Intech Investment Management LLC Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

Intech Investment Management LLC trimmed its holdings in Watsco, Inc. (NYSE:WSO) by 45.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,875 shares of the construction company’s stock after selling 4,855 shares during the period. Intech Investment Management LLC’s holdings in Watsco were worth $2,890,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in WSO. Quarry LP purchased a new position in Watsco in the 2nd quarter worth approximately $26,000. EntryPoint Capital LLC lifted its holdings in shares of Watsco by 100.0% in the first quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock worth $25,000 after buying an additional 29 shares in the last quarter. Tortoise Investment Management LLC lifted its holdings in shares of Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock worth $34,000 after buying an additional 32 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Watsco during the third quarter worth $43,000. Finally, Massmutual Trust Co. FSB ADV grew its stake in Watsco by 30.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock valued at $46,000 after acquiring an additional 22 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on WSO. Northcoast Research assumed coverage on shares of Watsco in a research note on Friday. They issued a “neutral” rating on the stock. JPMorgan Chase & Co. boosted their target price on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, Robert W. Baird cut their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $491.25.

Watsco Trading Up 1.6 %

Shares of NYSE:WSO opened at $554.79 on Friday. The company has a market cap of $22.40 billion, a price-to-earnings ratio of 42.87 and a beta of 0.88. Watsco, Inc. has a 12 month low of $373.33 and a 12 month high of $555.42. The company has a 50-day moving average price of $499.99 and a 200 day moving average price of $485.16.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Watsco had a return on equity of 17.77% and a net margin of 6.99%. Watsco’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.35 EPS. As a group, equities analysts forecast that Watsco, Inc. will post 13.06 EPS for the current year.

Watsco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were issued a $2.70 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 1.95%. Watsco’s dividend payout ratio (DPR) is presently 83.46%.

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.