Watsco, Inc. $WSO Holdings Lessened by Riverbridge Partners LLC

Riverbridge Partners LLC lessened its stake in Watsco, Inc. (NYSE:WSO) by 13.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 103,838 shares of the construction company’s stock after selling 16,496 shares during the quarter. Riverbridge Partners LLC’s holdings in Watsco were worth $31,431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elevated Capital Advisors LLC increased its holdings in Watsco by 91.7% in the 3rd quarter. Elevated Capital Advisors LLC now owns 209 shares of the construction company’s stock valued at $63,000 after acquiring an additional 100 shares during the last quarter. AlphaCore Capital LLC lifted its stake in Watsco by 88.7% in the 3rd quarter. AlphaCore Capital LLC now owns 1,436 shares of the construction company’s stock worth $435,000 after purchasing an additional 675 shares in the last quarter. Running Oak Capital LLC boosted its holdings in shares of Watsco by 5.6% during the 3rd quarter. Running Oak Capital LLC now owns 26,723 shares of the construction company’s stock valued at $8,089,000 after purchasing an additional 1,406 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in shares of Watsco by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 48,856 shares of the construction company’s stock valued at $14,788,000 after purchasing an additional 505 shares during the last quarter. Finally, Fulcrum Asset Management LLP bought a new position in shares of Watsco during the 3rd quarter valued at about $239,000. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO opened at $311.68 on Wednesday. The stock has a market capitalization of $12.86 billion, a PE ratio of 27.53 and a beta of 1.03. The company’s fifty day moving average is $306.15 and its 200 day moving average is $363.37. Watsco, Inc. has a fifty-two week low of $277.34 and a fifty-two week high of $459.00.

Watsco (NYSE:WSO) last released its quarterly earnings data 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 business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter last year, the business earned $3.98 EPS. Watsco’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, research analysts forecast that Watsco, Inc. will post 11.70 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were given a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, October 16th. Watsco’s dividend payout ratio is currently 116.61%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Mizuho cut their price objective on Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Morgan Stanley decreased their target price on Watsco from $370.00 to $330.00 and set an “equal weight” rating on the stock in a research report on Monday, October 12th. Robert W. Baird set a $400.00 price target on Watsco in a research note on Thursday, July 30th. Zacks Research raised Watsco from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 21st. Finally, Weiss Ratings cut Watsco from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Watsco currently has an average rating of “Hold” and a consensus price target of $373.62.

Watsco Company Profile

Watsco, Inc. distributes air-conditioning, heating, and refrigeration equipment and related parts and supplies. Its products serve residential and light commercial applications, including systems used in homes and businesses, as well as components and supplies for contractors who install and maintain them. The company sells products from a range of manufacturers through a network of distribution locations and digital platforms. Watsco serves customers in the United States, Canada, Mexico, and parts of Latin America and the Caribbean, supporting the installation, repair, and replacement of HVAC and refrigeration systems.