Fenimore Asset Management Inc Raises Holdings in Watsco, Inc. $WSO

Key Points

• Fenimore Asset Management Inc increased its holdings in Watsco, Inc. by 19.8% in Q2, owning approximately 69,975 shares valued at $30.9 million by the end of the reporting period.
• Watsco recently declared a quarterly dividend of $3.00 per share, reflecting an annualized dividend yield of 2.9%, with a dividend payout ratio of 92.02%.
• Analysts currently rate Watsco with an average rating of "Hold" and a consensus target price of $480.00, while UBS Group has lowered its price objective from $450.00 to $425.00.

Fenimore Asset Management Inc grew its position in Watsco, Inc. (NYSE:WSO - Free Report) by 19.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,975 shares of the construction company's stock after acquiring an additional 11,570 shares during the quarter. Fenimore Asset Management Inc owned about 0.17% of Watsco worth $30,902,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WSO. OneDigital Investment Advisors LLC purchased a new stake in Watsco during the 1st quarter valued at approximately $266,000. Goldman Sachs Group Inc. lifted its holdings in shares of Watsco by 62.8% during the first quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company's stock worth $238,329,000 after purchasing an additional 180,951 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Watsco in the first quarter valued at about $2,588,000. Golden State Wealth Management LLC boosted its holdings in Watsco by 109.4% in the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock valued at $113,000 after purchasing an additional 116 shares in the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of Watsco by 23.1% in the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company's stock valued at $8,244,000 after buying an additional 3,045 shares during the period. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WSO has been the topic of a number of recent analyst reports. UBS Group dropped their price objective on Watsco from $450.00 to $425.00 and set a "neutral" rating on the stock in a report on Tuesday, September 23rd. Morgan Stanley set a $505.00 price target on shares of Watsco in a report on Wednesday, July 2nd. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Watsco in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $480.00.

Watsco Trading Up 1.1%

Shares of WSO stock opened at $415.70 on Monday. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of 31.88 and a beta of 0.94. The firm has a 50-day moving average price of $410.44 and a 200 day moving average price of $448.50. Watsco, Inc. has a twelve month low of $378.35 and a twelve month high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the firm earned $4.49 EPS. The business's quarterly revenue was down 3.6% on a year-over-year basis. As a group, research analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco's dividend payout ratio (DPR) is presently 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.

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