National Bank of Canada FI Buys 4,196 Shares of Watsco, Inc. (NYSE:WSO)

National Bank of Canada FI boosted its position in Watsco, Inc. (NYSE:WSO) by 764.3% in the third quarter, HoldingsChannel.com reports. The firm owned 4,745 shares of the construction company’s stock after acquiring an additional 4,196 shares during the period. National Bank of Canada FI’s holdings in Watsco were worth $2,334,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of WSO. Sequoia Financial Advisors LLC raised its stake in shares of Watsco by 14.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 548 shares of the construction company’s stock worth $254,000 after acquiring an additional 70 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Watsco by 24.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 664 shares of the construction company’s stock valued at $308,000 after purchasing an additional 131 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Watsco by 86.4% in the 2nd quarter. Blue Trust Inc. now owns 220 shares of the construction company’s stock worth $95,000 after purchasing an additional 102 shares in the last quarter. Gradient Investments LLC acquired a new stake in shares of Watsco in the 2nd quarter worth $108,000. Finally, Nisa Investment Advisors LLC grew its stake in Watsco by 16.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 18,540 shares of the construction company’s stock worth $8,588,000 after buying an additional 2,595 shares during the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WSO has been the subject of several recent analyst reports. Northcoast Research assumed coverage on Watsco in a report on Friday, November 22nd. They issued a “neutral” rating for the company. Robert W. Baird lowered their target price on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th.

Watsco Stock Performance

Watsco stock opened at $509.78 on Friday. The business’s 50-day simple moving average is $512.83 and its two-hundred day simple moving average is $490.84. The company has a market cap of $20.58 billion, a PE ratio of 39.40 and a beta of 0.92. Watsco, Inc. has a fifty-two week low of $373.33 and a fifty-two week high of $571.41.

Watsco (NYSE:WSO) last issued 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). Watsco had a net margin of 6.99% and a return on equity of 17.77%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the company earned $4.35 EPS. Watsco’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts predict that Watsco, Inc. will post 13.06 EPS for the current fiscal year.

Watsco Dividend Announcement

The firm 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. 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 2.12%. Watsco’s payout ratio is currently 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.