Elevation Point Wealth Partners LLC Invests $773,000 in Watsco, Inc. $WSO

Elevation Point Wealth Partners LLC purchased a new stake in Watsco, Inc. (NYSE:WSO) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,855 shares of the construction company’s stock, valued at approximately $773,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC raised its holdings in Watsco by 4.1% during the 1st quarter. Empowered Funds LLC now owns 5,927 shares of the construction company’s stock worth $3,013,000 after purchasing an additional 232 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of Watsco by 95.0% in the 2nd quarter. Bank of Nova Scotia now owns 1,297 shares of the construction company’s stock valued at $573,000 after purchasing an additional 632 shares during the last quarter. Sei Investments Co. increased its position in shares of Watsco by 7.6% during the second quarter. Sei Investments Co. now owns 50,442 shares of the construction company’s stock worth $22,275,000 after buying an additional 3,570 shares during the period. Treasurer of the State of North Carolina increased its position in shares of Watsco by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 16,258 shares of the construction company’s stock worth $7,180,000 after buying an additional 437 shares during the period. Finally, Diversify Advisory Services LLC raised its stake in Watsco by 12.0% during the second quarter. Diversify Advisory Services LLC now owns 523 shares of the construction company’s stock worth $221,000 after buying an additional 56 shares during the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on WSO shares. Robert W. Baird set a $400.00 target price on Watsco in a research report on Thursday, July 30th. Wall Street Zen upgraded Watsco from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Stephens restated an “overweight” rating and set a $485.00 price target on shares of Watsco in a report on Monday, August 17th. DA Davidson reduced their price objective on shares of Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Watsco in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $395.50.

Watsco Price Performance

NYSE WSO opened at $310.64 on Tuesday. The stock has a market capitalization of $12.81 billion, a price-to-earnings ratio of 26.94 and a beta of 1.05. The business’s fifty day moving average is $361.71 and its 200-day moving average is $385.15. Watsco, Inc. has a one year low of $300.66 and a one year high of $459.00.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.41). Watsco had a net margin of 6.53% and a return on equity of 14.40%. The company had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the previous year, the firm earned $4.52 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Research analysts expect that Watsco, Inc. will post 12.21 EPS for the current fiscal year.

Watsco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Thursday, July 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 Thursday, July 16th. Watsco’s payout ratio is presently 114.48%.

Watsco Company Profile

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.