Vestmark Advisory Solutions Inc. Raises Position in Watsco, Inc. $WSO

Key Points

• Vestmark Advisory Solutions Inc. increased its stake in Watsco, Inc. by 100.2% in the first quarter, owning 23,308 shares valued at approximately $11.85 million.
• Watsco's recent earnings report showed a miss in earnings per share, reporting $4.52 compared to analyst estimates of $4.84, with a revenue of $2.06 billion.
• The company declared a quarterly dividend of $3.00 per share, resulting in an annualized dividend yield of 2.8%.

Vestmark Advisory Solutions Inc. lifted its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 100.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,308 shares of the construction company's stock after buying an additional 11,668 shares during the period. Vestmark Advisory Solutions Inc. owned about 0.06% of Watsco worth $11,847,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of WSO. OneDigital Investment Advisors LLC acquired a new position in Watsco in the 1st quarter worth about $266,000. Teacher Retirement System of Texas acquired a new position in Watsco in the 1st quarter worth about $2,588,000. Golden State Wealth Management LLC increased its holdings in Watsco by 109.4% in the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock worth $113,000 after purchasing an additional 116 shares in the last quarter. SG Americas Securities LLC increased its holdings in Watsco by 133.1% in the 1st quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock worth $429,000 after purchasing an additional 482 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Watsco by 4.8% in the 1st quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company's stock worth $523,000 after purchasing an additional 47 shares in 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 analysts have issued reports on WSO shares. UBS Group lowered their target price on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Morgan Stanley set a $505.00 target price on Watsco in a report on Wednesday, July 2nd. JPMorgan Chase & Co. upped their price target on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Finally, Mizuho set a $490.00 price target on Watsco in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Watsco currently has an average rating of "Hold" and an average target price of $484.17.

Watsco Price Performance

Shares of Watsco stock traded up $5.59 on Tuesday, hitting $424.85. 41,173 shares of the company's stock traded hands, compared to its average volume of 300,762. Watsco, Inc. has a one year low of $403.01 and a one year high of $571.41. The company has a fifty day moving average of $446.55 and a two-hundred day moving average of $470.93. The company has a market capitalization of $17.21 billion, a price-to-earnings ratio of 32.58 and a beta of 0.95.

Watsco (NYSE:WSO - Get Free Report) last announced its earnings results on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.32). The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm's revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.49 EPS. Equities research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th were issued a $3.00 dividend. The ex-dividend date was Wednesday, July 16th. This represents a $12.00 annualized dividend and a yield of 2.8%. Watsco's dividend payout ratio is presently 92.02%.

Watsco Company Profile

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.