Congress Asset Management Co. Trims Position in Comfort Systems USA, Inc. $FIX

Key Points

• Congress Asset Management cut its Comfort Systems USA stake by 63.5% in the third quarter, selling 16,328 shares and retaining 9,376 shares valued at approximately $15.5 million. Institutional investors collectively own 96.51% of the company.
• Company insiders sold 26,078 shares worth $43.2 million over the past 90 days, including significant sales by the CFO and a director. Insiders currently own 1.24% of Comfort Systems USA.
• Despite the selling, analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $2,082.86. The company recently exceeded quarterly earnings and revenue expectations, while increasing its quarterly dividend to $0.90 per share.

Congress Asset Management Co. reduced its stake in Comfort Systems USA, Inc. (NYSE:FIX - Free Report) by 63.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,376 shares of the construction company's stock after selling 16,328 shares during the period. Congress Asset Management Co.'s holdings in Comfort Systems USA were worth $15,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Jones Financial Companies Lllp bought a new position in shares of Comfort Systems USA in the second quarter worth approximately $26,000. Avalon Trust Co bought a new stake in Comfort Systems USA during the 2nd quarter valued at $32,000. Field & Main Bank purchased a new stake in Comfort Systems USA during the 2nd quarter valued at $32,000. Carolina Wealth Advisors LLC grew its holdings in Comfort Systems USA by 63.6% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 18 shares of the construction company's stock worth $36,000 after acquiring an additional 7 shares during the last quarter. Finally, JNBA Financial Advisors bought a new stake in Comfort Systems USA in the 2nd quarter worth $42,000. Institutional investors own 96.51% of the company's stock.

Insider Buying and Selling at Comfort Systems USA

In other news, CFO William George, III sold 2,554 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $1,859.65, for a total value of $4,749,546.10. Following the sale, the chief financial officer directly owned 30,250 shares of the company's stock, valued at $56,254,412.50. This represents a 7.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Franklin Myers sold 4,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $1,693.92, for a total transaction of $6,775,680.00. Following the completion of the transaction, the director owned 8,495 shares of the company's stock, valued at approximately $14,389,850.40. The trade was a 32.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 26,078 shares of company stock valued at $43,211,828. 1.24% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FIX shares. DA Davidson initiated coverage on shares of Comfort Systems USA in a research note on Friday, August 21st. They set a "buy" rating and a $2,100.00 price objective for the company. The Goldman Sachs Group initiated coverage on Comfort Systems USA in a research note on Thursday, July 9th. They issued a "buy" rating and a $2,159.00 target price on the stock. UBS Group reaffirmed a "buy" rating on shares of Comfort Systems USA in a research report on Tuesday, September 15th. KeyCorp increased their price objective on Comfort Systems USA from $2,004.00 to $2,110.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. Finally, Zacks Research upgraded Comfort Systems USA from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $2,082.86.

Comfort Systems USA Stock Performance

Comfort Systems USA stock opened at $1,820.80 on Wednesday. Comfort Systems USA, Inc. has a fifty-two week low of $770.47 and a fifty-two week high of $2,073.99. The stock's 50 day simple moving average is $1,657.98 and its two-hundred day simple moving average is $1,719.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.19 and a current ratio of 1.21. The stock has a market cap of $64.07 billion, a price-to-earnings ratio of 44.78 and a beta of 1.66.

Comfort Systems USA (NYSE:FIX - Get Free Report) last released its earnings results on Thursday, July 23rd. The construction company reported $12.53 EPS for the quarter, beating analysts' consensus estimates of $10.45 by $2.08. Comfort Systems USA had a return on equity of 53.55% and a net margin of 12.77%.The company had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $2.99 billion. During the same quarter last year, the business posted $6.53 EPS. The firm's revenue for the quarter was up 50.3% compared to the same quarter last year. As a group, analysts expect that Comfort Systems USA, Inc. will post 48.15 earnings per share for the current fiscal year.

Comfort Systems USA Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Thursday, August 13th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 0.2%. This is a positive change from Comfort Systems USA's previous quarterly dividend of $0.80. The ex-dividend date was Thursday, August 13th. Comfort Systems USA's dividend payout ratio is currently 8.85%.

Comfort Systems USA Company Profile

Comfort Systems USA, Inc NYSE: FIX provides mechanical, electrical, and other contracting services for commercial, industrial, and institutional customers. Its work supports the construction, renovation, and ongoing operation of facilities such as office buildings, hospitals, schools, data centers, manufacturing plants, and other complex infrastructure.

The company's services include heating, ventilation, and air conditioning; plumbing and piping; electrical contracting; building automation and controls; and related specialty services.

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