Oppenheimer Asset Management Inc. Grows Position in Watsco, Inc. (NYSE:WSO)

Oppenheimer Asset Management Inc. raised its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 7.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,380 shares of the construction company's stock after purchasing an additional 1,606 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.06% of Watsco worth $11,376,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Watsco by 4.8% during the 1st quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company's stock valued at $523,000 after buying an additional 47 shares in the last quarter. Jones Financial Companies Lllp increased its stake in Watsco by 81.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,178 shares of the construction company's stock worth $558,000 after buying an additional 527 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Watsco by 133.1% in the first quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock valued at $429,000 after acquiring an additional 482 shares in the last quarter. 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 acquiring an additional 24 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Watsco by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 4,077 shares of the construction company's stock worth $2,072,000 after purchasing an additional 105 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Watsco Price Performance

Shares of Watsco stock traded up $1.15 during trading hours on Friday, reaching $435.58. The company's stock had a trading volume of 799,794 shares, compared to its average volume of 259,926. The firm has a 50 day moving average price of $455.86 and a 200-day moving average price of $480.27. The stock has a market cap of $17.65 billion, a P/E ratio of 33.48 and a beta of 1.06. Watsco, Inc. has a one year low of $418.31 and a one year high of $571.42.

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 during the quarter, compared to analysts' expectations of $1.66 billion. During the same quarter in the prior year, the business posted $2.17 EPS. The company's revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts forecast 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. Investors of record on Tuesday, April 15th were issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.75%. The ex-dividend date was Tuesday, April 15th. This is a positive change from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is presently 92.24%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Robert W. Baird dropped their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Morgan Stanley began coverage on shares of Watsco in a research report on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price for the company. Loop Capital lifted their price target on shares of Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a report on Thursday, February 27th. UBS Group decreased their price target on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $485.83.

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.