Oppenheimer Asset Management Inc. Cuts Position in Watsco, Inc. $WSO

Oppenheimer Asset Management Inc. decreased its holdings in shares of Watsco, Inc. (NYSE:WSO) by 2.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,849 shares of the construction company’s stock after selling 531 shares during the period. Oppenheimer Asset Management Inc. owned 0.05% of Watsco worth $9,649,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. OneDigital Investment Advisors LLC purchased a new stake in shares of Watsco in the 1st quarter worth approximately $266,000. Goldman Sachs Group Inc. grew its stake in shares of Watsco by 62.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company’s stock worth $238,329,000 after buying an additional 180,951 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of Watsco in the 1st quarter worth approximately $2,588,000. Golden State Wealth Management LLC grew its stake in shares of Watsco by 109.4% in the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company’s stock worth $113,000 after buying an additional 116 shares during the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Watsco by 23.1% in the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company’s stock worth $8,244,000 after buying an additional 3,045 shares during the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Trading Up 0.8%

Shares of NYSE WSO opened at $362.01 on Monday. The firm has a 50 day moving average of $393.13 and a 200 day moving average of $435.59. The firm has a market capitalization of $14.68 billion, a price-to-earnings ratio of 27.76 and a beta of 0.94. Watsco, Inc. has a 12-month low of $350.00 and a 12-month high of $571.41.

Watsco (NYSE:WSO) last announced 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). The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.49 earnings per share. Sell-side analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Watsco in a research note on Wednesday, October 8th. UBS Group decreased their target price on shares of Watsco from $450.00 to $425.00 and set a “neutral” rating for the company in a report on Tuesday, September 23rd. Mizuho decreased their target price on shares of Watsco from $525.00 to $400.00 and set a “neutral” rating for the company in a report on Friday, October 17th. Morgan Stanley decreased their target price on shares of Watsco from $505.00 to $460.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Finally, William Blair reaffirmed a “market perform” rating on shares of Watsco in a report on Wednesday, October 15th. One research analyst has rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Watsco has a consensus rating of “Hold” and a consensus target price 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.