Ameriprise Financial Inc. Reduces Holdings in Watsco, Inc. (NYSE:WSO)

Ameriprise Financial Inc. lessened its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 3.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,291 shares of the construction company's stock after selling 1,226 shares during the quarter. Ameriprise Financial Inc. owned about 0.09% of Watsco worth $17,672,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Rialto Wealth Management LLC acquired a new stake in Watsco during the 4th quarter worth approximately $31,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Watsco in the fourth quarter worth $36,000. Atala Financial Inc purchased a new stake in shares of Watsco during the fourth quarter worth $49,000. Golden State Wealth Management LLC purchased a new stake in shares of Watsco during the fourth quarter worth $50,000. Finally, Tortoise Investment Management LLC raised its stake in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock valued at $70,000 after acquiring an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Stock Down 1.2%

Watsco stock traded down $5.29 during midday trading on Thursday, reaching $453.14. The company's stock had a trading volume of 28,139 shares, compared to its average volume of 253,574. Watsco, Inc. has a fifty-two week low of $439.08 and a fifty-two week high of $571.42. The company has a market cap of $18.31 billion, a P/E ratio of 34.29 and a beta of 1.11. The business has a 50-day simple moving average of $488.08 and a 200-day simple moving average of $497.13.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $2.17 earnings per share. As a group, equities analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current 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 given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Tuesday, April 15th. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WSO. Mizuho set a $490.00 target price on Watsco in a report on Thursday, April 24th. Loop Capital increased their price target on Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research report on Thursday, February 27th. StockNews.com upgraded Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Morgan Stanley initiated coverage on shares of Watsco in a research note on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price on the stock. Finally, Robert W. Baird reduced their target price on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $480.83.

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.