Watsco, Inc. $WSO Shares Sold by William Blair Investment Management LLC

Key Points

• William Blair Investment Management LLC significantly reduced its stake in Watsco, Inc. by 54.2% during the second quarter, now owning 13,202 shares valued at approximately $5.83 million.
• Watsco reported disappointing earnings with an EPS of $4.52, falling short of expectations and showing a 3.6% decline in revenue compared to the previous year.
• The company has declared a quarterly dividend of $3.00 per share, which translates to an annual yield of 3.2%.

William Blair Investment Management LLC lowered its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 54.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,202 shares of the construction company's stock after selling 15,635 shares during the quarter. William Blair Investment Management LLC's holdings in Watsco were worth $5,830,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Koshinski Asset Management Inc. raised its position in shares of Watsco by 117.1% during the 2nd quarter. Koshinski Asset Management Inc. now owns 990 shares of the construction company's stock worth $437,000 after purchasing an additional 534 shares during the period. Hamlin Capital Management LLC raised its position in shares of Watsco by 1.9% during the 2nd quarter. Hamlin Capital Management LLC now owns 357,837 shares of the construction company's stock worth $158,028,000 after purchasing an additional 6,566 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Watsco by 3.9% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 24,952 shares of the construction company's stock worth $11,019,000 after purchasing an additional 948 shares during the period. Praxis Investment Management Inc. raised its position in shares of Watsco by 35.1% during the 2nd quarter. Praxis Investment Management Inc. now owns 1,270 shares of the construction company's stock worth $561,000 after purchasing an additional 330 shares during the period. Finally, Bridges Investment Management Inc. raised its position in shares of Watsco by 11.7% during the 2nd quarter. Bridges Investment Management Inc. now owns 4,655 shares of the construction company's stock worth $2,056,000 after purchasing an additional 487 shares during the period. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Price Performance

WSO opened at $378.90 on Tuesday. Watsco, Inc. has a 12 month low of $350.00 and a 12 month high of $571.41. The stock has a market cap of $15.36 billion, a P/E ratio of 29.06 and a beta of 0.94. The stock's 50 day moving average price is $397.91 and its 200 day moving average price is $438.69.

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

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco's dividend payout ratio (DPR) is presently 92.02%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on WSO shares. Morgan Stanley dropped their price target on Watsco from $505.00 to $460.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Watsco in a research report on Wednesday, October 8th. Mizuho dropped their price target on Watsco from $525.00 to $400.00 and set a "neutral" rating on the stock in a research report on Friday. William Blair restated a "market perform" rating on shares of Watsco in a research report on Wednesday, October 15th. Finally, JPMorgan Chase & Co. lowered their target price on Watsco from $425.00 to $400.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 15th. One equities research analyst has rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $447.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.