Watsco, Inc. $WSO Shares Newly Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments purchased 33,999 Watsco shares in the third quarter, valued at about $10.3 million and representing roughly 0.08% of the company. Institutional investors and hedge funds own 89.71% of Watsco.
• Watsco reported quarterly earnings of $3.77 per share, below the $4.10 consensus estimate, while revenue of $2.22 billion topped forecasts and rose 7.4% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $373.62. The company’s quarterly dividend was $3.30 per share, equivalent to a 4.1% annualized yield at the article’s cited share price.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Watsco, Inc. (NYSE:WSO - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 33,999 shares of the construction company's stock, valued at approximately $10,291,000. Mirae Asset Global Investments Co. Ltd. owned about 0.08% of Watsco as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Laurel Wealth Advisors LLC acquired a new position in Watsco during the third quarter worth approximately $34,000. Western Wealth Management LLC acquired a new stake in shares of Watsco in the first quarter valued at approximately $41,000. Versant Capital Management Inc lifted its position in shares of Watsco by 293.3% in the second quarter. Versant Capital Management Inc now owns 118 shares of the construction company's stock valued at $49,000 after buying an additional 88 shares during the last quarter. GK Wealth Management LLC acquired a new stake in shares of Watsco in the third quarter valued at approximately $63,000. Finally, N.E.W. Advisory Services LLC bought a new position in shares of Watsco during the 2nd quarter worth approximately $67,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Up 2.4%

Shares of WSO stock opened at $319.06 on Thursday. Watsco, Inc. has a 12-month low of $277.34 and a 12-month high of $459.00. The company has a market capitalization of $13.16 billion, a PE ratio of 28.19 and a beta of 1.03. The firm has a 50 day moving average price of $306.25 and a two-hundred day moving average price of $364.81.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results on Tuesday, October 27th. The construction company reported $3.77 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.33). The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.21 billion. Watsco had a net margin of 6.31% and a return on equity of 13.97%. Watsco's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.98 EPS. As a group, research analysts expect that Watsco, Inc. will post 11.70 EPS for the current year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were paid a $3.30 dividend. The ex-dividend date was Friday, October 16th. This represents a $13.20 annualized dividend and a yield of 4.1%. Watsco's payout ratio is 116.61%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Morgan Stanley decreased their target price on Watsco from $370.00 to $330.00 and set an "equal weight" rating on the stock in a report on Monday, October 12th. Zacks Research raised Watsco from a "strong sell" rating to a "hold" rating in a report on Wednesday, October 21st. Weiss Ratings cut shares of Watsco from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, October 6th. Mizuho decreased their price objective on shares of Watsco from $350.00 to $325.00 and set a "neutral" rating on the stock in a report on Thursday, October 15th. Finally, Stephens reissued an "overweight" rating and issued a $485.00 price objective on shares of Watsco in a research report on Monday, August 17th. Two research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $373.62.

About Watsco

Watsco, Inc NYSE: WSO is a distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment and related products. The company supplies residential and light commercial air-conditioning and heating systems, refrigeration equipment, replacement parts, and other supplies used by contractors and service professionals.

Watsco distributes products from leading HVAC/R manufacturers, including equipment and components such as air conditioners, heat pumps, furnaces, air handlers, thermostats, controls, motors and indoor air-quality products.

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