Watsco, Inc. (NYSE:WSO) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC reduced its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 27.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Watsco during the fourth quarter worth $31,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Watsco in the fourth quarter valued at $36,000. ST Germain D J Co. Inc. increased its position in shares of Watsco by 260.0% in the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company's stock valued at $37,000 after buying an additional 52 shares in the last quarter. Atala Financial Inc acquired a new position in shares of Watsco during the 4th quarter worth $49,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Watsco in the 4th quarter worth about $50,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Down 0.6%

Shares of WSO traded down $2.62 on Thursday, hitting $443.19. 219,489 shares of the stock traded hands, compared to its average volume of 256,208. Watsco, Inc. has a 1 year low of $430.20 and a 1 year high of $571.42. The stock's 50 day moving average is $470.28 and its two-hundred day moving average is $488.97. The firm has a market capitalization of $17.95 billion, a P/E ratio of 33.45 and a beta of 1.06.

Watsco (NYSE:WSO - Get Free Report) last issued 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 7.04% and a return on equity of 17.59%. The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the firm posted $2.17 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. Research analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, April 15th. This is an increase from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a yield of 2.71%. Watsco's dividend payout ratio is 92.24%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on WSO shares. JPMorgan Chase & Co. raised their target price on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Mizuho set a $490.00 price target 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 note on Friday, May 9th. Robert W. Baird cut their price objective on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Morgan Stanley began coverage on Watsco in a research note on Monday, April 14th. They issued an "equal weight" rating and a $515.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $486.67.

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.