Welch & Forbes LLC Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

Welch & Forbes LLC lessened its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 212,257 shares of the construction company's stock after selling 2,024 shares during the quarter. Watsco accounts for approximately 1.4% of Welch & Forbes LLC's investment portfolio, making the stock its 21st biggest position. Welch & Forbes LLC owned about 0.53% of Watsco worth $107,890,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC acquired a new stake in Watsco in the first quarter valued at $266,000. Teacher Retirement System of Texas bought a new position in shares of Watsco during the first quarter valued at about $2,588,000. Golden State Wealth Management LLC grew its stake in Watsco by 109.4% in the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock valued at $113,000 after purchasing an additional 116 shares during the period. SG Americas Securities LLC raised its holdings in shares of Watsco by 133.1% in the 1st quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock worth $429,000 after purchasing an additional 482 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Watsco by 4.8% during the first quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company's stock valued at $523,000 after purchasing an additional 47 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WSO. Morgan Stanley set a $505.00 price target on shares of Watsco in a research report on Wednesday, July 2nd. UBS Group dropped their target price on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a report on Wednesday, June 25th. Robert W. Baird decreased their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Mizuho set a $490.00 price objective on Watsco in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Watsco has an average rating of "Hold" and an average target price of $484.17.

Watsco Trading Up 0.3%

Shares of WSO traded up $1.59 during midday trading on Thursday, reaching $473.34. 150,931 shares of the stock were exchanged, compared to its average volume of 261,098. The company has a market capitalization of $19.17 billion, a P/E ratio of 36.38 and a beta of 1.04. Watsco, Inc. has a 52 week low of $418.31 and a 52 week high of $571.42. The company's 50 day moving average is $453.22 and its two-hundred day moving average is $476.79.

Watsco (NYSE:WSO - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a return on equity of 17.13% and a net margin of 6.98%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the company earned $2.17 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. On average, sell-side analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th will be issued a dividend of $3.00 per share. The ex-dividend date of this dividend is Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.54%. Watsco's dividend payout ratio is currently 92.24%.

Watsco 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.