Bridges Investment Management Inc. Has $2.12 Million Stock Position in Watsco, Inc. (NYSE:WSO)

Bridges Investment Management Inc. increased its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 67.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,168 shares of the construction company's stock after purchasing an additional 1,673 shares during the quarter. Bridges Investment Management Inc.'s holdings in Watsco were worth $2,119,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WSO. Opal Wealth Advisors LLC acquired a new stake in shares of Watsco in the first quarter valued at $25,000. Manitou Investment Management Ltd. bought a new stake in Watsco in the first quarter worth about $25,000. City Holding Co. acquired a new stake in Watsco in the 1st quarter valued at about $29,000. Rossby Financial LCC acquired a new stake in Watsco in the 1st quarter valued at about $33,000. Finally, ST Germain D J Co. Inc. boosted its position in shares of Watsco by 260.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company's stock valued at $37,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on WSO shares. UBS Group dropped their target price on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a report on Wednesday, June 25th. Robert W. Baird decreased their price target on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley set a $505.00 price objective on Watsco in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price objective on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Finally, Mizuho set a $490.00 target price on Watsco in a research report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, Watsco has a consensus rating of "Hold" and an average price target of $484.17.

Watsco Price Performance

Watsco stock traded down $4.96 during midday trading on Friday, reaching $471.33. The stock had a trading volume of 232,042 shares, compared to its average volume of 261,644. Watsco, Inc. has a twelve month low of $418.31 and a twelve month high of $571.42. The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 36.23 and a beta of 1.04. The firm's fifty day simple moving average is $453.34 and its two-hundred day simple moving average is $477.07.

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

Watsco Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.55%. Watsco's payout ratio is presently 92.24%.

Watsco 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.