DAVENPORT & Co LLC Sells 3,962 Shares of Watsco, Inc. $WSO

DAVENPORT & Co LLC reduced its position in shares of Watsco, Inc. (NYSE:WSO) by 1.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 320,834 shares of the construction company’s stock after selling 3,962 shares during the quarter. DAVENPORT & Co LLC owned 0.79% of Watsco worth $141,174,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new stake in Watsco during the first quarter valued at approximately $25,000. Manitou Investment Management Ltd. purchased a new position in shares of Watsco during the 1st quarter worth $25,000. WPG Advisers LLC purchased a new position in shares of Watsco during the 1st quarter worth $25,000. TCTC Holdings LLC grew its position in shares of Watsco by 115.4% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock valued at $28,000 after acquiring an additional 30 shares during the period. Finally, City Holding Co. purchased a new stake in shares of Watsco in the 1st quarter worth $29,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Analysts Set New Price Targets

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

Watsco Stock Up 1.1%

Shares of Watsco stock opened at $415.70 on Monday. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of 31.88 and a beta of 0.94. The stock’s 50-day simple moving average is $410.44 and its 200-day simple moving average is $448.50. Watsco, Inc. has a 52 week low of $378.35 and a 52 week high of $571.41.

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

Watsco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 16th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco’s payout ratio is 92.02%.

Watsco 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.