Envestnet Asset Management Inc. increased its position in Watsco, Inc. (NYSE:WSO - Free Report) by 3.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 268,284 shares of the construction company's stock after acquiring an additional 8,180 shares during the period. Envestnet Asset Management Inc. owned approximately 0.66% of Watsco worth $136,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Watsco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock worth $1,714,586,000 after acquiring an additional 52,127 shares during the last quarter. Geode Capital Management LLC raised its stake in Watsco by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company's stock worth $343,168,000 after acquiring an additional 20,856 shares during the last quarter. GAMMA Investing LLC raised its stake in Watsco by 89,376.0% in the 1st quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company's stock worth $242,867,000 after acquiring an additional 477,268 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Watsco by 2.9% in the 4th quarter. JPMorgan Chase & Co. now owns 477,470 shares of the construction company's stock worth $226,268,000 after acquiring an additional 13,409 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Watsco by 25.5% in the 4th quarter. Northern Trust Corp now owns 333,348 shares of the construction company's stock worth $157,970,000 after acquiring an additional 67,649 shares during the last quarter. Hedge funds and other institutional investors own 89.71% of the company's stock.
Watsco Stock Performance
Shares of Watsco stock traded down $4.96 on Friday, hitting $471.33. The company's stock had a trading volume of 232,042 shares, compared to its average volume of 261,644. Watsco, Inc. has a 1 year low of $418.31 and a 1 year high of $571.42. The firm has a fifty day moving average price of $453.34 and a 200-day moving average price of $477.07. The company has a market capitalization of $19.09 billion, a price-to-earnings ratio of 36.23 and a beta of 1.04.
Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 6.98% and a return on equity of 17.13%. The business had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the prior year, the firm earned $2.17 EPS. Watsco's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.
Watsco Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Wednesday, July 16th. This represents a $12.00 annualized dividend and a dividend yield of 2.55%. Watsco's dividend payout ratio is presently 92.24%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on WSO. UBS Group reduced their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Morgan Stanley set a $505.00 price objective on Watsco in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Robert W. Baird reduced their price objective on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Mizuho set a $490.00 price objective on Watsco in a research note on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $484.17.
Check Out Our Latest Report on WSO
About Watsco
(
Free Report)
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.
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