Watsco, Inc. $WSO Stock: Access Financial Services Inc. Trims Position

Access Financial Services Inc. reduced its holdings in shares of Watsco, Inc. (NYSE:WSO) by 64.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 991 shares of the construction company’s stock after selling 1,813 shares during the period. Access Financial Services Inc.’s holdings in Watsco were worth $300,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Laurel Wealth Advisors LLC bought a new position in Watsco in the 3rd quarter valued at $34,000. Heritage Family Offices LLP purchased a new stake in Watsco in the third quarter worth $39,000. Western Wealth Management LLC purchased a new stake in Watsco in the first quarter worth $41,000. Legacies Wealth LLC bought a new stake in shares of Watsco during the third quarter worth $47,000. Finally, Versant Capital Management Inc lifted its position in shares of Watsco by 293.3% during 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 last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Trading Up 0.1%

Shares of Watsco stock traded up $0.21 during trading on Friday, hitting $308.45. 469,709 shares of the stock traded hands, compared to its average volume of 723,794. The firm has a market cap of $12.72 billion, a P/E ratio of 27.25 and a beta of 1.03. Watsco, Inc. has a 52-week low of $277.34 and a 52-week high of $459.00. The stock’s fifty day simple moving average is $305.98 and its 200 day simple moving average is $362.24.

Watsco (NYSE:WSO) last released its quarterly earnings data on Tuesday, October 27th. The construction company reported $3.77 earnings per share for the quarter, missing the consensus estimate of $4.10 by ($0.33). Watsco had a net margin of 6.31% and a return on equity of 13.97%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the firm earned $3.98 earnings per share. The business’s revenue was up 7.4% compared to the same quarter last year. As a group, equities analysts expect that Watsco, Inc. will post 11.70 EPS for the current year.

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were given a $3.30 dividend. This represents a $13.20 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, October 16th. Watsco’s dividend payout ratio is presently 116.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WSO. Mizuho lowered their target price on shares of Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Robert W. Baird set a $400.00 price target on shares of Watsco in a research note on Thursday, July 30th. DA Davidson decreased their price objective on shares of Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Zacks Research upgraded shares of Watsco from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 21st. Finally, Morgan Stanley lowered their price objective on shares of Watsco from $370.00 to $330.00 and set an “equal weight” rating for the company in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $373.62.

About Watsco

Watsco, Inc. distributes air-conditioning, heating, and refrigeration equipment and related parts and supplies. Its products serve residential and light commercial applications, including systems used in homes and businesses, as well as components and supplies for contractors who install and maintain them. The company sells products from a range of manufacturers through a network of distribution locations and digital platforms. Watsco serves customers in the United States, Canada, Mexico, and parts of Latin America and the Caribbean, supporting the installation, repair, and replacement of HVAC and refrigeration systems.