Watsco, Inc. $WSO Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Watsco, Inc. (NYSE:WSO) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 33,999 shares of the construction company’s stock, valued at approximately $10,291,000.

Several other hedge funds and other institutional investors have also bought and sold shares of WSO. Confluence Investment Management LLC acquired a new position in shares of Watsco during the 3rd quarter worth approximately $96,991,000. Bank of America Corp DE bought a new position in shares of Watsco during the second quarter worth approximately $119,291,000. Bank of New York Mellon Corp acquired a new stake in shares of Watsco in the second quarter valued at approximately $97,937,000. International Assets Investment Management LLC raised its position in shares of Watsco by 22,985.6% in the third quarter. International Assets Investment Management LLC now owns 205,000 shares of the construction company’s stock valued at $62,051,000 after buying an additional 204,112 shares in the last quarter. Finally, Findlay Park Partners LLP acquired a new stake in shares of Watsco in the second quarter valued at approximately $78,695,000. Institutional investors and hedge funds own 89.71% of the company’s stock.

Watsco Stock Up 2.4%

Shares of Watsco stock opened at $319.06 on Thursday. Watsco, Inc. has a 12-month low of $277.34 and a 12-month high of $459.00. The company has a market capitalization of $13.16 billion, a price-to-earnings ratio of 28.19 and a beta of 1.03. The firm’s 50-day moving average price is $306.25 and its two-hundred day moving average price is $364.81.

Watsco (NYSE:WSO) last issued its earnings results on Tuesday, October 27th. The construction company reported $3.77 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.33). Watsco had a net margin of 6.31% and a return on equity of 13.97%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the firm posted $3.98 earnings per share. Watsco’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, sell-side analysts expect that Watsco, Inc. will post 11.70 earnings per share for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were given a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, October 16th. Watsco’s payout ratio is currently 116.61%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Mizuho cut their price target on Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. DA Davidson lowered their price objective on Watsco from $385.00 to $330.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. Stephens reaffirmed an “overweight” rating and issued a $485.00 price objective on shares of Watsco in a report on Monday, August 17th. Robert W. Baird set a $400.00 target price on Watsco in a research report on Thursday, July 30th. Finally, Zacks Research upgraded Watsco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 21st. Two analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $373.62.

About Watsco

Watsco, Inc (NYSE: WSO) is a distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment and related products. The company supplies residential and light commercial air-conditioning and heating systems, refrigeration equipment, replacement parts, and other supplies used by contractors and service professionals.

Watsco distributes products from leading HVAC/R manufacturers, including equipment and components such as air conditioners, heat pumps, furnaces, air handlers, thermostats, controls, motors and indoor air-quality products.