Callan Family Office LLC Increases Stake in Watsco, Inc. $WSO

Key Points

• Callan Family Office LLC increased its stake in Watsco, Inc. by 180.2% in Q2, owning 2,306 shares worth approximately $1,018,000.
• Watsco reported earnings per share of $4.52 for the last quarter, missing estimates by ($0.32), with revenue down 3.6% year-over-year.
• The company announced a quarterly dividend of $3.00 per share, translating to an annualized yield of 3.3%, with a payout ratio of 92.02%.

Callan Family Office LLC lifted its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 180.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,306 shares of the construction company's stock after purchasing an additional 1,483 shares during the quarter. Callan Family Office LLC's holdings in Watsco were worth $1,018,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Watsco by 0.5% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,557,610 shares of the construction company's stock valued at $791,734,000 after purchasing an additional 7,760 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Watsco by 6.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,454,512 shares of the construction company's stock valued at $739,088,000 after purchasing an additional 82,977 shares during the last quarter. Blair William & Co. IL raised its position in shares of Watsco by 5.7% in the 1st quarter. Blair William & Co. IL now owns 814,712 shares of the construction company's stock valued at $414,118,000 after purchasing an additional 43,776 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Watsco by 4.0% in the 1st quarter. JPMorgan Chase & Co. now owns 496,428 shares of the construction company's stock valued at $252,335,000 after purchasing an additional 18,958 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Watsco by 62.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company's stock valued at $238,329,000 after purchasing an additional 180,951 shares during the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Trading Down 3.7%

WSO opened at $366.64 on Monday. Watsco, Inc. has a 12-month low of $366.30 and a 12-month high of $571.41. The firm has a market capitalization of $14.87 billion, a PE ratio of 28.12 and a beta of 0.94. The firm has a 50 day moving average of $403.95 and a two-hundred day moving average of $444.29.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period last year, the firm earned $4.49 earnings per share. Watsco's revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, analysts predict that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a yield of 3.3%. Watsco's payout ratio is presently 92.02%.

Analyst Upgrades and Downgrades

WSO has been the subject of several research analyst reports. UBS Group decreased their price objective on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a research report on Tuesday, September 23rd. Morgan Stanley decreased their price objective on shares of Watsco from $505.00 to $460.00 and set an "equal weight" rating for the company in a research report on Wednesday. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Watsco in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Watsco presently has an average rating of "Hold" and an average price target of $472.50.

About Watsco

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.

Want to see what other hedge funds are holding WSO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Watsco, Inc. (NYSE:WSO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.