Lecap Asset Management Ltd. Takes $1.92 Million Position in Watsco, Inc. $WSO

Key Points

• Lecap Asset Management Ltd. has acquired a new stake in Watsco, Inc. totaling approximately $1.92 million during the second quarter, purchasing 4,344 shares.
• Watsco reported earnings of $4.52 per share, missing expectations, with quarterly revenue of $2.06 billion, down 3.6% year-over-year.
• The company announced a quarterly dividend of $3.00 per share, yielding 3.0%, with the payout scheduled for October 31st.

Lecap Asset Management Ltd. purchased a new position in Watsco, Inc. (NYSE:WSO - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,344 shares of the construction company's stock, valued at approximately $1,918,000.

Several other hedge funds have also added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC purchased a new stake in Watsco in the first quarter worth about $266,000. Goldman Sachs Group Inc. lifted its stake in shares of Watsco by 62.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company's stock valued at $238,329,000 after purchasing an additional 180,951 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Watsco during the 1st quarter worth approximately $2,588,000. Golden State Wealth Management LLC lifted its stake in shares of Watsco by 109.4% during the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock worth $113,000 after acquiring an additional 116 shares during the last quarter. Finally, Voya Investment Management LLC increased its holdings in Watsco by 23.1% during the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company's stock worth $8,244,000 after purchasing an additional 3,045 shares during the period. 89.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley set a $505.00 price target on Watsco in a report on Wednesday, July 2nd. UBS Group lowered their price target on Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Watsco currently has a consensus rating of "Hold" and a consensus price target of $480.00.

Watsco Price Performance

Shares of NYSE WSO opened at $402.60 on Thursday. The business has a 50-day moving average of $413.38 and a two-hundred day moving average of $450.61. Watsco, Inc. has a 1 year low of $378.35 and a 1 year high of $571.41. The company has a market capitalization of $16.33 billion, a price-to-earnings ratio of 30.87 and a beta of 0.94.

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

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, October 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.