Envestnet Asset Management Inc. Trims Holdings in Watsco, Inc. $WSO

Envestnet Asset Management Inc. decreased its holdings in Watsco, Inc. (NYSE:WSO) by 2.1% during the second quarter, HoldingsChannel.com reports. The firm owned 262,737 shares of the construction company’s stock after selling 5,547 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Watsco were worth $116,030,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Trust Co. of Vermont increased its stake in Watsco by 10.2% in the second quarter. Trust Co. of Vermont now owns 238 shares of the construction company’s stock worth $105,000 after purchasing an additional 22 shares during the period. Cary Street Partners Financial LLC increased its stake in shares of Watsco by 2.2% during the first quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company’s stock valued at $545,000 after buying an additional 23 shares during the period. Freedom Investment Management Inc. increased its stake in shares of Watsco by 4.8% during the first quarter. Freedom Investment Management Inc. now owns 504 shares of the construction company’s stock valued at $256,000 after buying an additional 23 shares during the period. Valeo Financial Advisors LLC increased its stake in shares of Watsco by 2.3% during the first quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company’s stock valued at $537,000 after buying an additional 24 shares during the period. Finally, First Horizon Advisors Inc. increased its stake in shares of Watsco by 4.6% during the first quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company’s stock valued at $290,000 after buying an additional 25 shares during the period. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Price Performance

WSO opened at $358.69 on Wednesday. The business’s 50-day moving average is $390.71 and its two-hundred day moving average is $433.66. Watsco, Inc. has a 1 year low of $350.00 and a 1 year high of $571.41. The firm has a market capitalization of $14.54 billion, a PE ratio of 27.51 and a beta of 0.94.

Watsco (NYSE:WSO) last posted its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the firm earned $4.49 EPS. Watsco’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.3%. The ex-dividend date is Thursday, October 16th. Watsco’s payout ratio is 92.02%.

Analyst Upgrades and Downgrades

WSO has been the topic of several research reports. William Blair restated a “market perform” rating on shares of Watsco in a research note on Wednesday, October 15th. Mizuho cut their price target on Watsco from $525.00 to $400.00 and set a “neutral” rating on the stock in a research note on Friday, October 17th. Morgan Stanley cut their price target on Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Watsco in a research note on Wednesday, October 8th. Finally, UBS Group cut their price target on Watsco from $450.00 to $425.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 23rd. One research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $447.50.

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.