Tounjian Advisory Partners LLC Makes New Investment in Watsco, Inc. (NYSE:WSO)

Tounjian Advisory Partners LLC acquired a new position in Watsco, Inc. (NYSE:WSO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,980 shares of the construction company's stock, valued at approximately $1,007,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of Watsco by 89,376.0% during the first quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company's stock worth $242,867,000 after acquiring an additional 477,268 shares during the last quarter. Norges Bank bought a new stake in shares of Watsco during the fourth quarter worth $118,312,000. Lord Abbett & CO. LLC bought a new stake in shares of Watsco during the fourth quarter worth $104,533,000. Proficio Capital Partners LLC bought a new stake in shares of Watsco during the fourth quarter worth $63,603,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Watsco by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock worth $649,957,000 after acquiring an additional 118,713 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their target price on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research 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. Robert W. Baird dropped their target price on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. UBS Group dropped their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, Morgan Stanley initiated coverage on Watsco in a report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price objective for the company. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Watsco currently has an average rating of "Hold" and a consensus target price of $486.67.

Watsco Stock Down 2.7%

NYSE WSO traded down $11.86 on Friday, reaching $431.27. The company had a trading volume of 235,983 shares, compared to its average volume of 256,503. The stock's 50 day moving average is $469.10 and its 200-day moving average is $487.28. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of 32.55 and a beta of 1.06. Watsco, Inc. has a 52 week low of $430.20 and a 52 week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a return on equity of 17.59% and a net margin of 7.04%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $2.17 earnings per share. The firm's revenue was down 2.2% compared to the same quarter last year. As a group, analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a $3.00 dividend. This is an increase from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend was Tuesday, April 15th. Watsco's dividend payout ratio is 92.24%.

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.