River Road Asset Management LLC Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

River Road Asset Management LLC cut its stake in shares of Watsco, Inc. (NYSE:WSO) by 57.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,809 shares of the construction company’s stock after selling 8,004 shares during the quarter. River Road Asset Management LLC’s holdings in Watsco were worth $2,753,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Rialto Wealth Management LLC purchased a new stake in Watsco in the 4th quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. acquired a new position in Watsco in the fourth quarter valued at $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Watsco during the 3rd quarter worth about $43,000. Quarry LP lifted its holdings in shares of Watsco by 57.9% during the 3rd quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after acquiring an additional 33 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Watsco in the third quarter valued at about $48,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Trading Down 2.7 %

WSO stock opened at $506.39 on Wednesday. The firm has a 50 day simple moving average of $487.87 and a 200-day simple moving average of $494.76. The company has a market capitalization of $20.45 billion, a P/E ratio of 38.22 and a beta of 0.92. Watsco, Inc. has a twelve month low of $393.88 and a twelve month high of $571.41.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.24. The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.67 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. On average, research analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a $2.70 dividend. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 dividend on an annualized basis and a yield of 2.13%. Watsco’s dividend payout ratio (DPR) is 81.51%.

Insider Activity at Watsco

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of Watsco stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.86% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Northcoast Research began coverage on shares of Watsco in a research report on Friday, November 22nd. They issued a “neutral” rating for the company. Robert W. Baird raised their price target on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Loop Capital boosted their price objective on shares of Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a report on Thursday, February 27th. Finally, Raymond James initiated coverage on shares of Watsco in a research report on Friday, January 17th. They issued a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $486.25.

About Watsco

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.