Gateway Investment Advisers LLC Sells 1,116 Shares of Watsco, Inc. (NYSE:WSO)

Gateway Investment Advisers LLC reduced its position in Watsco, Inc. (NYSE:WSO - Free Report) by 27.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,916 shares of the construction company's stock after selling 1,116 shares during the quarter. Gateway Investment Advisers LLC's holdings in Watsco were worth $1,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of WSO. JPMorgan Chase & Co. boosted its position in shares of Watsco by 9.9% in the third quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company's stock worth $228,263,000 after purchasing an additional 41,845 shares during the period. abrdn plc boosted its position in shares of Watsco by 0.4% in the fourth quarter. abrdn plc now owns 15,052 shares of the construction company's stock worth $7,174,000 after purchasing an additional 56 shares during the period. Choreo LLC boosted its position in shares of Watsco by 115.5% in the fourth quarter. Choreo LLC now owns 2,293 shares of the construction company's stock worth $1,089,000 after purchasing an additional 1,229 shares during the period. Bleakley Financial Group LLC boosted its position in shares of Watsco by 8.5% in the fourth quarter. Bleakley Financial Group LLC now owns 674 shares of the construction company's stock worth $319,000 after purchasing an additional 53 shares during the period. Finally, Strategic Financial Concepts LLC bought a new position in shares of Watsco in the fourth quarter worth approximately $11,337,000. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WSO has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. UBS Group dropped their target price on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their target price 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. Loop Capital upped their target price on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. Finally, Mizuho set a $490.00 target price on shares of Watsco in a research report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $486.67.

Watsco Stock Up 0.6%

Watsco stock opened at $445.13 on Monday. The company has a market cap of $18.03 billion, a price-to-earnings ratio of 33.59 and a beta of 1.06. The firm's fifty day moving average is $473.33 and its 200 day moving average is $490.32. Watsco, Inc. has a 52-week low of $430.20 and a 52-week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The business had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.66 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. Watsco's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.17 EPS. On average, equities research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were paid a dividend of $3.00 per share. This is an increase from Watsco's previous quarterly dividend of $2.70. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.70%. Watsco's dividend payout ratio is presently 92.24%.

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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