Watsco, Inc. $WSO Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Watsco, Inc. by 0.7% in Q1, owning approximately $170.6 million worth of shares at the end of the reporting period.
• Watsco reported Q2 earnings per share of $4.52, falling short of analysts' expectations of $4.84, with a revenue decline of 3.6% year-over-year.
• The company declared a quarterly dividend of $3.00 per share, indicating an annualized dividend yield of 3.0% with a high dividend payout ratio of 92.02%.

Northern Trust Corp boosted its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 0.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 335,584 shares of the construction company's stock after acquiring an additional 2,236 shares during the quarter. Northern Trust Corp owned 0.83% of Watsco worth $170,577,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. OneDigital Investment Advisors LLC purchased a new position in Watsco during the 1st quarter valued at about $266,000. Teacher Retirement System of Texas purchased a new position in Watsco during the 1st quarter valued at about $2,588,000. Golden State Wealth Management LLC boosted its holdings in Watsco by 109.4% during the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock valued at $113,000 after acquiring an additional 116 shares during the period. SG Americas Securities LLC boosted its holdings in Watsco by 133.1% during the 1st 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 during the period. Finally, Fifth Third Bancorp boosted its holdings in 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 acquiring an additional 47 shares during the period. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Stock Performance

Shares of WSO traded up $9.1460 during midday trading on Friday, hitting $414.7760. The company had a trading volume of 293,823 shares, compared to its average volume of 383,085. The company's 50-day simple moving average is $444.46 and its 200-day simple moving average is $469.29. The firm has a market capitalization of $16.82 billion, a P/E ratio of 31.81 and a beta of 0.95. Watsco, Inc. has a 1 year low of $397.73 and a 1 year high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results 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). The business had revenue of $2.06 billion for the quarter, compared to analysts' expectations of $2.24 billion. Watsco had a return on equity of 16.96% and a net margin of 7.08%.Watsco's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.49 EPS. Equities analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The firm also recently declared 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 yield of 2.9%. The ex-dividend date of this dividend was Wednesday, July 16th. Watsco's dividend payout ratio is 92.02%.

Analysts Set New Price Targets

WSO has been the subject of a number of research analyst reports. Morgan Stanley set a $505.00 target price on Watsco in a report on Wednesday, July 2nd. Wall Street Zen upgraded Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. UBS Group decreased their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Finally, JPMorgan Chase & Co. lifted their price objective on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Watsco presently has an average rating of "Hold" and an average price target of $484.17.

Watsco Company 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.