Mirae Asset Global Investments Co. Ltd. Increases Stake in Watsco, Inc. $WSO

Key Points

• Mirae Asset Global Investments Co. Ltd. increased its stake in Watsco, Inc. by 11.2% during the 2nd quarter, accumulating 31,761 shares valued at approximately $14 million.
• Goldman Sachs Group significantly boosted its position in Watsco by 62.8%, now owning 468,875 shares valued at $238 million, reflecting increased institutional interest in the company.
• Watsco's quarterly earnings fell short of analysts' estimates, reporting an EPS of $4.52 compared to the expected $4.84, accompanied by a revenue decline of 3.6% year-over-year.

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 11.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 31,761 shares of the construction company's stock after purchasing an additional 3,191 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.08% of Watsco worth $14,026,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WSO. Goldman Sachs Group Inc. grew its position in Watsco by 62.8% during 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. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Watsco during the 1st quarter valued at about $54,536,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Watsco by 6.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,454,512 shares of the construction company's stock valued at $739,088,000 after acquiring an additional 82,977 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Watsco during the 1st quarter valued at about $41,218,000. Finally, Blair William & Co. IL boosted its holdings in shares of Watsco by 5.7% during the 1st quarter. Blair William & Co. IL now owns 814,712 shares of the construction company's stock valued at $414,118,000 after acquiring an additional 43,776 shares during the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on WSO shares. Morgan Stanley set a $505.00 price target on shares of Watsco in a report on Wednesday, July 2nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Watsco in a report on Saturday, September 27th. Finally, UBS Group dropped their price target on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating on the stock in a report on Tuesday, September 23rd. One research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $480.00.

Watsco Trading Up 1.1%

WSO opened at $415.70 on Friday. The company has a market cap of $16.86 billion, a price-to-earnings ratio of 31.88 and a beta of 0.94. The company's 50 day moving average is $410.44 and its 200 day moving average is $448.88. Watsco, Inc. has a 12-month low of $378.35 and a 12-month high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last posted 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). Watsco had a return on equity of 16.96% and a net margin of 7.08%.The business had revenue of $2.06 billion during the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the previous year, the business posted $4.49 EPS. The business's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, analysts predict that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The company also recently announced 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. The ex-dividend date is Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.9%. Watsco's dividend payout ratio (DPR) is presently 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.

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