Park Avenue Securities LLC Makes New Investment in Watsco, Inc. $WSO

Key Points

• Park Avenue Securities LLC made a new investment in Watsco, Inc., acquiring 1,296 shares valued at approximately $573,000 in the second quarter.
• Watsco's stock received a neutral rating from UBS Group as they decreased their target price from $450.00 to $425.00, while Morgan Stanley set a higher target of $505.00.
• The company recently declared a quarterly dividend of $3.00, representing an annualized yield of 3.0% with a payout ratio of 92.02%.

Park Avenue Securities LLC bought a new position in shares of Watsco, Inc. (NYSE:WSO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,296 shares of the construction company's stock, valued at approximately $573,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Manitou Investment Management Ltd. purchased a new position in shares of Watsco during the first quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Watsco during the first quarter worth $25,000. WPG Advisers LLC purchased a new position in shares of Watsco during the first quarter worth $25,000. TCTC Holdings LLC boosted its position in shares of Watsco by 115.4% during the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after buying an additional 30 shares during the period. Finally, City Holding Co. purchased a new position in shares of Watsco during the first quarter worth $29,000. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WSO shares. UBS Group decreased their target price on Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a report on Tuesday, September 23rd. Morgan Stanley set a $505.00 target price on Watsco in a report on Wednesday, July 2nd. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Watsco currently has an average rating of "Hold" and a consensus price target of $480.00.

Watsco Stock Performance

WSO opened at $398.08 on Monday. The business's 50-day simple moving average is $417.95 and its 200-day simple moving average is $452.03. Watsco, Inc. has a one year low of $378.35 and a one year high of $571.41. The stock has a market capitalization of $16.14 billion, a P/E ratio of 30.53 and a beta of 0.96.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results on Wednesday, July 30th. The construction company reported $4.52 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 firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the firm posted $4.49 EPS. The firm's revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts forecast that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.0%. The ex-dividend date was Wednesday, July 16th. Watsco's payout ratio is 92.02%.

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.

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