Sei Investments Co. Has $10.47 Million Position in Watsco, Inc. $WSO

Key Points

• Sei Investments cut its Watsco stake by 21.7% during the first quarter, retaining 28,781 shares valued at approximately $10.47 million. Institutional investors and hedge funds collectively own 89.71% of Watsco.
• Watsco shares opened at $308.82, near their 12-month low of $300.66 and well below the 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating with an average price target of $395.50.
• The company missed quarterly expectations, reporting $4.00 in earnings per share versus the $4.41 consensus and revenue of $2.10 billion versus $2.14 billion expected. Watsco paid a quarterly dividend of $3.30 per share, equivalent to a $13.20 annualized payout and a 4.3% yield.

Sei Investments Co. cut its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 21.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,781 shares of the construction company's stock after selling 7,970 shares during the quarter. Sei Investments Co. owned approximately 0.07% of Watsco worth $10,469,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Capital International Investors grew its stake in Watsco by 103.1% in the 4th quarter. Capital International Investors now owns 4,642,893 shares of the construction company's stock valued at $1,564,423,000 after buying an additional 2,356,998 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Watsco by 60,779.4% during the fourth quarter. M&T Bank Corp now owns 599,662 shares of the construction company's stock worth $202,056,000 after acquiring an additional 598,677 shares during the period. Norges Bank acquired a new position in shares of Watsco in the fourth quarter valued at approximately $110,853,000. Corient Private Wealth LLC grew its position in shares of Watsco by 202.6% in the fourth quarter. Corient Private Wealth LLC now owns 472,182 shares of the construction company's stock valued at $159,102,000 after purchasing an additional 316,129 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of Watsco by 12,054.4% during the third quarter. Two Sigma Investments LP now owns 173,078 shares of the construction company's stock worth $69,975,000 after purchasing an additional 171,654 shares during the period. Institutional investors and hedge funds own 89.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WSO. Stephens boosted their price target on Watsco from $475.00 to $485.00 and gave the company an "overweight" rating in a research note on Wednesday, April 29th. Robert W. Baird set a $400.00 price objective on Watsco in a research report on Thursday. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Weiss Ratings reissued a "hold (c)" rating on shares of Watsco in a research report on Friday, June 26th. Finally, DA Davidson decreased their price target on shares of Watsco from $385.00 to $330.00 and set a "neutral" rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $395.50.

Watsco Stock Down 0.6%

WSO stock opened at $308.82 on Friday. The company's 50-day moving average price is $379.48 and its two-hundred day moving average price is $392.35. The firm has a market cap of $12.56 billion, a P/E ratio of 26.78 and a beta of 1.02. Watsco, Inc. has a 12 month low of $300.66 and a 12 month high of $459.00.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share for the quarter, missing analysts' consensus estimates of $4.41 by ($0.41). The firm had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.14 billion. Watsco had a return on equity of 14.40% and a net margin of 6.53%.The business's revenue was up 2.1% on a year-over-year basis. During the same period last year, the company posted $4.52 EPS. Equities analysts predict that Watsco, Inc. will post 12.8 EPS for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 16th were given a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a yield of 4.3%. The ex-dividend date was Thursday, July 16th. Watsco's payout ratio is currently 109.54%.

About Watsco

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source