JPMorgan Chase & Co. Buys 18,958 Shares of Watsco, Inc. (NYSE:WSO)

Key Points

• JPMorgan Chase & Co. increased its stake in Watsco, Inc. by 4% during the 1st quarter, now owning approximately 1.23% of the company worth $252 million.
• Watsco recently reported earnings of $4.52 per share, missing the consensus estimate, with revenue of $2.06 billion, a 3.6% decline compared to the previous year.
• The company announced a quarterly dividend of $3.00 per share, resulting in an annualized dividend of $12.00 and a yield of 2.8%.

JPMorgan Chase & Co. lifted its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 4.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 496,428 shares of the construction company's stock after acquiring an additional 18,958 shares during the period. JPMorgan Chase & Co. owned approximately 1.23% of Watsco worth $252,335,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in Watsco during the 1st quarter valued at about $25,000. Manitou Investment Management Ltd. acquired a new stake in Watsco in the 1st quarter valued at about $25,000. TCTC Holdings LLC increased its position in Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after acquiring an additional 30 shares in the last quarter. City Holding Co. acquired a new stake in Watsco in the 1st quarter valued at about $29,000. Finally, Rossby Financial LCC acquired a new stake in Watsco in the 1st quarter valued at about $33,000. 89.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Robert W. Baird lowered their price objective on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. UBS Group lowered their price objective on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Morgan Stanley set a $505.00 price objective on shares of Watsco in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Finally, Mizuho set a $490.00 price target on shares of Watsco in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $484.17.

Watsco Trading Down 1.8%

Shares of NYSE:WSO traded down $7.41 during trading on Friday, hitting $414.21. 336,426 shares of the company's stock were exchanged, compared to its average volume of 364,131. Watsco, Inc. has a 1-year low of $403.01 and a 1-year high of $571.41. The firm has a 50-day moving average price of $447.06 and a two-hundred day moving average price of $471.44. The firm has a market cap of $16.78 billion, a P/E ratio of 31.76 and a beta of 0.95.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.49 EPS. As a group, research analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.9%. Watsco's payout ratio is currently 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.