MQS Management LLC Invests $344,000 in Watsco, Inc. (NYSE:WSO)

MQS Management LLC acquired a new stake in Watsco, Inc. (NYSE:WSO) during the third quarter, Holdings Channel reports. The fund acquired 699 shares of the construction company’s stock, valued at approximately $344,000.

Other hedge funds also recently added to or reduced their stakes in the company. Haverford Trust Co raised its position in Watsco by 12.0% in the third quarter. Haverford Trust Co now owns 907 shares of the construction company’s stock valued at $446,000 after purchasing an additional 97 shares during the period. Geneva Capital Management LLC increased its position in shares of Watsco by 4.3% during the 3rd quarter. Geneva Capital Management LLC now owns 68,021 shares of the construction company’s stock worth $33,458,000 after purchasing an additional 2,793 shares during the last quarter. Aigen Investment Management LP purchased a new stake in Watsco in the 3rd quarter valued at about $558,000. Prime Capital Investment Advisors LLC lifted its position in Watsco by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 3,628 shares of the construction company’s stock valued at $1,785,000 after buying an additional 140 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Watsco by 1.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company’s stock worth $31,853,000 after buying an additional 1,074 shares during the period. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WSO has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Robert W. Baird cut their target price on Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th.

Watsco Price Performance

Shares of NYSE:WSO opened at $525.37 on Friday. The firm has a market capitalization of $21.21 billion, a PE ratio of 40.60 and a beta of 0.88. Watsco, Inc. has a 1 year low of $373.33 and a 1 year high of $545.49. The firm’s 50-day moving average is $491.03 and its two-hundred day moving average is $481.73.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share for the quarter, missing the consensus estimate of $4.73 by ($0.51). Watsco had a return on equity of 17.77% and a net margin of 6.99%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the company earned $4.35 earnings per share. Watsco’s quarterly revenue was up 1.6% on a year-over-year basis. Analysts expect that Watsco, Inc. will post 13.2 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were paid a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 2.06%. The ex-dividend date was Wednesday, October 16th. Watsco’s payout ratio is currently 83.46%.

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.