TCI Wealth Advisors Inc. Boosts Holdings in Watsco, Inc. $WSO

TCI Wealth Advisors Inc. boosted its holdings in shares of Watsco, Inc. (NYSE:WSO) by 74.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,111 shares of the construction company’s stock after buying an additional 1,326 shares during the quarter. TCI Wealth Advisors Inc.’s holdings in Watsco were worth $1,132,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. HB Wealth Management LLC raised its position in Watsco by 12.3% in the first quarter. HB Wealth Management LLC now owns 1,793 shares of the construction company’s stock worth $652,000 after acquiring an additional 196 shares during the period. World Investment Advisors boosted its stake in shares of Watsco by 8.6% during the 1st quarter. World Investment Advisors now owns 660 shares of the construction company’s stock worth $240,000 after acquiring an additional 52 shares during the last quarter. Canal Capital Management LLC boosted its stake in shares of Watsco by 99.9% during the 1st quarter. Canal Capital Management LLC now owns 17,970 shares of the construction company’s stock worth $6,537,000 after acquiring an additional 8,979 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in shares of Watsco by 24.1% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 11,619 shares of the construction company’s stock valued at $4,227,000 after acquiring an additional 2,260 shares during the period. Finally, Elevation Point Wealth Partners LLC grew its position in shares of Watsco by 21.1% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,108 shares of the construction company’s stock valued at $767,000 after acquiring an additional 368 shares during the period. 89.71% of the stock is currently owned by institutional investors.

Watsco Price Performance

Shares of NYSE:WSO opened at $403.43 on Friday. The company has a market capitalization of $16.40 billion, a P/E ratio of 33.48 and a beta of 1.02. Watsco, Inc. has a 1-year low of $323.05 and a 1-year high of $494.94. The firm’s 50 day simple moving average is $399.01 and its two-hundred day simple moving average is $389.62.

Watsco (NYSE:WSO) last announced its quarterly earnings data on Tuesday, April 28th. The construction company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.14. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Watsco had a net margin of 6.85% and a return on equity of 15.31%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 earnings per share. On average, sell-side analysts anticipate that Watsco, Inc. will post 12.66 earnings per share for the current fiscal year.

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 16th will be issued a $3.30 dividend. The ex-dividend date of this dividend is Thursday, July 16th. This represents a $13.20 annualized dividend and a yield of 3.3%. Watsco’s dividend payout ratio is currently 109.54%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Watsco in a report on Friday, June 26th. Stephens boosted their price target on Watsco from $475.00 to $485.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. Wall Street Zen upgraded Watsco from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, DA Davidson initiated coverage on Watsco in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $385.00 price objective on the stock. One research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Watsco presently has an average rating of “Hold” and an average price target of $397.71.

About Watsco

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.