Alliancebernstein L.P. Sells 890 Shares of Watsco, Inc. $WSO

Key Points

• Alliancebernstein L.P. reduced its stake in Watsco, Inc. by 1.8%, now holding approximately 0.12% of the company's shares valued at $24.9 million.
• Watsco's stock price has decreased by 1.7%, currently trading at $402.04, with analysts predicting 14.62 earnings per share for the current year.
• The company announced a quarterly dividend of $3.00 per share, with an annualized yield of 3.0% and a payout ratio of 92.02%.

Alliancebernstein L.P. decreased its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,992 shares of the construction company's stock after selling 890 shares during the period. Alliancebernstein L.P. owned 0.12% of Watsco worth $24,903,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in shares of Watsco during the first quarter valued at approximately $25,000. Manitou Investment Management Ltd. bought a new stake in shares of Watsco during the first quarter valued at approximately $25,000. WPG Advisers LLC bought a new stake in shares of Watsco during the first quarter valued at approximately $25,000. TCTC Holdings LLC raised its position in shares of Watsco by 115.4% during the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after buying an additional 30 shares during the last quarter. Finally, City Holding Co. bought a new stake in shares of Watsco during the first quarter valued at approximately $29,000. Institutional investors own 89.71% of the company's stock.

Watsco Trading Up 1.2%

Shares of WSO stock traded up $4.44 on Monday, reaching $386.38. The company's stock had a trading volume of 566,524 shares, compared to its average volume of 364,822. The stock's fifty day simple moving average is $432.28 and its 200-day simple moving average is $458.92. Watsco, Inc. has a 1 year low of $378.35 and a 1 year high of $571.41. The company has a market capitalization of $15.67 billion, a price-to-earnings ratio of 29.63 and a beta of 0.96.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.32). The firm 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%.The firm's quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.49 earnings per share. Equities research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The company 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. This represents a $12.00 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, July 16th. Watsco's payout ratio is presently 92.02%.

Analysts Set New Price Targets

WSO has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Morgan Stanley set a $505.00 price objective on shares of Watsco in a research report on Wednesday, July 2nd. 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 report on Wednesday, June 25th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.