Watsco, Inc. $WSO Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank trimmed its stake in Watsco by 4.6% in Q3, selling 4,800 shares and now holding 100,644 shares (~0.25%) valued at about $40.69 million; institutional investors collectively own 89.71% of the company, with several firms (e.g., Charles Schwab, DAVENPORT, Corient) increasing their positions.
• Watsco missed quarterly earnings (EPS $1.68 vs. $1.94 expected) with revenue down 9.9% YoY; the stock traded around $363.19, has a $14.73 billion market cap and a PE of ~29.9, and pays a $3 quarterly dividend (annual $12, ~3.3% yield) with a payout ratio of 99.09%.

Swiss National Bank lessened its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 4.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,644 shares of the construction company's stock after selling 4,800 shares during the period. Swiss National Bank owned approximately 0.25% of Watsco worth $40,690,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Watsco by 2.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,485,996 shares of the construction company's stock valued at $656,036,000 after acquiring an additional 31,484 shares in the last quarter. Captrust Financial Advisors grew its stake in Watsco by 0.3% during the 2nd quarter. Captrust Financial Advisors now owns 389,104 shares of the construction company's stock worth $171,836,000 after purchasing an additional 1,234 shares in the last quarter. DAVENPORT & Co LLC increased its holdings in Watsco by 11.2% during the 3rd quarter. DAVENPORT & Co LLC now owns 356,844 shares of the construction company's stock worth $143,748,000 after purchasing an additional 36,010 shares during the period. Corient Private Wealth LLC raised its position in Watsco by 106.4% in the 2nd quarter. Corient Private Wealth LLC now owns 296,170 shares of the construction company's stock valued at $130,801,000 after purchasing an additional 152,662 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Watsco by 5.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 276,750 shares of the construction company's stock valued at $111,890,000 after purchasing an additional 14,013 shares in the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Stock Performance

Shares of NYSE:WSO traded down $0.60 on Friday, hitting $363.19. 22,413 shares of the company's stock were exchanged, compared to its average volume of 402,458. Watsco, Inc. has a 1-year low of $323.05 and a 1-year high of $521.70. The company has a market capitalization of $14.73 billion, a PE ratio of 29.92 and a beta of 1.03. The firm's 50-day moving average is $393.30 and its 200 day moving average is $376.93.

Watsco (NYSE:WSO - Get Free Report) last issued its earnings results on Tuesday, February 17th. The construction company reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.26). The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.62 billion. Watsco had a return on equity of 15.49% and a net margin of 6.87%.Watsco's revenue was down 9.9% on a year-over-year basis. During the same period last year, the business posted $2.37 EPS. On average, analysts anticipate 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 Friday, January 30th. Shareholders of record on Friday, January 16th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Friday, January 16th. This represents a $12.00 dividend on an annualized basis and a yield of 3.3%. Watsco's dividend payout ratio (DPR) is presently 99.09%.

Analyst Upgrades and Downgrades

WSO has been the subject of a number of analyst reports. Mizuho set a $425.00 price objective on Watsco in a research report on Wednesday, February 18th. KeyCorp reaffirmed a "sector weight" rating on shares of Watsco in a report on Friday, December 12th. Wolfe Research set a $349.00 price target on shares of Watsco in a research note on Tuesday, December 9th. Morgan Stanley lowered their price target on shares of Watsco from $460.00 to $370.00 and set an "equal weight" rating for the company in a report on Wednesday, January 14th. Finally, UBS Group initiated coverage on shares of Watsco in a research report on Monday, January 5th. They issued a "neutral" rating and a $370.00 price objective on the stock. One analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $409.00.

Watsco Profile

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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