Williams Jones Wealth Management LLC. Has $68.45 Million Position in Watsco, Inc. (NYSE:WSO)

Williams Jones Wealth Management LLC. increased its position in shares of Watsco, Inc. (NYSE:WSO) by 13.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,435 shares of the construction company’s stock after buying an additional 16,665 shares during the quarter. Williams Jones Wealth Management LLC.’s holdings in Watsco were worth $68,446,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Watsco from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. Morgan Stanley initiated coverage on Watsco in a report on Monday, April 14th. They set an “equal weight” rating and a $515.00 price objective on the stock. UBS Group dropped their target price on Watsco from $475.00 to $455.00 and set a “neutral” rating for the company in a 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 dropped their price objective on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $480.83.

Watsco Trading Down 0.8%

Shares of WSO stock opened at $488.06 on Tuesday. Watsco, Inc. has a 1 year low of $439.08 and a 1 year high of $571.42. The firm’s 50 day moving average is $489.46 and its 200-day moving average is $497.58. The firm has a market capitalization of $19.72 billion, a price-to-earnings ratio of 36.83 and a beta of 1.11.

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

Watsco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a dividend of $3.00 per share. This is a boost from Watsco’s previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a yield of 2.46%. The ex-dividend date was Tuesday, April 15th. Watsco’s payout ratio is currently 92.24%.

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.