California State Teachers Retirement System Sells 8,444 Shares of Watsco, Inc. $WSO

California State Teachers Retirement System reduced its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 15.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 46,560 shares of the construction company's stock after selling 8,444 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Watsco worth $19,402,949 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Capital International Investors lifted its position in shares of Watsco by 103.1% in the fourth quarter. Capital International Investors now owns 4,642,893 shares of the construction company's stock worth $1,564,423,000 after purchasing an additional 2,356,998 shares in the last quarter. Norges Bank bought a new position in Watsco in the 4th quarter worth about $110,853,000. Bank of America Corp DE purchased a new position in shares of Watsco during the 2nd quarter worth $119,291,000. Bank of New York Mellon Corp purchased a new stake in shares of Watsco during the 2nd quarter worth approximately $97,937,000. Finally, Findlay Park Partners LLP purchased a new position in shares of Watsco during the second quarter worth approximately $78,695,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Stephens reiterated an "overweight" rating and issued a $485.00 price objective on shares of Watsco in a report on Monday, August 17th. Morgan Stanley lifted their price target on Watsco from $370.00 to $405.00 and gave the company an "equal weight" rating in a report on Friday, July 10th. DA Davidson reduced their target price on shares of Watsco from $385.00 to $330.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Robert W. Baird set a $400.00 price target on Watsco in a report on Thursday, July 30th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Watsco in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $395.50.

Watsco Stock Down 2.0%

Watsco stock traded down $6.33 during midday trading on Tuesday, reaching $305.25. 146,596 shares of the stock traded hands, compared to its average volume of 444,376. Watsco, Inc. has a 12 month low of $295.75 and a 12 month high of $459.00. The stock's fifty day moving average is $334.89 and its 200-day moving average is $374.15. The stock has a market cap of $12.59 billion, a P/E ratio of 26.46 and a beta of 1.05.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.41). Watsco had a net margin of 6.53% and a return on equity of 14.40%. The company had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period in the prior year, the business posted $4.52 EPS. Watsco's revenue was up 2.1% compared to the same quarter last year. On average, equities analysts predict that Watsco, Inc. will post 12.21 EPS for the current fiscal year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Thursday, July 16th were paid a dividend of $3.30 per share. The ex-dividend date was Thursday, July 16th. This represents a $13.20 annualized dividend and a yield of 4.3%. Watsco's dividend payout ratio is presently 114.48%.

About Watsco

Watsco, Inc is a distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment and related products. The company supplies residential and commercial contractors with air conditioners, furnaces, heat pumps, refrigeration systems, ductwork, thermostats, controls, tools, replacement parts and other installation supplies.

Through its distribution network and digital sales platforms, Watsco serves HVAC/R contractors, dealers and other customers primarily across the United States, as well as in Canada and Puerto Rico.

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