Zurich Insurance Group Ltd FI Acquires 4,417 Shares of Watsco, Inc. (NYSE:WSO)

Zurich Insurance Group Ltd FI increased its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 107.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,517 shares of the construction company's stock after purchasing an additional 4,417 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Watsco were worth $4,036,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WSO. Norges Bank bought a new stake in Watsco during the 4th quarter worth approximately $118,312,000. Lord Abbett & CO. LLC bought a new stake in Watsco during the 4th quarter worth approximately $104,533,000. Proficio Capital Partners LLC bought a new stake in shares of Watsco in the 4th quarter valued at $63,603,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Watsco by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock valued at $649,957,000 after purchasing an additional 118,713 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Watsco by 542.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 110,752 shares of the construction company's stock valued at $52,484,000 after purchasing an additional 93,506 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Watsco Trading Down 0.2%

Shares of WSO stock traded down $1.11 during trading hours on Friday, reaching $454.98. The stock had a trading volume of 252,686 shares, compared to its average volume of 254,667. The stock's fifty day simple moving average is $485.90 and its 200 day simple moving average is $496.75. Watsco, Inc. has a 12 month low of $439.08 and a 12 month high of $571.42. The firm has a market capitalization of $18.43 billion, a PE ratio of 34.34 and a beta of 1.11.

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). Watsco had a return on equity of 17.59% and a net margin of 7.04%. The company had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the firm earned $2.17 EPS. Watsco's quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were paid a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend was Tuesday, April 15th. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WSO. Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley began coverage on shares of Watsco in a research note on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price objective on the stock. Robert W. Baird reduced their price objective on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. UBS Group reduced their price objective on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Finally, Loop Capital increased their target price on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $480.83.

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.