The Manufacturers Life Insurance Company Takes $8.31 Million Position in Watsco, Inc. $WSO

Key Points

• The Manufacturers Life Insurance Company acquired 19,951 Watsco shares worth approximately $8.31 million, while institutional investors collectively own 89.71% of the company.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $395.50, despite individual targets ranging from $330 to $485.
• Watsco reported quarterly EPS of $4.00, below the $4.41 consensus estimate, while revenue rose 2.1% year over year to $2.10 billion. The company maintains a $3.30 quarterly dividend, equivalent to a 4.2% annualized yield.

The Manufacturers Life Insurance Company purchased a new position in Watsco, Inc. (NYSE:WSO - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,951 shares of the construction company's stock, valued at approximately $8,314,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bayban bought a new position in Watsco in the 4th quarter valued at $29,000. Bamco Inc. NY bought a new stake in shares of Watsco during the fourth quarter worth $35,000. Quarry LP bought a new stake in shares of Watsco during the fourth quarter worth $37,000. Western Wealth Management LLC purchased a new stake in shares of Watsco during the first quarter valued at $41,000. Finally, Resources Management Corp CT ADV boosted its stake in shares of Watsco by 150.0% during the fourth quarter. Resources Management Corp CT ADV now owns 125 shares of the construction company's stock valued at $42,000 after purchasing an additional 75 shares during the period. 89.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Watsco in a research note on Friday, June 26th. Robert W. Baird set a $400.00 target price on shares of Watsco in a research note on Thursday, July 30th. Morgan Stanley raised their target price on shares of Watsco from $370.00 to $405.00 and gave the stock an "equal weight" rating in a research report on Friday, July 10th. DA Davidson decreased their price target on shares of Watsco from $385.00 to $330.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Finally, Stephens reiterated an "overweight" rating and issued a $485.00 price target on shares of Watsco in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $395.50.

Watsco Stock Performance

NYSE WSO opened at $310.89 on Monday. The company has a market capitalization of $12.82 billion, a price-to-earnings ratio of 26.96 and a beta of 1.05. The company's 50-day simple moving average is $355.05 and its two-hundred day simple moving average is $382.28. Watsco, Inc. has a one year low of $295.75 and a one year high of $459.00.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.41). Watsco had a net margin of 6.53% and a return on equity of 14.40%. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the prior year, the firm posted $4.52 EPS. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts expect that Watsco, Inc. will post 12.21 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Thursday, July 16th were paid a $3.30 dividend. The ex-dividend date of this dividend was Thursday, July 16th. This represents a $13.20 dividend on an annualized basis and a yield of 4.2%. Watsco's payout ratio is 114.48%.

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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