly dividend to $0.90 per share.

Bank of America Corp DE bought a new stake in shares of Comfort Systems USA, Inc. (NYSE:FIX - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 97,968 shares of the construction company's stock, valued at approximately $194,169,000. Bank of America Corp DE owned about 0.28% of Comfort Systems USA at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Comfort Systems USA in the second quarter valued at approximately $6,734,037,000. Norges Bank bought a new stake in shares of Comfort Systems USA during the 4th quarter worth about $469,606,000. Geode Capital Management LLC lifted its stake in shares of Comfort Systems USA by 39.0% in the 4th quarter. Geode Capital Management LLC now owns 1,185,909 shares of the construction company's stock worth $1,103,453,000 after acquiring an additional 332,441 shares during the period. Deutsche Bank AG acquired a new stake in shares of Comfort Systems USA in the 2nd quarter worth approximately $443,751,000. Finally, Legal & General Group Plc bought a new position in shares of Comfort Systems USA in the second quarter valued at approximately $400,096,000. Institutional investors own 96.51% of the company's stock.

Insider Buying and Selling

In other news, Director Franklin Myers sold 6,700 shares of the business's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $1,954.47, for a total transaction of $13,094,949.00. Following the sale, the director directly owned 62,115 shares of the company's stock, valued at $121,401,904.05. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William George, III sold 2,554 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1,859.65, for a total value of $4,749,546.10. Following the sale, the chief financial officer directly owned 30,250 shares of the company's stock, valued at approximately $56,254,412.50. This represents a 7.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,778 shares of company stock worth $56,306,777 in the last three months. 1.24% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FIX has been the topic of a number of research analyst reports. UBS Group reiterated a "buy" rating on shares of Comfort Systems USA in a research note on Tuesday. Stifel Nicolaus set a $1,910.00 target price on Comfort Systems USA in a research report on Monday, July 27th. Zacks Research raised Comfort Systems USA from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. The Goldman Sachs Group started coverage on Comfort Systems USA in a research report on Thursday, July 9th. They set a "buy" rating and a $2,159.00 price target on the stock. Finally, DA Davidson started coverage on Comfort Systems USA in a research note on Friday, August 21st. They issued a "buy" rating and a $2,100.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $2,082.86.

Comfort Systems USA Stock Down 0.8%

FIX stock opened at $1,574.92 on Friday. Comfort Systems USA, Inc. has a 12 month low of $757.00 and a 12 month high of $2,073.99. The firm has a market cap of $55.42 billion, a PE ratio of 38.73 and a beta of 1.67. The firm has a 50 day simple moving average of $1,673.58 and a 200 day simple moving average of $1,693.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 1.19.

Comfort Systems USA (NYSE:FIX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The construction company reported $12.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.45 by $2.08. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $2.99 billion. Comfort Systems USA had a net margin of 12.77% and a return on equity of 53.55%. The firm's quarterly revenue was up 50.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.53 earnings per share. Equities research analysts forecast that Comfort Systems USA, Inc. will post 48.15 earnings per share for the current fiscal year.

Comfort Systems USA Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Thursday, August 13th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, August 13th. This is a positive change from Comfort Systems USA's previous quarterly dividend of $0.80. Comfort Systems USA's payout ratio is presently 8.85%.

Comfort Systems USA Profile

Comfort Systems USA, Inc is a provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services. The company designs, installs, maintains and repairs mechanical systems used in buildings and industrial facilities, including heating and cooling equipment, plumbing, piping, controls and related building infrastructure.

The company serves customers through a network of operating subsidiaries across the United States. Its projects and services support a range of facilities, including office buildings, healthcare and educational institutions, manufacturing sites, technology and data center facilities, and other commercial and industrial properties.

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