Blueshift Asset Management LLC Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

Blueshift Asset Management LLC cut its stake in Watsco, Inc. (NYSE:WSO) by 23.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,221 shares of the construction company’s stock after selling 376 shares during the quarter. Blueshift Asset Management LLC’s holdings in Watsco were worth $523,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Watsco by 0.5% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,655,946 shares of the construction company’s stock worth $625,484,000 after acquiring an additional 7,723 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Watsco by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,310,201 shares of the construction company’s stock valued at $476,973,000 after acquiring an additional 9,201 shares during the period. Blair William & Co. IL raised its stake in shares of Watsco by 0.7% during the 3rd quarter. Blair William & Co. IL now owns 770,476 shares of the construction company’s stock worth $291,024,000 after buying an additional 4,997 shares during the period. Wellington Management Group LLP raised its stake in shares of Watsco by 2.6% during the 3rd quarter. Wellington Management Group LLP now owns 648,662 shares of the construction company’s stock worth $245,013,000 after buying an additional 16,589 shares during the period. Finally, Markel Group Inc. raised its stake in shares of Watsco by 2.0% during the 4th quarter. Markel Group Inc. now owns 556,750 shares of the construction company’s stock worth $238,551,000 after buying an additional 11,000 shares during the period. 89.71% of the stock is currently owned by institutional investors.

Watsco Stock Down 2.4 %

NYSE WSO traded down $11.49 during trading on Tuesday, reaching $460.25. 266,307 shares of the company’s stock were exchanged, compared to its average volume of 327,033. The company has a 50 day moving average price of $451.02 and a two-hundred day moving average price of $419.97. The stock has a market cap of $18.55 billion, a P/E ratio of 35.40 and a beta of 0.88. Watsco, Inc. has a 1 year low of $333.88 and a 1 year high of $491.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.92.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $2.17 EPS for the quarter, missing the consensus estimate of $2.26 by ($0.09). Watsco had a net margin of 7.03% and a return on equity of 19.26%. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the prior year, the company earned $2.83 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts anticipate that Watsco, Inc. will post 14.26 EPS for the current fiscal year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th were given a dividend of $2.70 per share. This is a positive change from Watsco’s previous quarterly dividend of $2.45. The ex-dividend date was Friday, April 12th. This represents a $10.80 annualized dividend and a yield of 2.35%. Watsco’s payout ratio is 83.08%.

Insider Buying and Selling at Watsco

In other news, EVP Barry S. Logan sold 774 shares of Watsco stock in a transaction on Friday, May 10th. The shares were sold at an average price of $473.85, for a total value of $366,759.90. Following the transaction, the executive vice president now directly owns 1,770 shares of the company’s stock, valued at approximately $838,714.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director John Alexander Macdonald sold 5,334 shares of Watsco stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $466.41, for a total value of $2,487,830.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Barry S. Logan sold 774 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $473.85, for a total value of $366,759.90. Following the transaction, the executive vice president now owns 1,770 shares in the company, valued at approximately $838,714.50. The disclosure for this sale can be found here. 12.86% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on WSO. Robert W. Baird upped their target price on Watsco from $420.00 to $460.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Stephens reissued an “overweight” rating and set a $500.00 target price on shares of Watsco in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Watsco presently has a consensus rating of “Hold” and a consensus target price of $404.25.

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.