Watsco, Inc. $WSO Stock Sold by Welch & Forbes LLC

Welch & Forbes LLC lessened its holdings in Watsco, Inc. (NYSE:WSO) by 2.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 205,167 shares of the construction company’s stock after selling 4,113 shares during the period. Welch & Forbes LLC owned approximately 0.50% of Watsco worth $62,102,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Laurel Wealth Advisors LLC purchased a new stake in Watsco in the 3rd quarter valued at about $34,000. Heritage Family Offices LLP purchased a new position in Watsco during the third quarter worth about $39,000. Western Wealth Management LLC purchased a new position in Watsco during the first quarter worth about $41,000. Legacies Wealth LLC acquired a new stake in shares of Watsco during the third quarter valued at about $47,000. Finally, Versant Capital Management Inc increased 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 valued at $49,000 after acquiring an additional 88 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on WSO. Morgan Stanley dropped their price objective 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 target on shares of Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Zacks Research upgraded Watsco from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 21st. Stephens reissued an “overweight” rating and set a $485.00 price objective on shares of Watsco in a report on Monday, August 17th. Finally, Weiss Ratings downgraded shares of Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, October 6th. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Watsco presently has a consensus rating of “Hold” and a consensus price target of $373.62.

Watsco Trading Up 4.2%

Shares of WSO opened at $317.06 on Tuesday. Watsco, Inc. has a twelve month low of $277.34 and a twelve month high of $459.00. The stock’s 50 day moving average is $306.11 and its two-hundred day moving average is $363.75. The firm has a market capitalization of $13.08 billion, a PE ratio of 28.01 and a beta of 1.03.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, October 27th. The construction company reported $3.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.33). The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.21 billion. Watsco had a return on equity of 13.97% and a net margin of 6.31%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.98 EPS. On average, sell-side analysts predict that Watsco, Inc. will post 11.70 EPS for the current year.

Watsco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were issued a dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Friday, October 16th. Watsco’s dividend payout ratio is currently 116.61%.

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.

Founded in 1956, Watsco expanded into HVAC distribution in the late 1980s and has grown through acquisitions and partnerships.