TD Asset Management Inc Grows Holdings in Watsco, Inc. $WSO

TD Asset Management Inc lifted its stake in Watsco, Inc. (NYSE:WSO) by 34.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,592 shares of the construction company’s stock after acquiring an additional 2,197 shares during the quarter. TD Asset Management Inc’s holdings in Watsco were worth $3,474,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its position in shares of Watsco by 4.1% during the first quarter. Empowered Funds LLC now owns 5,927 shares of the construction company’s stock worth $3,013,000 after buying an additional 232 shares during the period. Bessemer Group Inc. lifted its stake in Watsco by 78.3% during the 2nd quarter. Bessemer Group Inc. now owns 601 shares of the construction company’s stock worth $265,000 after acquiring an additional 264 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in Watsco by 75.8% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 983 shares of the construction company’s stock valued at $434,000 after acquiring an additional 424 shares during the period. World Investment Advisors acquired a new position in Watsco in the 2nd quarter valued at about $260,000. Finally, Arkadios Wealth Advisors increased its stake in Watsco by 34.0% during the second quarter. Arkadios Wealth Advisors now owns 910 shares of the construction company’s stock worth $402,000 after purchasing an additional 231 shares during the period. Institutional investors and hedge funds own 89.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on WSO shares. Wolfe Research set a $349.00 price objective on shares of Watsco in a research note on Tuesday, December 9th. JPMorgan Chase & Co. raised their price target on shares of Watsco from $370.00 to $400.00 and gave the company a “neutral” rating in a research report on Thursday, February 19th. Zacks Research upgraded shares of Watsco from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 25th. Mizuho set a $425.00 price objective on Watsco in a research report on Wednesday, February 18th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Watsco in a report on Friday, December 12th. One equities research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $409.00.

Watsco Trading Down 0.9%

Shares of WSO opened at $407.30 on Wednesday. The firm has a market capitalization of $16.52 billion, a price-to-earnings ratio of 33.63 and a beta of 1.03. The firm’s fifty day simple moving average is $387.24 and its 200-day simple moving average is $377.81. Watsco, Inc. has a twelve month low of $323.05 and a twelve month high of $533.07.

Watsco (NYSE:WSO) last issued its earnings results on Tuesday, February 17th. The construction company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.26). Watsco had a return on equity of 15.49% and a net margin of 6.87%.The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the previous year, the firm posted $2.37 EPS. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. On average, analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 16th were given a dividend of $3.00 per share. The ex-dividend date was Friday, January 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.9%. Watsco’s payout ratio is 99.09%.

About Watsco

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.