OLD National Bancorp IN Trims Stock Position in Watsco, Inc. $WSO

OLD National Bancorp IN trimmed its holdings in Watsco, Inc. (NYSE:WSO) by 20.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,189 shares of the construction company’s stock after selling 808 shares during the quarter. OLD National Bancorp IN’s holdings in Watsco were worth $1,408,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC acquired a new position in shares of Watsco in the 1st quarter valued at about $266,000. Goldman Sachs Group Inc. raised its position in Watsco by 62.8% during the first quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company’s stock valued at $238,329,000 after acquiring an additional 180,951 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Watsco in the first quarter valued at approximately $2,588,000. Golden State Wealth Management LLC boosted its position in Watsco by 109.4% in the 1st quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company’s stock worth $113,000 after purchasing an additional 116 shares in the last quarter. Finally, Voya Investment Management LLC grew its stake in shares of Watsco by 23.1% during the 1st quarter. Voya Investment Management LLC now owns 16,218 shares of the construction company’s stock worth $8,244,000 after purchasing an additional 3,045 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Stock Down 0.9%

WSO opened at $411.29 on Tuesday. The company has a market cap of $16.68 billion, a PE ratio of 31.54 and a beta of 0.94. Watsco, Inc. has a twelve month low of $378.35 and a twelve month high of $571.41. The company has a 50-day moving average price of $409.03 and a 200 day moving average price of $447.91.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a return on equity of 16.96% and a net margin of 7.08%.The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the firm posted $4.49 earnings per share. Watsco’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 16th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Thursday, October 16th. Watsco’s payout ratio is presently 92.02%.

Analysts Set New Price Targets

Several research firms recently issued reports on WSO. UBS Group decreased their target price on shares of Watsco from $450.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday, September 23rd. Morgan Stanley set a $505.00 price objective on shares of Watsco in a report on Wednesday, July 2nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Watsco in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $480.00.

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.