Pinebridge Investments L.P. Buys 2,681 Shares of Watsco, Inc. (NYSE:WSO)

Pinebridge Investments L.P. boosted its position in Watsco, Inc. (NYSE:WSO - Free Report) by 42.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,955 shares of the construction company's stock after purchasing an additional 2,681 shares during the period. Pinebridge Investments L.P.'s holdings in Watsco were worth $4,244,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Tudor Financial Inc. acquired a new position in Watsco during the 3rd quarter worth approximately $588,000. Anchor Investment Management LLC grew its position in Watsco by 500.0% in the third quarter. Anchor Investment Management LLC now owns 228 shares of the construction company's stock valued at $112,000 after acquiring an additional 190 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Watsco by 3.1% during the 3rd quarter. Tidal Investments LLC now owns 2,269 shares of the construction company's stock valued at $1,116,000 after buying an additional 69 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Watsco by 5.6% during the 3rd quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company's stock valued at $25,645,000 after buying an additional 2,738 shares during the last quarter. Finally, Oddo BHF Asset Management Sas purchased a new position in shares of Watsco during the 3rd quarter valued at approximately $1,332,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Stock Up 0.6 %

Watsco stock traded up $2.74 during mid-day trading on Thursday, reaching $462.58. The company had a trading volume of 48,257 shares, compared to its average volume of 254,872. The company has a 50 day moving average of $495.79 and a 200-day moving average of $498.01. The firm has a market cap of $18.69 billion, a price-to-earnings ratio of 34.91 and a beta of 1.00. Watsco, Inc. has a 52 week low of $439.08 and a 52 week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly 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 17.59% and a net margin of 7.04%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business earned $2.17 earnings per share. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. On average, analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were paid a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.59%. This is a positive change from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on WSO shares. UBS Group reduced their target price on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Robert W. Baird dropped their target price on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley initiated coverage on Watsco in a research report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 target price on the stock. Raymond James initiated coverage on Watsco in a research report on Friday, January 17th. They issued a "market perform" rating on the stock. Finally, Loop Capital increased their target price on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Watsco currently has an average rating of "Hold" and an average price target of $480.83.

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.