Princeton Global Asset Management LLC Trims Stake in Watsco, Inc. $WSO

Key Points

• Princeton Global Asset Management trimmed its stake in Watsco by 26.1% in Q4, selling 4,996 shares and ending the period with 14,150 shares worth about $4.77 million.
• Watsco missed expectations for the quarter with EPS of $1.68 vs. $1.94 consensus and revenue of $1.58 billion (down 9.9% YoY); analysts' consensus rating is "Hold" with an average target of $409.
• Institutional investors own 89.71% of Watsco; the stock opened at $370.31, has a market cap of $15.03 billion, and a 52-week range of $323.05–$518.00.

Princeton Global Asset Management LLC lessened its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 26.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,150 shares of the construction company's stock after selling 4,996 shares during the period. Princeton Global Asset Management LLC's holdings in Watsco were worth $4,768,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Truist Financial Corp increased its position in shares of Watsco by 89.2% during the third quarter. Truist Financial Corp now owns 37,808 shares of the construction company's stock valued at $15,286,000 after acquiring an additional 17,820 shares during the last quarter. Donaldson Capital Management LLC lifted its holdings in shares of Watsco by 47.7% in the 3rd quarter. Donaldson Capital Management LLC now owns 124,789 shares of the construction company's stock worth $50,452,000 after acquiring an additional 40,326 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Watsco by 577.9% in the 3rd quarter. Federated Hermes Inc. now owns 19,957 shares of the construction company's stock worth $8,069,000 after acquiring an additional 17,013 shares during the last quarter. Allianz Asset Management GmbH boosted its position in shares of Watsco by 237.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 5,629 shares of the construction company's stock worth $2,276,000 after purchasing an additional 3,961 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Watsco during the 3rd quarter worth approximately $1,392,000. 89.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WSO shares. Wolfe Research set a $349.00 target price on Watsco in a research report on Tuesday, December 9th. Zacks Research upgraded Watsco from a "strong sell" rating to a "hold" rating in a research report on Wednesday, February 25th. Mizuho set a $425.00 price objective on Watsco in a research note on Wednesday, February 18th. KeyCorp reiterated a "sector weight" rating on shares of Watsco in a report on Friday, December 12th. Finally, JPMorgan Chase & Co. increased their target price on Watsco from $370.00 to $400.00 and gave the stock a "neutral" rating in a research note on Thursday, February 19th. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Watsco has a consensus rating of "Hold" and an average target price of $409.00.

Watsco Stock Down 0.0%

Shares of WSO opened at $370.31 on Friday. The company has a market cap of $15.03 billion, a P/E ratio of 30.58 and a beta of 1.06. Watsco, Inc. has a fifty-two week low of $323.05 and a fifty-two week high of $518.00. The firm's 50 day moving average price is $392.37 and its 200 day moving average price is $373.33.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The construction company reported $1.68 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.26). Watsco had a return on equity of 15.49% and a net margin of 6.87%.The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.62 billion. During the same quarter last year, the firm earned $2.37 EPS. The business's revenue was down 9.9% on a year-over-year basis. Research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Company Profile

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.

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