Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Holdings in Watsco, Inc. (NYSE:WSO)

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 576.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,630 shares of the construction company's stock after buying an additional 18,434 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned about 0.05% of Watsco worth $10,995,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Manitou Investment Management Ltd. bought a new position in shares of Watsco during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Watsco during the first quarter valued at approximately $25,000. City Holding Co. purchased a new position in shares of Watsco in the first quarter worth $29,000. Rialto Wealth Management LLC purchased a new stake in Watsco during the 4th quarter valued at $31,000. Finally, ST Germain D J Co. Inc. grew its position in Watsco by 260.0% during the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company's stock valued at $37,000 after buying an additional 52 shares during the period. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Trading Up 0.3%

Shares of NYSE:WSO traded up $1.23 on Wednesday, reaching $456.82. 288,148 shares of the company traded hands, compared to its average volume of 259,838. Watsco, Inc. has a 52 week low of $418.31 and a 52 week high of $571.42. The business's 50-day simple moving average is $452.37 and its 200 day simple moving average is $478.61. The stock has a market capitalization of $18.51 billion, a P/E ratio of 35.11 and a beta of 1.04.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $1.53 billion during 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 business's revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company posted $2.17 earnings per share. Sell-side analysts expect that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 2.63%. Watsco's dividend payout ratio is currently 92.24%.

Analyst Ratings Changes

Several research firms recently weighed in on WSO. UBS Group decreased their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. JPMorgan Chase & Co. boosted their price target on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Morgan Stanley began coverage on shares of Watsco in a report on Monday, April 14th. They set an "equal weight" rating and a $515.00 price objective on the stock. Robert W. Baird reduced their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Finally, Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Watsco has a consensus rating of "Hold" and an average price target of $485.83.

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.