Entropy Technologies LP Trims Position in Watsco, Inc. $WSO

Key Points

• Entropy Technologies LP has reduced its stock holdings in Watsco, Inc. by 66.8%, now owning only 450 shares valued at $229,000.
• Watsco recently reported a quarterly earnings miss with an EPS of $4.52, falling short of the $4.84 consensus estimate and indicating a 3.6% revenue decline year-over-year.
• The company declared a quarterly dividend of $3.00 per share, which equates to an annual yield of 2.9% with a dividend payout ratio of 92.02%.

Entropy Technologies LP decreased its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 66.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 450 shares of the construction company's stock after selling 907 shares during the period. Entropy Technologies LP's holdings in Watsco were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Manitou Investment Management Ltd. acquired a new position in shares of Watsco in the first quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Watsco in the first quarter worth $25,000. TCTC Holdings LLC grew its stake in shares of Watsco by 115.4% in the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after acquiring an additional 30 shares in the last quarter. City Holding Co. acquired a new position in shares of Watsco in the first quarter worth $29,000. Finally, Rossby Financial LCC acquired a new position in shares of Watsco in the first quarter worth $33,000. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on WSO shares. Morgan Stanley set a $505.00 price target on shares of Watsco in a research note on Wednesday, July 2nd. Mizuho set a $490.00 price objective on shares of Watsco in a research report on Thursday, April 24th. Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. lifted their price objective on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Finally, Robert W. Baird decreased their price objective 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. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $484.17.

Watsco Stock Up 1.3%

WSO traded up $5.5440 on Tuesday, reaching $424.8040. The company had a trading volume of 22,110 shares, compared to its average volume of 300,637. Watsco, Inc. has a 1 year low of $403.01 and a 1 year high of $571.41. The stock has a market capitalization of $17.21 billion, a PE ratio of 32.57 and a beta of 0.95. The stock has a 50-day moving average price of $446.55 and a 200-day moving average price of $470.93.

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 for the quarter, missing analysts' consensus estimates 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 during 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 was down 3.6% on a year-over-year basis. As a group, analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.8%. Watsco's payout ratio is 92.02%.

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.