Ellevest Inc. Lowers Stock Holdings in Watsco, Inc. (NYSE:WSO)

Ellevest Inc. cut its stake in shares of Watsco, Inc. (NYSE:WSO) by 2.2% in the 4th quarter, Holdings Channel reports. The fund owned 937 shares of the construction company’s stock after selling 21 shares during the quarter. Ellevest Inc.’s holdings in Watsco were worth $444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in WSO. Norges Bank purchased a new stake in shares of Watsco during the fourth quarter worth approximately $118,312,000. Lord Abbett & CO. LLC purchased a new position in Watsco during the 4th quarter worth $104,533,000. Proficio Capital Partners LLC acquired a new stake in shares of Watsco in the 4th quarter worth $63,603,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Watsco by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company’s stock valued at $649,957,000 after acquiring an additional 118,713 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Watsco by 542.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 110,752 shares of the construction company’s stock worth $52,484,000 after purchasing an additional 93,506 shares in the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Stock Up 1.4 %

NYSE:WSO opened at $476.20 on Friday. The company has a market capitalization of $19.24 billion, a PE ratio of 35.94 and a beta of 1.11. Watsco, Inc. has a 52-week low of $439.08 and a 52-week high of $571.42. The stock has a fifty day simple moving average of $492.18 and a 200-day simple moving average of $496.88.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the company earned $2.17 EPS. As a group, equities analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. This is an increase from Watsco’s previous quarterly dividend of $2.70. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $12.00 annualized dividend and a yield of 2.52%. Watsco’s dividend payout ratio (DPR) is presently 92.24%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WSO. Morgan Stanley started coverage on Watsco in a research report on Monday, April 14th. They set an “equal weight” rating and a $515.00 target price on the stock. Loop Capital increased their price objective on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. UBS Group decreased their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Mizuho set a $490.00 price target on shares of Watsco in a report on Thursday, April 24th. Finally, Robert W. Baird decreased their price objective on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $480.83.

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.