Ipswich Investment Management Co. Inc. Sells 637 Shares of Watsco, Inc. $WSO

Key Points

• Ipswich Investment Management Co. Inc. reduced its stake in Watsco, Inc. by 3.6% during the 2nd quarter, owning a total of 17,234 shares worth approximately $7.61 million.
• Several institutional investors made significant changes to their holdings in Watsco, including Goldman Sachs, which increased its stake by 62.8%, now owning nearly 469,000 shares valued at about $238 million.
• Watsco reported a quarterly earnings per share of $4.52, missing analyst expectations, while also declaring a dividend of $3.00 per share, representing an annual yield of 3.0%.

Ipswich Investment Management Co. Inc. reduced its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,234 shares of the construction company's stock after selling 637 shares during the period. Watsco accounts for 1.8% of Ipswich Investment Management Co. Inc.'s holdings, making the stock its 13th biggest holding. Ipswich Investment Management Co. Inc.'s holdings in Watsco were worth $7,611,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OneDigital Investment Advisors LLC bought a new stake in shares of Watsco in the 1st quarter worth $266,000. Goldman Sachs Group Inc. grew its stake in shares of Watsco by 62.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company's stock worth $238,329,000 after acquiring an additional 180,951 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Watsco during the 1st quarter worth $2,588,000. Golden State Wealth Management LLC boosted its position in Watsco by 109.4% during the first quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock worth $113,000 after purchasing an additional 116 shares during the period. Finally, SG Americas Securities LLC boosted its position in Watsco by 133.1% during the first quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock worth $429,000 after purchasing an additional 482 shares during the period. 89.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on WSO. UBS Group cut their price objective on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a report on Tuesday. Morgan Stanley set a $505.00 price objective on Watsco in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $480.00.

Watsco Price Performance

NYSE:WSO opened at $398.08 on Friday. The business has a 50 day moving average of $417.95 and a 200 day moving average of $452.66. The company has a market capitalization of $16.14 billion, a price-to-earnings ratio of 30.53 and a beta of 0.95. Watsco, Inc. has a 1-year low of $378.35 and a 1-year high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last announced 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). The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.24 billion. Watsco had a return on equity of 16.96% and a net margin of 7.08%.The company's revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.49 earnings per share. As a group, sell-side analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were issued a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Wednesday, July 16th. Watsco's dividend payout ratio is currently 92.02%.

About Watsco

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.