Westfield Capital Management Co. LP Raises Stock Position in Watsco, Inc. (NYSE:WSO)

Westfield Capital Management Co. LP lifted its position in shares of Watsco, Inc. (NYSE:WSO) by 1.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,787 shares of the construction company’s stock after buying an additional 390 shares during the quarter. Westfield Capital Management Co. LP owned approximately 0.06% of Watsco worth $11,208,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in Watsco by 5.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,252,822 shares of the construction company’s stock valued at $616,357,000 after purchasing an additional 62,041 shares in the last quarter. Blair William & Co. IL grew its holdings in Watsco by 1.2% during the 2nd quarter. Blair William & Co. IL now owns 801,152 shares of the construction company’s stock valued at $371,126,000 after purchasing an additional 9,141 shares in the last quarter. Markel Group Inc. increased its position in shares of Watsco by 2.0% during the third quarter. Markel Group Inc. now owns 582,500 shares of the construction company’s stock worth $286,520,000 after acquiring an additional 11,250 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Watsco by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 393,032 shares of the construction company’s stock worth $182,068,000 after acquiring an additional 6,320 shares in the last quarter. Finally, Hamlin Capital Management LLC boosted its holdings in Watsco by 7.4% in the third quarter. Hamlin Capital Management LLC now owns 314,543 shares of the construction company’s stock valued at $154,717,000 after purchasing an additional 21,649 shares during the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of NYSE:WSO opened at $554.79 on Monday. The company’s fifty day moving average is $499.99 and its two-hundred day moving average is $485.27. Watsco, Inc. has a 1-year low of $373.33 and a 1-year high of $555.42. The stock has a market capitalization of $22.40 billion, a price-to-earnings ratio of 42.87 and a beta of 0.88.

Watsco (NYSE:WSO) last released its quarterly earnings data 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 analyst estimates of $2.24 billion. During the same quarter last year, the company earned $4.35 EPS. Watsco’s revenue was up 1.6% compared to the same quarter last year. Sell-side analysts expect that Watsco, Inc. will post 13.06 EPS for the current fiscal year.

Watsco Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have issued reports on WSO shares. 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. Northcoast Research began coverage on shares of Watsco in a report on Friday. They set a “neutral” rating for the company. Finally, JPMorgan Chase & Co. upped their target price 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. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Watsco has a consensus rating of “Moderate Buy” and an average price target of $491.25.

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.