National Pension Service Lowers Stake in Watsco, Inc. $WSO

Key Points

• The National Pension Service reduced its stake in Watsco, Inc. by 99.7% in the first quarter, leaving it with only 146 shares after selling 53,154 shares.
• Watsco's latest quarterly earnings missed analysts' expectations, reporting $4.52 EPS against a consensus estimate of $4.84, while revenues declined 3.6% year-over-year.
• Watsco declared a quarterly dividend of $3.00, resulting in an annualized yield of 2.9% and a dividend payout ratio of 92.02%.

National Pension Service reduced its position in Watsco, Inc. (NYSE:WSO - Free Report) by 99.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146 shares of the construction company's stock after selling 53,154 shares during the period. National Pension Service's holdings in Watsco were worth $74,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Centennial Wealth Advisory LLC boosted its stake in shares of Watsco by 2.9% in the first quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company's stock worth $395,000 after buying an additional 22 shares during the last quarter. Cary Street Partners Financial LLC grew its stake in shares of Watsco by 2.2% during the 1st quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company's stock worth $545,000 after purchasing an additional 23 shares during the period. Valeo Financial Advisors LLC increased its holdings in shares of Watsco by 2.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company's stock valued at $537,000 after purchasing an additional 24 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Watsco by 4.6% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company's stock valued at $290,000 after purchasing an additional 25 shares during the period. Finally, Nicolet Advisory Services LLC lifted its stake in shares of Watsco by 1.5% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,705 shares of the construction company's stock valued at $851,000 after purchasing an additional 25 shares during the period. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Stock Performance

Shares of NYSE WSO traded down $5.9220 during midday trading on Wednesday, reaching $419.1080. 264,897 shares of the stock were exchanged, compared to its average volume of 301,347. The stock has a market capitalization of $16.99 billion, a P/E ratio of 32.14 and a beta of 0.95. The company has a 50 day simple moving average of $446.07 and a 200 day simple moving average of $470.61. Watsco, Inc. has a twelve month low of $403.01 and a twelve month high of $571.41.

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 for the quarter, missing the consensus estimate 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 quarter in the previous year, the company posted $4.49 earnings per share. The company's revenue was down 3.6% on a year-over-year basis. On average, research analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were issued a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Wednesday, July 16th. Watsco's payout ratio is 92.02%.

Wall Street Analyst Weigh In

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

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.