Watsco, Inc. $WSO Shares Sold by Amundi

Key Points

• Amundi reduced its Watsco stake by 14.1% in the first quarter, selling 7,785 shares and retaining 47,567 shares valued at approximately $17.3 million. Institutional investors collectively own 89.71% of the company.
• Analysts maintain a generally cautious view, with two Buy ratings and nine Hold ratings. Watsco’s average price target is $395.50, while recent targets range from $330 to $485.
• Watsco reported quarterly EPS of $4.00, below the $4.41 consensus estimate, while revenue rose 2.1% year over year to $2.10 billion. The company also paid a $3.30 quarterly dividend, equivalent to a 3.9% yield, though its payout ratio stood at 114.48%.

Amundi lowered its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 14.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,567 shares of the construction company's stock after selling 7,785 shares during the quarter. Amundi owned about 0.12% of Watsco worth $17,304,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Torren Management LLC purchased a new stake in shares of Watsco during the fourth quarter worth approximately $26,000. Bayban acquired a new stake in shares of Watsco in the 4th quarter worth $29,000. Bamco Inc. NY acquired a new stake in shares of Watsco in the 4th quarter worth $35,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Watsco in the fourth quarter valued at about $37,000. Finally, Quarry LP purchased a new stake in shares of Watsco in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

WSO has been the topic of a number of analyst reports. Stephens lifted their price objective on Watsco from $475.00 to $485.00 and gave the company an "overweight" rating in a report on Wednesday, April 29th. DA Davidson cut their target price on Watsco from $385.00 to $330.00 and set a "neutral" rating for the company in a research note on Thursday, July 30th. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Robert W. Baird set a $400.00 price target on Watsco in a research note on Thursday, July 30th. Finally, Morgan Stanley upped their price objective on Watsco from $370.00 to $405.00 and gave the stock an "equal weight" rating in a report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $395.50.

Watsco Trading Up 5.1%

Shares of WSO opened at $334.27 on Wednesday. The firm's 50-day moving average is $377.41 and its two-hundred day moving average is $391.80. Watsco, Inc. has a twelve month low of $300.66 and a twelve month high of $459.00. The firm has a market capitalization of $13.59 billion, a P/E ratio of 28.99 and a beta of 1.05.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.41 by ($0.41). The company had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.14 billion. Watsco had a net margin of 6.53% and a return on equity of 14.40%. Watsco's revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.52 earnings per share. Analysts predict that Watsco, Inc. will post 12.55 EPS for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 16th were paid a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Thursday, July 16th. Watsco's payout ratio is 114.48%.

About Watsco

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.

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