Envestnet Portfolio Solutions Inc. Boosts Stake in Watsco, Inc. $WSO

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in Watsco, Inc. by 52.5% during the second quarter, bringing its total holdings to 4,730 shares valued at approximately $2.09 million.
• Watsco's recent stock performance includes a miss in quarterly earnings, reporting an EPS of $4.52 against estimates of $4.84, with a revenue of $2.06 billion, down 3.6% year-over-year.
• The company announced a quarterly dividend of $3.00 per share, resulting in an annualized yield of 3.2%, with a payout ratio of 92.02%.

Envestnet Portfolio Solutions Inc. lifted its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 52.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,730 shares of the construction company's stock after acquiring an additional 1,628 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Watsco were worth $2,089,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of WSO. WPG Advisers LLC purchased a new stake in shares of Watsco during the 1st quarter worth about $25,000. Ameritas Advisory Services LLC purchased a new stake in shares of Watsco during the 2nd quarter worth about $26,000. TCTC Holdings LLC boosted its stake in shares of Watsco by 115.4% during the 1st 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. Rossby Financial LCC purchased a new stake in shares of Watsco during the 1st quarter worth about $33,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Watsco during the 1st quarter worth about $45,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on WSO. Morgan Stanley decreased their price target on shares of Watsco from $505.00 to $460.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Watsco in a research note on Wednesday, October 8th. UBS Group decreased their price target on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 23rd. William Blair reaffirmed a "market perform" rating on shares of Watsco in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of Watsco from $425.00 to $400.00 and set a "neutral" rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $462.50.

Watsco Trading Up 2.9%

WSO stock opened at $370.02 on Friday. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 28.38 and a beta of 0.94. Watsco, Inc. has a 12 month low of $350.00 and a 12 month high of $571.41. The firm has a 50-day moving average of $399.42 and a two-hundred day moving average of $441.28.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). The business had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm's revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.49 EPS. As a group, equities analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be issued a $3.00 dividend. The ex-dividend date is Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a yield of 3.2%. Watsco's dividend payout ratio is presently 92.02%.

Watsco Company 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.

Want to see what other hedge funds are holding WSO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Watsco, Inc. (NYSE:WSO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.