OLD National Bancorp IN Has $2.03 Million Stock Holdings in Watsco, Inc. (NYSE:WSO)

OLD National Bancorp IN reduced its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,997 shares of the construction company's stock after selling 1,100 shares during the period. OLD National Bancorp IN's holdings in Watsco were worth $2,032,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Avidian Wealth Enterprises LLC lifted its stake in Watsco by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company's stock valued at $567,000 after buying an additional 21 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Watsco by 1.4% in the fourth quarter. M&T Bank Corp now owns 1,686 shares of the construction company's stock valued at $799,000 after buying an additional 23 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Watsco by 0.3% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company's stock valued at $3,645,000 after purchasing an additional 23 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Watsco by 1.2% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,949 shares of the construction company's stock valued at $924,000 after acquiring an additional 23 shares during the period. Finally, Principal Securities Inc. grew its holdings in shares of Watsco by 6.9% during the fourth quarter. Principal Securities Inc. now owns 373 shares of the construction company's stock valued at $177,000 after buying an additional 24 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

Watsco Price Performance

NYSE:WSO traded down $2.62 during midday trading on Thursday, reaching $443.19. The stock had a trading volume of 219,489 shares, compared to its average volume of 256,208. Watsco, Inc. has a 1-year low of $430.20 and a 1-year high of $571.42. The firm's fifty day simple moving average is $470.28 and its 200-day simple moving average is $488.97. The stock has a market capitalization of $17.95 billion, a P/E ratio of 33.45 and a beta of 1.06.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the company posted $2.17 earnings per share. The firm's revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.71%. This is a positive change from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is currently 92.24%.

Wall Street Analyst Weigh In

Several research firms recently commented on WSO. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. UBS Group cut their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Loop Capital upped their target price on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. Mizuho set a $490.00 price target on Watsco in a report on Thursday, April 24th. Finally, Morgan Stanley initiated coverage on Watsco in a report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $486.67.

Watsco 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.