Comfort Systems USA, Inc. $FIX Stock: Pictet Asset Management Holding SA Cuts Position

Key Points

• Pictet Asset Management cut its Comfort Systems USA stake by 5.9% in the third quarter, selling 3,176 shares and retaining 50,778 shares. Institutional investors collectively own 96.51% of the company.
• Comfort Systems reported quarterly EPS of $13.91, beating the $12.85 consensus, while revenue rose 53.7% year over year to $3.77 billion.
• The company reduced its quarterly dividend from $0.90 to $0.10 per share. Analysts maintained an average “Buy” rating, though some lowered price targets.

Pictet Asset Management Holding SA decreased its holdings in Comfort Systems USA, Inc. (NYSE:FIX - Free Report) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,778 shares of the construction company's stock after selling 3,176 shares during the period. Pictet Asset Management Holding SA owned about 0.15% of Comfort Systems USA worth $83,991,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FIX. BlackRock Inc. purchased a new stake in shares of Comfort Systems USA during the second quarter valued at $6,734,037,000. Amundi raised its position in Comfort Systems USA by 114.1% in the 2nd quarter. Amundi now owns 292,904 shares of the construction company's stock worth $580,521,000 after buying an additional 156,069 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Comfort Systems USA by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 279,947 shares of the construction company's stock worth $385,800,000 after buying an additional 14,423 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Comfort Systems USA by 12.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 252,979 shares of the construction company's stock worth $348,856,000 after buying an additional 28,712 shares during the last quarter. Finally, Value Aligned Research Advisors LLC lifted its stake in Comfort Systems USA by 14.0% during the 2nd quarter. Value Aligned Research Advisors LLC now owns 243,607 shares of the construction company's stock valued at $482,817,000 after acquiring an additional 29,970 shares during the period. Institutional investors own 96.51% of the company's stock.

Comfort Systems USA Stock Performance

Shares of FIX opened at $1,114.32 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.15 and a quick ratio of 1.13. Comfort Systems USA, Inc. has a one year low of $841.66 and a one year high of $2,073.99. The firm has a market capitalization of $38.99 billion, a P/E ratio of 24.06 and a beta of 1.64. The business has a fifty day moving average of $1,502.76 and a 200 day moving average of $1,597.32.

Comfort Systems USA (NYSE:FIX - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The construction company reported $13.91 EPS for the quarter, beating analysts' consensus estimates of $12.85 by $1.06. Comfort Systems USA had a return on equity of 55.24% and a net margin of 13.01%. The company had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.40 billion. During the same quarter in the prior year, the business earned $8.25 earnings per share. Comfort Systems USA's revenue for the quarter was up 53.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Comfort Systems USA, Inc. will post 50.32 EPS for the current year.

Comfort Systems USA Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, November 12th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend is Thursday, November 12th. This is a decrease from Comfort Systems USA's previous quarterly dividend of $0.90. Comfort Systems USA's payout ratio is currently 7.77%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Oppenheimer dropped their price target on shares of Comfort Systems USA from $2,400.00 to $2,000.00 and set an "outperform" rating on the stock in a report on Monday, October 26th. DA Davidson set a $1,850.00 price objective on shares of Comfort Systems USA in a report on Monday, October 26th. UBS Group decreased their price objective on shares of Comfort Systems USA from $2,225.00 to $1,900.00 and set a "buy" rating for the company in a report on Monday, October 26th. Erste Group Bank downgraded shares of Comfort Systems USA from a "buy" rating to a "hold" rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings cut shares of Comfort Systems USA from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Comfort Systems USA presently has an average rating of "Buy" and an average target price of $1,916.14.

Insider Activity

In related news, CFO William George, III sold 2,554 shares of the business's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $1,859.65, for a total transaction of $4,749,546.10. Following the completion of the sale, the chief financial officer directly owned 30,250 shares in the company, valued at approximately $56,254,412.50. The trade was a 7.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Brian E. Lane sold 16,024 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $1,608.21, for a total transaction of $25,769,957.04. Following the sale, the insider directly owned 145,065 shares of the company's stock, valued at approximately $233,294,983.65. This represents a 9.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.24% of the stock is owned by corporate insiders.

About Comfort Systems USA

Comfort Systems USA, Inc is a provider of heating, ventilation and air conditioning (HVAC) and other mechanical services for commercial, industrial and institutional customers. Founded in 1997 and headquartered in Houston, Texas, the company serves customers across the United States through its operating businesses.

Its services include designing and installing HVAC and related mechanical systems for new construction and building renovations, as well as maintaining, repairing and replacing existing equipment.

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