Dearborn Partners LLC Reduces Stock Position in Watsco, Inc. (NYSE:WSO)

Dearborn Partners LLC reduced its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 17.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 77,608 shares of the construction company's stock after selling 16,877 shares during the period. Watsco comprises 1.9% of Dearborn Partners LLC's investment portfolio, making the stock its 12th biggest position. Dearborn Partners LLC owned approximately 0.19% of Watsco worth $39,448,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of WSO. LPL Financial LLC lifted its holdings in shares of Watsco by 21.6% in the fourth quarter. LPL Financial LLC now owns 27,557 shares of the construction company's stock worth $13,059,000 after buying an additional 4,898 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Watsco by 8.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 24,908 shares of the construction company's stock valued at $11,850,000 after purchasing an additional 2,007 shares during the period. JPMorgan Chase & Co. grew its position in shares of Watsco by 2.9% during the 4th quarter. JPMorgan Chase & Co. now owns 477,470 shares of the construction company's stock valued at $226,268,000 after purchasing an additional 13,409 shares in the last quarter. Norges Bank bought a new position in shares of Watsco in the fourth quarter worth $118,312,000. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Watsco by 37.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 13,662 shares of the construction company's stock worth $6,474,000 after purchasing an additional 3,720 shares during the period. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Stock Down 3.7%

Shares of NYSE WSO traded down $16.46 during midday trading on Friday, reaching $434.42. The company had a trading volume of 375,572 shares, compared to its average volume of 301,426. The firm's fifty day moving average price is $452.52 and its 200-day moving average price is $476.93. Watsco, Inc. has a one year low of $418.31 and a one year high of $571.41. The stock has a market cap of $17.60 billion, a PE ratio of 33.31 and a beta of 1.04.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share (EPS) 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 company had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $4.49 EPS. Watsco's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th were paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Wednesday, July 16th. Watsco's dividend payout ratio (DPR) is currently 92.24%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WSO. Mizuho set a $490.00 target price on Watsco in a research note on Thursday, April 24th. Robert W. Baird dropped their target price on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price target on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. UBS Group lowered their price target on Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. Finally, Morgan Stanley set a $505.00 price objective on Watsco in a report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $484.17.

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.