Watsco, Inc. (NYSE:WSO) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its position in Watsco, Inc. (NYSE:WSO) by 5.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,103 shares of the construction company’s stock after selling 880 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Watsco were worth $6,937,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in WSO. EntryPoint Capital LLC grew its holdings in shares of Watsco by 100.0% during the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock worth $25,000 after purchasing an additional 29 shares during the period. Quarry LP purchased a new stake in Watsco during the second quarter worth approximately $26,000. Tortoise Investment Management LLC increased its position in shares of Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock worth $34,000 after acquiring an additional 32 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Watsco in the 3rd quarter valued at $43,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Watsco by 30.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock valued at $46,000 after acquiring an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

NYSE:WSO opened at $554.79 on Friday. The stock has a market cap of $22.40 billion, a price-to-earnings ratio of 42.87 and a beta of 0.88. Watsco, Inc. has a one year low of $373.33 and a one year high of $555.42. The business’s 50-day simple moving average is $499.99 and its 200 day simple moving average is $485.16.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 6.99% and a return on equity of 17.77%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $4.35 earnings per share. On average, equities research analysts predict that Watsco, Inc. will post 13.06 EPS for the current year.

Watsco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were given a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco’s payout ratio is currently 83.46%.

Analysts Set New Price Targets

Several brokerages recently issued reports on WSO. Robert W. Baird lowered their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Finally, Northcoast Research assumed coverage on shares of Watsco in a research report on Friday. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $491.25.

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.