Korea Investment CORP Grows Stock Position in Watsco, Inc. $WSO

Key Points

• Korea Investment CORP increased its holdings in Watsco, Inc. by 5.4% in Q1, owning 22,785 shares valued at approximately $11.58 million as of its latest SEC filing.
• Watsco reported $4.52 EPS for the latest quarter, which was below analysts' expectations, and its revenue of $2.06 billion also fell short of the forecasted $2.24 billion.
• The company declared a quarterly dividend of $3.00 per share, leading to an annualized yield of 3.0% and a dividend payout ratio of 92.02%.

Korea Investment CORP raised its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 5.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,785 shares of the construction company's stock after acquiring an additional 1,174 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Watsco worth $11,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new stake in Watsco during the 1st quarter valued at $25,000. Manitou Investment Management Ltd. acquired a new stake in shares of Watsco in the 1st quarter worth $25,000. TCTC Holdings LLC boosted its position in shares of Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after purchasing an additional 30 shares in the last quarter. City Holding Co. acquired a new stake in shares of Watsco in the 1st quarter worth $29,000. Finally, Rossby Financial LCC acquired a new stake in shares of Watsco in the 1st quarter worth $33,000. Institutional investors own 89.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WSO. 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 report on Tuesday, May 27th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Morgan Stanley set a $505.00 price objective on Watsco in a research report on Wednesday, July 2nd. Finally, UBS Group reduced their target price on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $484.17.

Watsco Stock Performance

WSO stock traded down $8.2550 during midday trading on Monday, reaching $407.5450. The stock had a trading volume of 269,401 shares, compared to its average volume of 302,352. The stock has a market cap of $16.52 billion, a PE ratio of 31.25 and a beta of 0.95. The firm has a fifty day simple moving average of $444.46 and a two-hundred day simple moving average of $469.29. Watsco, Inc. has a 52-week low of $397.73 and a 52-week high of $571.41.

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

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th were paid a dividend of $3.00 per share. The ex-dividend date was Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.9%. Watsco's dividend payout ratio (DPR) is presently 92.02%.

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.