Ipswich Investment Management Co. Inc. Boosts Holdings in Watsco, Inc. (NYSE:WSO)

Ipswich Investment Management Co. Inc. grew its position in shares of Watsco, Inc. (NYSE:WSO) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,871 shares of the construction company’s stock after purchasing an additional 331 shares during the period. Watsco makes up about 2.3% of Ipswich Investment Management Co. Inc.’s investment portfolio, making the stock its 11th largest position. Ipswich Investment Management Co. Inc.’s holdings in Watsco were worth $9,084,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manitou Investment Management Ltd. acquired a new stake in Watsco in the first quarter valued at $25,000. City Holding Co. acquired a new stake in Watsco in the first quarter valued at $29,000. Rialto Wealth Management LLC acquired a new stake in Watsco in the fourth quarter valued at $31,000. ST Germain D J Co. Inc. raised its holdings in Watsco by 260.0% in the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock valued at $37,000 after acquiring an additional 52 shares in the last quarter. Finally, Atala Financial Inc acquired a new stake in Watsco in the fourth quarter valued at $49,000. Institutional investors own 89.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on WSO. Morgan Stanley began coverage on shares of Watsco in a report on Monday, April 14th. They set an “equal weight” rating and a $515.00 target price on the stock. Robert W. Baird dropped their target price on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Mizuho set a $490.00 target price on shares of Watsco in a report on Thursday, April 24th. Finally, UBS Group dropped their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Watsco has a consensus rating of “Hold” and a consensus target price of $486.67.

Watsco Stock Performance

Watsco stock opened at $431.27 on Friday. The company has a 50-day simple moving average of $469.10 and a 200-day simple moving average of $487.28. The firm has a market capitalization of $17.47 billion, a P/E ratio of 32.55 and a beta of 1.06. Watsco, Inc. has a one year low of $430.20 and a one year high of $571.42.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.36). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.17 EPS. As a group, sell-side analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.78%. This is a positive change from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is currently 92.24%.

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.