Bank of New York Mellon Corp Sells 13,774 Shares of Watsco, Inc. (NYSE:WSO)

Bank of New York Mellon Corp decreased its position in Watsco, Inc. (NYSE:WSO - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 328,303 shares of the construction company's stock after selling 13,774 shares during the period. Bank of New York Mellon Corp owned 0.81% of Watsco worth $166,877,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings 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 last quarter. Geode Capital Management LLC boosted its holdings in Watsco by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company's stock worth $343,168,000 after buying an additional 20,856 shares during the last quarter. Markel Group Inc. grew its position in shares of Watsco by 1.4% during the 4th quarter. Markel Group Inc. now owns 590,500 shares of the construction company's stock worth $279,832,000 after buying an additional 8,000 shares during the period. GAMMA Investing LLC increased its stake in shares of Watsco by 89,376.0% in the 1st quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company's stock valued at $242,867,000 after acquiring an additional 477,268 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Watsco by 2.9% in the 4th quarter. JPMorgan Chase & Co. now owns 477,470 shares of the construction company's stock valued at $226,268,000 after acquiring an additional 13,409 shares during the last quarter. Institutional investors own 89.71% of the company's stock.

Watsco Stock Down 0.1%

NYSE WSO opened at $457.04 on Tuesday. Watsco, Inc. has a 12-month low of $418.31 and a 12-month high of $571.42. The company has a market capitalization of $18.51 billion, a PE ratio of 35.13 and a beta of 1.04. The firm's 50 day moving average is $452.73 and its 200-day moving average is $477.44.

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

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, July 16th. This represents a $12.00 annualized dividend and a dividend yield of 2.63%. Watsco's dividend payout ratio is presently 92.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WSO. JPMorgan Chase & Co. increased their price target on shares of 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 upgraded shares of Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Robert W. Baird cut 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. Morgan Stanley set a $505.00 price target on shares of Watsco in a research report on Wednesday, July 2nd. Finally, Mizuho set a $490.00 price target on shares of Watsco in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Watsco currently has an average rating of "Hold" and a consensus target price of $484.17.

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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