Oppenheimer Asset Management Inc. raised its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,380 shares of the construction company's stock after buying an additional 1,606 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.06% of Watsco worth $11,376,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Principal Securities Inc. boosted its stake in shares of Watsco by 6.9% in the fourth quarter. Principal Securities Inc. now owns 373 shares of the construction company's stock worth $177,000 after buying an additional 24 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in Watsco by 14.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 1,607 shares of the construction company's stock valued at $762,000 after buying an additional 197 shares during the last quarter. Global Retirement Partners LLC increased its stake in Watsco by 71.0% during the 4th quarter. Global Retirement Partners LLC now owns 212 shares of the construction company's stock worth $100,000 after buying an additional 88 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Watsco by 6.3% in the fourth quarter. First Horizon Advisors Inc. now owns 544 shares of the construction company's stock valued at $258,000 after acquiring an additional 32 shares in the last quarter. Finally, Delta Financial Group Inc. purchased a new position in shares of Watsco in the 4th quarter valued at about $441,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms recently weighed in on WSO. JPMorgan Chase & Co. lifted their price objective on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Morgan Stanley began coverage on Watsco in a research report on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price on the stock. Loop Capital raised their price objective 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. Robert W. Baird reduced their target price on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Finally, Mizuho set a $490.00 price objective 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. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $486.67.
Read Our Latest Analysis on Watsco
Watsco Price Performance
NYSE WSO traded up $1.68 during trading hours on Tuesday, hitting $431.07. The company had a trading volume of 293,424 shares, compared to its average volume of 285,483. The firm's 50 day moving average is $460.41 and its 200 day moving average is $481.63. Watsco, Inc. has a fifty-two week low of $419.90 and a fifty-two week high of $571.41. The company has a market capitalization of $17.46 billion, a price-to-earnings ratio of 33.13 and a beta of 1.06.
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 the consensus estimate of $2.29 by ($0.36). Watsco had a return on equity of 17.13% and a net margin of 6.98%. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the firm posted $2.17 earnings per share. The business's revenue was down 2.2% on a year-over-year basis. On average, equities analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.
Watsco Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.78%. This is a positive change from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.
About Watsco
(
Free Report)
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.
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