Redmond Asset Management LLC Has $7.71 Million Position in Watsco, Inc. (NYSE:WSO)

Redmond Asset Management LLC increased its holdings in shares of Watsco, Inc. (NYSE:WSO) by 2.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 16,270 shares of the construction company’s stock after acquiring an additional 380 shares during the period. Watsco comprises 1.9% of Redmond Asset Management LLC’s portfolio, making the stock its 9th biggest position. Redmond Asset Management LLC’s holdings in Watsco were worth $7,710,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of WSO. Toronto Dominion Bank increased its holdings in Watsco by 32.2% during the 3rd quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company’s stock worth $2,094,000 after purchasing an additional 1,038 shares during the period. Citizens Financial Group Inc. RI increased its holdings in Watsco by 40.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company’s stock worth $1,582,000 after purchasing an additional 929 shares during the period. Larson Financial Group LLC increased its holdings in Watsco by 3,571.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company’s stock worth $560,000 after purchasing an additional 1,107 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Watsco by 1.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company’s stock worth $31,853,000 after purchasing an additional 1,074 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Watsco by 5.6% during the 3rd quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company’s stock worth $25,645,000 after purchasing an additional 2,738 shares during the period. 89.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.86% of the stock is owned by company insiders.

Watsco Trading Down 3.3 %

Shares of NYSE:WSO opened at $498.12 on Friday. Watsco, Inc. has a 12-month low of $380.58 and a 12-month high of $571.41. The business’s fifty day simple moving average is $484.75 and its 200-day simple moving average is $492.16. The company has a market capitalization of $20.11 billion, a PE ratio of 37.59 and a beta of 0.95.

Watsco (NYSE:WSO) last announced its earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, topping the consensus estimate of $2.13 by $0.24. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.67 billion. Research analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a dividend of $2.70 per share. The ex-dividend date was Friday, January 17th. This represents a $10.80 annualized dividend and a yield of 2.17%. Watsco’s dividend payout ratio (DPR) is 81.51%.

Analyst Ratings Changes

Several research analysts have commented on WSO shares. Northcoast Research started coverage on Watsco in a report on Friday, November 22nd. They set a “neutral” rating on the stock. Raymond James initiated coverage on Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird lifted their price target on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Watsco presently has an average rating of “Hold” and an average target price of $495.00.

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.