Mirae Asset Global Investments Co. Ltd. Acquires New Shares in Comfort Systems USA, Inc. $FIX

Key Points

• Mirae Asset Global Investments acquired 22,429 shares of Comfort Systems USA worth approximately $37.1 million, joining other institutional investors that collectively own 96.51% of the company.
• Comfort Systems USA reported strong quarterly results, with EPS of $13.91 versus the $12.85 consensus estimate and revenue up 53.7% year over year to $3.77 billion.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and average price target of $1,916.14, although several firms recently lowered targets; the company also reduced its quarterly dividend to $0.10 from $0.90.

Mirae Asset Global Investments Co. Ltd. bought a new position in Comfort Systems USA, Inc. (NYSE:FIX - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 22,429 shares of the construction company's stock, valued at approximately $37,100,000. Mirae Asset Global Investments Co. Ltd. owned about 0.06% of Comfort Systems USA at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. ProShare Advisors LLC grew its holdings in Comfort Systems USA by 3.8% during the 3rd quarter. ProShare Advisors LLC now owns 6,739 shares of the construction company's stock valued at $11,147,000 after purchasing an additional 249 shares during the last quarter. Summit Global Investments lifted its position in shares of Comfort Systems USA by 12.5% during the third quarter. Summit Global Investments now owns 575 shares of the construction company's stock worth $951,000 after purchasing an additional 64 shares during the last quarter. Americana Partners LLC boosted its stake in shares of Comfort Systems USA by 5.4% during the third quarter. Americana Partners LLC now owns 413 shares of the construction company's stock valued at $683,000 after purchasing an additional 21 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Comfort Systems USA by 25,900.6% in the third quarter. International Assets Investment Management LLC now owns 45,501 shares of the construction company's stock worth $75,263,000 after purchasing an additional 45,326 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in shares of Comfort Systems USA by 6.5% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 36,056 shares of the construction company's stock worth $59,640,000 after purchasing an additional 2,200 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company's stock.

Insider Transactions at Comfort Systems USA

In related news, insider Brian E. Lane sold 16,024 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $1,608.21, for a total value of $25,769,957.04. Following the completion of the transaction, the insider owned 145,065 shares of the company's stock, valued at $233,294,983.65. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Franklin Myers sold 4,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $1,693.92, for a total value of $6,775,680.00. Following the sale, the director owned 8,495 shares of the company's stock, valued at approximately $14,389,850.40. This represents a 32.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 26,078 shares of company stock valued at $43,211,828. Company insiders own 1.24% of the company's stock.

Analysts Set New Price Targets

FIX has been the subject of a number of research analyst reports. UBS Group decreased their price objective on shares of Comfort Systems USA from $2,225.00 to $1,900.00 and set a "buy" rating for the company in a report on Monday, October 26th. KeyCorp reduced their target price on shares of Comfort Systems USA from $2,125.00 to $1,979.00 and set an "overweight" rating on the stock in a research report on Monday, October 26th. DA Davidson set a $1,850.00 price target on shares of Comfort Systems USA in a research note on Monday, October 26th. Erste Group Bank lowered Comfort Systems USA from a "buy" rating to a "hold" rating in a report on Wednesday, July 15th. Finally, Zacks Research cut Comfort Systems USA from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Comfort Systems USA has a consensus rating of "Moderate Buy" and an average price target of $1,916.14.

Comfort Systems USA Stock Performance

FIX stock opened at $1,227.74 on Monday. Comfort Systems USA, Inc. has a 1-year low of $841.66 and a 1-year high of $2,073.99. The business has a 50-day moving average price of $1,561.25 and a 200 day moving average price of $1,597.15. The company has a market capitalization of $42.96 billion, a P/E ratio of 26.51 and a beta of 1.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.15 and a quick ratio of 1.13.

Comfort Systems USA (NYSE:FIX - Get Free Report) last issued its earnings results on Thursday, October 22nd. The construction company reported $13.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $12.85 by $1.06. Comfort Systems USA had a net margin of 13.01% and a return on equity of 55.24%. The company had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.40 billion. During the same period in the prior year, the business earned $8.25 EPS. The firm's quarterly revenue was up 53.7% on a year-over-year basis. As a group, equities research analysts forecast that Comfort Systems USA, Inc. will post 50.32 EPS for the current fiscal year.

Comfort Systems USA Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Thursday, November 12th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.0%. The ex-dividend date of this dividend is Thursday, November 12th. This is a drop from Comfort Systems USA's previous quarterly dividend of $0.90. Comfort Systems USA's dividend payout ratio is currently 7.77%.

Comfort Systems USA Company Profile

Comfort Systems USA, Inc NYSE: FIX is a provider of mechanical and electrical contracting services for commercial, industrial, and institutional customers. The company designs, installs, maintains, repairs, and replaces heating, ventilation, air conditioning, and temperature-control systems, as well as plumbing, piping, electrical, and related building systems.

Its services support new construction, building renovations, facility upgrades, and ongoing maintenance. Comfort Systems USA also provides specialized services for data centers, manufacturing facilities, healthcare buildings, educational institutions, and other complex commercial and industrial projects.

Founded in 1997 and headquartered in Houston, Texas, the company operates through a network of regional contracting businesses serving customers across the United States.

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