National Bank of Canada FI Sells 4,192 Shares of Watsco, Inc. $WSO

Key Points

• National Bank of Canada FI has significantly reduced its holdings in Watsco, Inc. by 76.2%, selling 4,192 shares and retaining only 1,307 shares worth approximately $665,000.
• The company recently reported earnings of $4.52 per share for the last quarter, missing analysts' expectations of $4.84, with a revenue of $2.06 billion, down 3.6% year-over-year.
• Watsco announced a quarterly dividend of $3.00, representing a yield of 2.9%, and has an institutional ownership of 89.71% of its stock.

National Bank of Canada FI cut its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 76.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,307 shares of the construction company's stock after selling 4,192 shares during the period. National Bank of Canada FI's holdings in Watsco were worth $665,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mariner LLC boosted its holdings in Watsco by 4.6% during the fourth quarter. Mariner LLC now owns 5,649 shares of the construction company's stock worth $2,677,000 after purchasing an additional 247 shares during the last quarter. XTX Topco Ltd purchased a new position in Watsco during the fourth quarter worth about $417,000. Jump Financial LLC purchased a new position in Watsco during the fourth quarter worth about $2,214,000. Evergreen Capital Management LLC boosted its holdings in Watsco by 3.1% during the fourth quarter. Evergreen Capital Management LLC now owns 1,134 shares of the construction company's stock worth $537,000 after purchasing an additional 34 shares during the last quarter. Finally, Marshall Wace LLP boosted its holdings in Watsco by 278.7% during the fourth quarter. Marshall Wace LLP now owns 17,800 shares of the construction company's stock worth $8,435,000 after purchasing an additional 13,100 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Watsco Trading Up 1.5%

Shares of NYSE WSO traded up $6.3260 during midday trading on Tuesday, hitting $425.5860. The company's stock had a trading volume of 164,522 shares, compared to its average volume of 301,579. The stock has a fifty day moving average price of $446.55 and a 200 day moving average price of $470.93. Watsco, Inc. has a one year low of $403.01 and a one year high of $571.41. The firm has a market capitalization of $17.24 billion, a price-to-earnings ratio of 32.64 and a beta of 0.95.

Watsco (NYSE:WSO - Get Free Report) last posted 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 business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the firm earned $4.49 EPS. The business's revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, July 16th. This represents a $12.00 annualized dividend and a dividend yield of 2.8%. Watsco's payout ratio is 92.02%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. JPMorgan Chase & Co. boosted their price target on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Morgan Stanley set a $505.00 price target on shares of Watsco in a report on Wednesday, July 2nd. UBS Group cut their price target on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a report on Wednesday, June 25th. Finally, Mizuho set a $490.00 target price on shares of Watsco in a research note on Thursday, April 24th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Watsco presently has a consensus rating of "Hold" and an average target price of $484.17.

Watsco Company 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.