Zurcher Kantonalbank Zurich Cantonalbank cut its stake in Watsco, Inc. (NYSE:WSO – Free Report) by 15.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,904 shares of the construction company’s stock after selling 2,311 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Watsco were worth $6,347,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in WSO. FMR LLC boosted its position in shares of Watsco by 10.6% during the 3rd quarter. FMR LLC now owns 3,624,159 shares of the construction company’s stock worth $1,782,651,000 after acquiring an additional 346,470 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Watsco by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,252,822 shares of the construction company’s stock worth $616,357,000 after purchasing an additional 62,041 shares during the last quarter. Blair William & Co. IL grew its holdings in shares of Watsco by 1.2% during the second quarter. Blair William & Co. IL now owns 801,152 shares of the construction company’s stock worth $371,126,000 after buying an additional 9,141 shares during the last quarter. Markel Group Inc. grew its stake in shares of Watsco by 2.0% in the 3rd quarter. Markel Group Inc. now owns 582,500 shares of the construction company’s stock valued at $286,520,000 after purchasing an additional 11,250 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Watsco by 1.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 393,032 shares of the construction company’s stock valued at $182,068,000 after buying an additional 6,320 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
WSO has been the topic of several recent analyst reports. Robert W. Baird dropped 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 initiated coverage on shares of Watsco in a report on Friday, November 22nd. They set a “neutral” rating for the company. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $491.25.
Watsco Stock Performance
WSO stock opened at $551.60 on Monday. The company has a 50 day moving average price of $506.47 and a two-hundred day moving average price of $487.92. The stock has a market capitalization of $22.27 billion, a P/E ratio of 42.63 and a beta of 0.88. Watsco, Inc. has a one year low of $373.33 and a one year high of $571.41.
Watsco (NYSE:WSO – Get Free Report) last announced 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). The company had revenue of $2.16 billion for 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%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.35 earnings per share. Research analysts forecast that Watsco, Inc. will post 13.06 earnings per share for the current fiscal year.
Watsco Announces Dividend
The company also recently disclosed 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 of this dividend was Wednesday, October 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 1.96%. Watsco’s dividend payout ratio (DPR) is 83.46%.
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.
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