TimesSquare Capital Management LLC Sells 27,265 Shares of Watsco, Inc. (NYSE:WSO)

TimesSquare Capital Management LLC lessened its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 30.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,075 shares of the construction company's stock after selling 27,265 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.16% of Watsco worth $32,061,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of WSO. Daiwa Securities Group Inc. lifted its holdings in Watsco by 3.7% during the fourth quarter. Daiwa Securities Group Inc. now owns 2,800 shares of the construction company's stock worth $1,327,000 after acquiring an additional 100 shares during the period. Independent Advisor Alliance bought a new stake in Watsco during the fourth quarter worth $220,000. Sequoia Financial Advisors LLC lifted its holdings in Watsco by 36.0% during the fourth quarter. Sequoia Financial Advisors LLC now owns 752 shares of the construction company's stock worth $356,000 after acquiring an additional 199 shares during the period. Avantax Advisory Services Inc. lifted its holdings in Watsco by 0.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 4,582 shares of the construction company's stock worth $2,171,000 after acquiring an additional 39 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in Watsco by 0.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 13,669 shares of the construction company's stock worth $6,478,000 after acquiring an additional 108 shares during the period. Institutional investors own 89.71% of the company's stock.

Watsco Price Performance

WSO traded down $1.38 during midday trading on Tuesday, reaching $471.32. 58,456 shares of the company's stock traded hands, compared to its average volume of 291,914. The firm has a fifty day moving average of $453.34 and a two-hundred day moving average of $476.89. The stock has a market capitalization of $19.09 billion, a price-to-earnings ratio of 36.23 and a beta of 1.04. Watsco, Inc. has a 52 week low of $418.31 and a 52 week high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a net margin of 6.98% and a return on equity of 17.13%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.17 EPS. Sell-side analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.55%. The ex-dividend date is Wednesday, July 16th. Watsco's dividend payout ratio is currently 92.24%.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Wall Street Zen upgraded Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. UBS Group dropped their price target on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Morgan Stanley set a $505.00 price target on Watsco in a research note on Wednesday, July 2nd. Finally, Robert W. Baird dropped their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $484.17.

About Watsco

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.