California State Teachers Retirement System Lowers Stake in Watsco, Inc. (NYSE:WSO)

California State Teachers Retirement System cut its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,597 shares of the construction company's stock after selling 2,947 shares during the period. California State Teachers Retirement System owned 0.13% of Watsco worth $24,451,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in Watsco by 9.9% in the third quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company's stock valued at $228,263,000 after acquiring an additional 41,845 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in shares of Watsco by 1.3% during the fourth quarter. Conestoga Capital Advisors LLC now owns 97,832 shares of the construction company's stock worth $46,362,000 after buying an additional 1,300 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Watsco by 8.5% during the fourth quarter. Bleakley Financial Group LLC now owns 674 shares of the construction company's stock worth $319,000 after buying an additional 53 shares during the last quarter. Chicago Capital LLC bought a new stake in shares of Watsco during the fourth quarter worth $1,006,000. Finally, Perigon Wealth Management LLC bought a new stake in shares of Watsco during the fourth quarter worth $1,737,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Trading Up 2.2%

Shares of WSO traded up $9.44 on Tuesday, reaching $443.19. The company's stock had a trading volume of 90,429 shares, compared to its average volume of 256,980. Watsco, Inc. has a twelve month low of $430.20 and a twelve month high of $571.42. The stock has a market capitalization of $17.95 billion, a PE ratio of 33.45 and a beta of 1.11. The firm has a fifty day moving average of $478.51 and a 200-day moving average of $492.87.

Watsco (NYSE:WSO - Get Free Report) last issued 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 return on equity of 17.59% and a net margin of 7.04%. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the company posted $2.17 earnings per share. The company's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 2.71%. This is a boost from Watsco's previous quarterly dividend of $2.70. The ex-dividend date of this dividend was Tuesday, April 15th. Watsco's payout ratio is presently 92.24%.

Analysts Set New Price Targets

WSO has been the topic of a number of research reports. Loop Capital boosted their target price on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. UBS Group cut their price target on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Morgan Stanley started coverage on shares of Watsco in a report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, Mizuho set a $490.00 price target on shares of Watsco in a research note on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $486.67.

Watsco 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.