Gulf International Bank UK Ltd Has $972,000 Holdings in Watsco, Inc. $WSO

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Watsco, Inc. by 26.9%, owning 1,914 shares worth $972,000 after selling 703 shares in the first quarter.
• Watsco reported a quarterly earnings miss with earnings per share of $4.52, falling short of the $4.84 consensus estimate, and a revenue decline of 3.6% year-over-year.
• Analysts have varying opinions, with a consensus target price of $484.17 and most ratings leaning towards a "hold", while JPMorgan Chase & Co. raised their target price to $460.00.

Gulf International Bank UK Ltd trimmed its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 26.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,914 shares of the construction company's stock after selling 703 shares during the period. Gulf International Bank UK Ltd's holdings in Watsco were worth $972,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. LGT Fund Management Co Ltd. acquired a new position in Watsco during the first quarter valued at approximately $686,000. Russell Investments Group Ltd. raised its position in Watsco by 141.7% during the first quarter. Russell Investments Group Ltd. now owns 40,734 shares of the construction company's stock valued at $20,706,000 after purchasing an additional 23,879 shares in the last quarter. Resona Asset Management Co. Ltd. raised its position in Watsco by 2.7% during the first quarter. Resona Asset Management Co. Ltd. now owns 11,566 shares of the construction company's stock valued at $5,871,000 after purchasing an additional 309 shares in the last quarter. Independent Advisor Alliance raised its position in Watsco by 13.5% during the first quarter. Independent Advisor Alliance now owns 528 shares of the construction company's stock valued at $268,000 after purchasing an additional 63 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Watsco during the first quarter valued at approximately $41,218,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Performance

Shares of NYSE WSO traded down $3.8150 during trading on Wednesday, hitting $421.2150. 134,541 shares of the company traded hands, compared to its average volume of 300,494. The business's fifty day moving average is $446.07 and its 200 day moving average is $470.61. Watsco, Inc. has a fifty-two week low of $403.01 and a fifty-two week high of $571.41. The firm has a market capitalization of $17.08 billion, a price-to-earnings ratio of 32.31 and a beta of 0.95.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the company posted $4.49 EPS. Watsco's revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Wednesday, July 16th were issued a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Wednesday, July 16th. Watsco's dividend payout ratio is currently 92.02%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Robert W. Baird lowered their price objective on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. boosted their target price on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Mizuho set a $490.00 target price on shares of Watsco in a research note on Thursday, April 24th. Finally, UBS Group reduced their price objective on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Watsco has an average rating of "Hold" and a consensus target price of $484.17.

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.