320,431 Shares of Watsco, Inc. $WSO Bought by Confluence Investment Management LLC

Confluence Investment Management LLC bought a new position in Watsco, Inc. (NYSE:WSO) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 320,431 shares of the construction company’s stock, valued at approximately $96,991,000. Watsco comprises approximately 1.5% of Confluence Investment Management LLC’s portfolio, making the stock its 18th largest position. Confluence Investment Management LLC owned approximately 0.78% of Watsco as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. raised its stake in Watsco by 2.7% during the first quarter. Assetmark Inc. now owns 1,115 shares of the construction company’s stock worth $406,000 after purchasing an additional 29 shares during the period. Bessemer Group Inc. increased its holdings in shares of Watsco by 10.5% during the 1st quarter. Bessemer Group Inc. now owns 496 shares of the construction company’s stock worth $181,000 after buying an additional 47 shares during the last quarter. Root Financial Partners LLC raised its position in shares of Watsco by 15.9% in the 1st quarter. Root Financial Partners LLC now owns 357 shares of the construction company’s stock worth $130,000 after buying an additional 49 shares during the period. Intrinsic Value Partners LLC raised its position in shares of Watsco by 2.9% in the 1st quarter. Intrinsic Value Partners LLC now owns 1,789 shares of the construction company’s stock worth $651,000 after buying an additional 50 shares during the period. Finally, World Investment Advisors boosted its holdings in Watsco by 8.6% in the first quarter. World Investment Advisors now owns 660 shares of the construction company’s stock valued at $240,000 after acquiring an additional 52 shares during the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Stock Performance

Shares of NYSE:WSO traded down $1.20 during mid-day trading on Thursday, hitting $301.50. 148,741 shares of the company traded hands, compared to its average volume of 449,520. The firm’s 50 day simple moving average is $318.42 and its 200 day simple moving average is $366.98. The firm has a market cap of $12.44 billion, a P/E ratio of 26.14 and a beta of 1.05. Watsco, Inc. has a 52-week low of $295.75 and a 52-week high of $459.00.

Watsco (NYSE:WSO) last issued its quarterly earnings data on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.41). Watsco had a net margin of 6.53% and a return on equity of 14.40%. The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.14 billion. During the same period last year, the business earned $4.52 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Watsco, Inc. will post 12.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Robert W. Baird set a $400.00 price objective on Watsco in a report on Thursday, July 30th. Morgan Stanley increased their target price on shares of Watsco from $370.00 to $405.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Zacks Research lowered shares of Watsco from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Watsco in a research note on Tuesday, September 22nd. Finally, Stephens reissued an “overweight” rating and issued a $485.00 price objective on shares of Watsco in a research report on Monday, August 17th. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $395.50.

About Watsco

Watsco, Inc (NYSE: WSO) is a distributor of heating, air conditioning and refrigeration equipment and related products. The company supplies residential and commercial contractors with air conditioners, heat pumps, furnaces, refrigeration systems, indoor air-quality products, controls, replacement parts and other installation supplies.

Watsco serves the replacement and new-construction markets through a network of distribution centers, branches, showrooms and e-commerce platforms. Its customers primarily include HVAC and refrigeration contractors, dealers and other industry professionals, while its products are sourced from major manufacturers and distributed under leading industry brands.

Founded in 1956, Watsco has expanded through organic growth and acquisitions to become one of the largest HVAC and refrigeration distributors in North America.