Jennison Associates LLC Sells 61,443 Shares of Comfort Systems USA, Inc. $FIX

Key Points

• Jennison Associates LLC cut its position in Comfort Systems USA by 96.7%, selling 61,443 shares in the quarter and retaining 2,118 shares valued at $1.976M; institutional ownership remains high at 96.51% with Vanguard, JPMorgan and others increasing stakes.
• Comfort Systems reported a blowout quarter—EPS $10.51 vs $6.81 and revenue $2.87B (up 56.5%)—prompting multiple analyst price-target raises and a consensus “Moderate Buy” with an average target of $1,923.20.
• The company raised its quarterly dividend to $0.80 ($3.20 annualized) while insiders sold roughly 39,288 shares (~$57.2M) in the last quarter, leaving insider ownership at 1.24%.

Jennison Associates LLC lowered its holdings in Comfort Systems USA, Inc. (NYSE:FIX - Free Report) by 96.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,118 shares of the construction company's stock after selling 61,443 shares during the period. Jennison Associates LLC's holdings in Comfort Systems USA were worth $1,976,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Comfort Systems USA by 17.0% during the fourth quarter. Vanguard Group Inc. now owns 4,310,126 shares of the construction company's stock valued at $4,022,597,000 after acquiring an additional 625,567 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Comfort Systems USA by 36.8% during the third quarter. JPMorgan Chase & Co. now owns 734,519 shares of the construction company's stock valued at $606,117,000 after acquiring an additional 197,613 shares in the last quarter. AMF Tjanstepension AB purchased a new position in Comfort Systems USA during the third quarter valued at approximately $156,183,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in Comfort Systems USA by 1,189.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 148,312 shares of the construction company's stock valued at $79,525,000 after acquiring an additional 136,807 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in Comfort Systems USA by 29.8% during the third quarter. First Trust Advisors LP now owns 513,257 shares of the construction company's stock valued at $423,529,000 after acquiring an additional 117,892 shares in the last quarter. Institutional investors own 96.51% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of Comfort Systems USA from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Zacks Research cut shares of Comfort Systems USA from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 24th. DA Davidson boosted their price objective on shares of Comfort Systems USA from $1,200.00 to $1,800.00 and gave the company a "buy" rating in a research note on Monday, February 23rd. KeyCorp raised shares of Comfort Systems USA from a "sector weight" rating to an "overweight" rating and set a $2,004.00 price objective for the company in a research note on Friday, April 24th. Finally, Stifel Nicolaus boosted their price objective on shares of Comfort Systems USA from $1,611.00 to $1,819.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,923.20.

Comfort Systems USA Price Performance

FIX stock opened at $1,870.95 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.24 and a quick ratio of 1.21. Comfort Systems USA, Inc. has a one year low of $420.88 and a one year high of $1,877.35. The stock has a market cap of $65.86 billion, a PE ratio of 53.98 and a beta of 1.70. The firm has a 50 day simple moving average of $1,497.63 and a two-hundred day simple moving average of $1,191.27.

Comfort Systems USA (NYSE:FIX - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The construction company reported $10.51 earnings per share for the quarter, topping analysts' consensus estimates of $6.81 by $3.70. The firm had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.39 billion. Comfort Systems USA had a net margin of 12.07% and a return on equity of 51.69%. The business's quarterly revenue was up 56.5% on a year-over-year basis. During the same period in the previous year, the business posted $4.75 EPS. On average, analysts predict that Comfort Systems USA, Inc. will post 43.42 EPS for the current fiscal year.

Comfort Systems USA Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Friday, May 15th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Friday, May 15th. This is a positive change from Comfort Systems USA's previous quarterly dividend of $0.70. Comfort Systems USA's dividend payout ratio (DPR) is presently 8.08%.

Insider Transactions at Comfort Systems USA

In other news, Director William J. Sandbrook sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $1,732.67, for a total value of $2,599,005.00. Following the completion of the sale, the director directly owned 7,666 shares in the company, valued at approximately $13,282,648.22. The trade was a 16.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Terrence Reed sold 1,116 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $1,397.33, for a total transaction of $1,559,420.28. Following the completion of the sale, the senior vice president owned 2,834 shares of the company's stock, valued at approximately $3,960,033.22. The trade was a 28.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 39,288 shares of company stock worth $57,165,933. Corporate insiders own 1.24% of the company's stock.

Comfort Systems USA Profile

Comfort Systems USA, Inc is a U.S.-based mechanical contracting company that provides a range of heating, ventilation and air conditioning (HVAC) services to commercial, industrial and institutional customers. The company focuses on the design, installation, maintenance and repair of HVAC systems, and it supports projects from initial engineering and system selection through long-term service agreements and upgrades.

Its service offerings include new construction and retrofit installations, preventive and corrective maintenance, emergency repair, energy management and building automation systems.

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