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

Key Points

• Bank of New York Mellon purchased 186,926 shares of Comfort Systems USA, valued at approximately $370.5 million, giving it a 0.53% stake. Institutional investors collectively own 96.51% of the company.
• Comfort Systems USA reported strong quarterly results, with earnings of $12.53 per share and revenue of $3.27 billion, surpassing estimates and marking 50.3% year-over-year revenue growth.
• The company raised its quarterly dividend from $0.80 to $0.90 per share, while analysts maintained a generally positive outlook with an average “Buy” rating and a consensus price target of $2,082.86.

Bank of New York Mellon Corp purchased a new stake in shares of Comfort Systems USA, Inc. (NYSE:FIX - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 186,926 shares of the construction company's stock, valued at approximately $370,479,000. Bank of New York Mellon Corp owned approximately 0.53% of Comfort Systems USA at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Comfort Systems USA by 17.0% during the fourth quarter. Vanguard Group Inc. now owns 4,310,126 shares of the construction company's stock valued at $4,022,597,000 after acquiring an additional 625,567 shares in the last quarter. Norges Bank acquired a new position in shares of Comfort Systems USA in the fourth quarter worth about $469,606,000. State Street Corp boosted its holdings in Comfort Systems USA by 35.6% in the fourth quarter. State Street Corp now owns 1,428,674 shares of the construction company's stock valued at $1,333,367,000 after purchasing an additional 375,118 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Comfort Systems USA by 39.0% in the fourth quarter. Geode Capital Management LLC now owns 1,185,909 shares of the construction company's stock valued at $1,103,453,000 after purchasing an additional 332,441 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Comfort Systems USA by 37,987.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 310,031 shares of the construction company's stock valued at $289,349,000 after purchasing an additional 309,217 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Comfort Systems USA Stock Performance

Shares of FIX opened at $1,658.28 on Friday. Comfort Systems USA, Inc. has a 52-week low of $670.19 and a 52-week high of $2,073.99. The firm has a market capitalization of $58.35 billion, a PE ratio of 40.78 and a beta of 1.69. The firm has a 50-day moving average price of $1,783.64 and a 200 day moving average price of $1,655.08. The company has a quick ratio of 1.19, a current ratio of 1.21 and a debt-to-equity ratio of 0.02.

Comfort Systems USA (NYSE:FIX - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The construction company reported $12.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.45 by $2.08. Comfort Systems USA had a net margin of 12.77% and a return on equity of 53.55%. The business had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $2.99 billion. The business's revenue was up 50.3% on a year-over-year basis. During the same period last year, the firm posted $6.53 earnings per share. On average, sell-side analysts anticipate that Comfort Systems USA, Inc. will post 46.77 earnings per share for the current fiscal year.

Comfort Systems USA Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.90 per share. This is an increase from Comfort Systems USA's previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $3.60 annualized dividend and a yield of 0.2%. Comfort Systems USA's dividend payout ratio (DPR) is presently 8.85%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FIX shares. KeyCorp upped their target price on Comfort Systems USA from $2,004.00 to $2,110.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Stifel Nicolaus set a $1,910.00 price target on shares of Comfort Systems USA in a research note on Monday, July 27th. Oppenheimer assumed coverage on shares of Comfort Systems USA in a report on Thursday, May 28th. They issued an "outperform" rating and a $2,200.00 price target on the stock. Zacks Research upgraded shares of Comfort Systems USA from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Finally, Erste Group Bank lowered shares of Comfort Systems USA from a "buy" rating to a "hold" rating in a report on Wednesday, July 15th. One investment 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 stock. According to data from MarketBeat, Comfort Systems USA currently has an average rating of "Buy" and a consensus target price of $2,082.86.

Insider Buying and Selling

In other Comfort Systems USA news, Director Franklin Myers sold 4,000 shares of Comfort Systems USA stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $1,693.92, for a total transaction of $6,775,680.00. Following the completion of the sale, the director owned 8,495 shares of the company's stock, valued at $14,389,850.40. This trade represents a 32.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rhoman J. Hardy sold 342 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $1,900.08, for a total value of $649,827.36. Following the completion of the transaction, the director owned 1,890 shares in the company, valued at $3,591,151.20. This trade represents a 15.32% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 17,096 shares of company stock valued at $31,186,647. Corporate insiders own 1.24% of the company's stock.

Comfort Systems USA 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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