Watsco, Inc. $WSO Stake Lifted by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Watsco, Inc. (NYSE:WSO) by 29.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,138 shares of the construction company’s stock after acquiring an additional 7,977 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Watsco were worth $10,636,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Western Wealth Management LLC bought a new stake in shares of Watsco in the 1st quarter worth approximately $41,000. Versant Capital Management Inc lifted its stake in Watsco by 293.3% in the second quarter. Versant Capital Management Inc now owns 118 shares of the construction company’s stock valued at $49,000 after purchasing an additional 88 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in Watsco during the second quarter valued at $67,000. Jones Financial Companies Lllp bought a new position in Watsco during the second quarter valued at $71,000. Finally, GK Wealth Management LLC purchased a new stake in Watsco in the third quarter worth $63,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Up 2.6%

WSO stock opened at $301.54 on Wednesday. The stock has a 50-day simple moving average of $306.72 and a two-hundred day simple moving average of $359.46. Watsco, Inc. has a twelve month low of $277.34 and a twelve month high of $459.00. The firm has a market capitalization of $12.44 billion, a PE ratio of 26.15 and a beta of 1.06.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.41). Watsco had a return on equity of 14.40% and a net margin of 6.53%. The firm had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the previous year, the company posted $4.52 earnings per share. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Watsco, Inc. will post 12.19 EPS for the current fiscal year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be paid a dividend of $3.30 per share. The ex-dividend date of this dividend is Friday, October 16th. This represents a $13.20 annualized dividend and a yield of 4.4%. Watsco’s payout ratio is currently 114.48%.

Analysts Set New Price Targets

WSO has been the topic of several research reports. Robert W. Baird set a $400.00 target price on Watsco in a research note on Thursday, July 30th. Weiss Ratings downgraded Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, October 6th. Morgan Stanley cut their price target on Watsco from $370.00 to $330.00 and set an “equal weight” rating for the company in a research note on Monday, October 12th. DA Davidson decreased their price objective on Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Finally, Stephens restated an “overweight” rating and issued a $485.00 price objective on shares of Watsco in a research note on Monday, August 17th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $373.62.

Watsco Company Profile

Watsco, Inc (NYSE: WSO) is a distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment and related products. The company supplies residential and light commercial air-conditioning and heating systems, refrigeration equipment, replacement parts, and other supplies used by contractors and service professionals.

Watsco distributes products from leading HVAC/R manufacturers, including equipment and components such as air conditioners, heat pumps, furnaces, air handlers, thermostats, controls, motors and indoor air-quality products.