Bank of New York Mellon Corp Reduces Position in Comfort Systems USA, Inc. $FIX

Key Points

• Bank of New York Mellon trimmed its Comfort Systems USA stake by 16.1% in the fourth quarter, selling 43,689 shares and ending with 227,688 shares valued at about $212.5 million. Institutional investors still hold a dominant 96.51% of the stock.
• Insider selling has been notable, with Director Franklin Myers and CFO William George III both reducing their holdings, and insiders selling 24,078 shares worth $46.7 million over the past three months.
• Comfort Systems USA reported strong quarterly results, posting EPS of $10.51 versus $6.81 expected and revenue of $2.87 billion versus $2.39 billion expected. The company also raised its quarterly dividend to $0.80 from $0.70 and saw analysts maintain a generally bullish outlook with a consensus Buy rating.

Bank of New York Mellon Corp lowered its position in shares of Comfort Systems USA, Inc. (NYSE:FIX - Free Report) by 16.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 227,688 shares of the construction company's stock after selling 43,689 shares during the quarter. Bank of New York Mellon Corp owned about 0.65% of Comfort Systems USA worth $212,499,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. boosted its position in Comfort Systems USA by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 30 shares of the construction company's stock worth $25,000 after purchasing an additional 15 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in shares of Comfort Systems USA in the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. raised its position in shares of Comfort Systems USA by 29.0% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 40 shares of the construction company's stock worth $37,000 after acquiring an additional 9 shares during the period. JFS Wealth Advisors LLC raised its position in shares of Comfort Systems USA by 29.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 44 shares of the construction company's stock worth $41,000 after acquiring an additional 10 shares during the period. Finally, ORG Partners LLC raised its position in shares of Comfort Systems USA by 63.0% in the fourth quarter. ORG Partners LLC now owns 44 shares of the construction company's stock worth $41,000 after acquiring an additional 17 shares during the period. Institutional investors and hedge funds own 96.51% of the company's stock.

Insider Activity

In related news, Director Franklin Myers sold 4,500 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $1,902.57, for a total value of $8,561,565.00. Following the sale, the director owned 68,983 shares of the company's stock, valued at $131,244,986.31. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William George III sold 1,000 shares of Comfort Systems USA stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $2,020.96, for a total transaction of $2,020,960.00. Following the completion of the transaction, the chief financial officer owned 32,804 shares of the company's stock, valued at $66,295,571.84. This represents a 2.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 24,078 shares of company stock valued at $46,651,175. 1.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on FIX. Wall Street Zen downgraded shares of Comfort Systems USA from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 10th. UBS Group lifted their target price on shares of Comfort Systems USA from $1,680.00 to $1,992.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Oppenheimer started coverage on shares of Comfort Systems USA in a research report on Thursday, May 28th. They issued an "outperform" rating and a $2,200.00 target price on the stock. Stifel Nicolaus raised their target price on Comfort Systems USA from $1,611.00 to $1,819.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Finally, Zacks Research upgraded Comfort Systems USA from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Comfort Systems USA presently has an average rating of "Buy" and a consensus price target of $1,969.33.

Comfort Systems USA Stock Down 3.8%

Shares of NYSE FIX opened at $1,841.59 on Friday. The firm has a market cap of $64.82 billion, a price-to-earnings ratio of 53.13 and a beta of 1.65. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 0.01. Comfort Systems USA, Inc. has a 52-week low of $469.16 and a 52-week high of $2,073.99. The business's 50 day moving average is $1,735.08 and its two-hundred day moving average is $1,354.40.

Comfort Systems USA (NYSE:FIX - Get Free Report) last announced its earnings results on Thursday, April 23rd. The construction company reported $10.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.81 by $3.70. The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.39 billion. Comfort Systems USA had a return on equity of 51.69% and a net margin of 12.07%.The firm's quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.75 earnings per share. Research analysts predict that Comfort Systems USA, Inc. will post 43.39 EPS for the current year.

Comfort Systems USA Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Friday, May 15th were given a dividend of $0.80 per share. This is a boost from Comfort Systems USA's previous quarterly dividend of $0.70. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, May 15th. Comfort Systems USA's dividend payout ratio is presently 9.23%.

Comfort Systems USA Company Profile

Comfort Systems USA, Inc is a U.S.-based mechanical contracting company that provides a range of heating, ventilation and air conditioning (HVAC) services to commercial, industrial and institutional customers. The company focuses on the design, installation, maintenance and repair of HVAC systems, and it supports projects from initial engineering and system selection through long-term service agreements and upgrades.

Its service offerings include new construction and retrofit installations, preventive and corrective maintenance, emergency repair, energy management and building automation systems.

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