Oppenheimer & Co. Inc. Raises Holdings in Watsco, Inc. (NYSE:WSO)

Oppenheimer & Co. Inc. increased its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,094 shares of the construction company's stock after acquiring an additional 783 shares during the period. Oppenheimer & Co. Inc.'s holdings in Watsco were worth $5,131,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Oppenheimer Asset Management Inc. lifted its stake in shares of Watsco by 7.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,380 shares of the construction company's stock valued at $11,376,000 after acquiring an additional 1,606 shares during the last quarter. Longboard Asset Management LP bought a new position in Watsco during the 1st quarter valued at approximately $206,000. Continuum Advisory LLC raised its position in Watsco by 32.9% during the 1st quarter. Continuum Advisory LLC now owns 303 shares of the construction company's stock valued at $154,000 after purchasing an additional 75 shares during the last quarter. Ellis Investment Partners LLC bought a new position in Watsco during the 1st quarter valued at approximately $203,000. Finally, Vantage Investment Partners LLC raised its position in Watsco by 4.3% during the 1st quarter. Vantage Investment Partners LLC now owns 27,336 shares of the construction company's stock valued at $13,895,000 after purchasing an additional 1,131 shares during the last quarter. Institutional investors own 89.71% of the company's stock.

Watsco Stock Performance

Shares of Watsco stock traded up $1.15 during midday trading on Friday, hitting $435.58. The company had a trading volume of 801,122 shares, compared to its average volume of 258,702. The stock has a market capitalization of $17.65 billion, a P/E ratio of 33.48 and a beta of 1.06. The company has a 50 day moving average of $454.41 and a 200 day moving average of $479.47. Watsco, Inc. has a 52-week low of $418.31 and a 52-week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings results 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). The company had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. Watsco had a return on equity of 17.13% and a net margin of 6.98%. The business's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.17 EPS. Equities research analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.75%. This is an increase from Watsco's previous quarterly dividend of $2.70. The ex-dividend date was Tuesday, April 15th. Watsco's dividend payout ratio (DPR) is currently 92.24%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on WSO shares. Robert W. Baird lowered their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their price target on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Mizuho set a $490.00 price target on Watsco in a research report on Thursday, April 24th. UBS Group lowered their price target on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Morgan Stanley assumed coverage on Watsco in a report on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $485.83.

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.