Bath Savings Trust Co Trims Stock Holdings in Watsco, Inc. $WSO

Bath Savings Trust Co reduced its stake in shares of Watsco, Inc. (NYSE:WSO) by 7.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 34,445 shares of the construction company’s stock after selling 2,782 shares during the quarter. Watsco comprises about 1.1% of Bath Savings Trust Co’s investment portfolio, making the stock its 24th largest position. Bath Savings Trust Co’s holdings in Watsco were worth $10,426,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bayban bought a new position in Watsco during the 4th quarter worth approximately $29,000. Western Wealth Management LLC bought a new stake in Watsco in the first quarter valued at approximately $41,000. Commonwealth Retirement Investments LLC bought a new stake in Watsco in the fourth quarter valued at approximately $44,000. Versant Capital Management Inc raised its holdings in Watsco by 293.3% in the second quarter. Versant Capital Management Inc now owns 118 shares of the construction company’s stock worth $49,000 after purchasing an additional 88 shares during the period. Finally, N.E.W. Advisory Services LLC acquired a new stake in Watsco in the second quarter worth $67,000. 89.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WSO shares. Morgan Stanley boosted their price target on shares of Watsco from $370.00 to $405.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Watsco in a report on Tuesday, September 22nd. DA Davidson decreased their target price on Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Zacks Research downgraded Watsco from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 22nd. Finally, Robert W. Baird set a $400.00 price target on Watsco in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Watsco has an average rating of “Hold” and a consensus target price of $395.50.

Watsco Trading Down 2.9%

Shares of WSO stock traded down $8.57 during trading hours on Wednesday, hitting $282.26. 599,754 shares of the company were exchanged, compared to its average volume of 452,404. The business has a 50 day moving average of $312.99 and a two-hundred day moving average of $364.72. Watsco, Inc. has a 52 week low of $280.33 and a 52 week high of $459.00. The company has a market capitalization of $11.64 billion, a PE ratio of 24.48 and a beta of 1.06.

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

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be issued a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Friday, October 16th. Watsco’s payout ratio is 114.48%.

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.