Nordea Investment Management AB Trims Stock Position in Watsco, Inc. $WSO

Nordea Investment Management AB lessened its stake in shares of Watsco, Inc. (NYSE:WSO) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,103 shares of the construction company’s stock after selling 1,514 shares during the quarter. Nordea Investment Management AB owned about 0.13% of Watsco worth $23,291,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Praxis Investment Management Inc. lifted its position in shares of Watsco by 35.1% during the 2nd quarter. Praxis Investment Management Inc. now owns 1,270 shares of the construction company’s stock worth $561,000 after buying an additional 330 shares during the last quarter. Bridges Investment Management Inc. lifted its position in shares of Watsco by 11.7% during the 2nd quarter. Bridges Investment Management Inc. now owns 4,655 shares of the construction company’s stock worth $2,056,000 after buying an additional 487 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of Watsco by 3.3% during the 2nd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 116,225 shares of the construction company’s stock worth $51,133,000 after buying an additional 3,660 shares during the last quarter. Equitable Trust Co. increased its holdings in shares of Watsco by 58.1% in the 2nd quarter. Equitable Trust Co. now owns 1,891 shares of the construction company’s stock valued at $835,000 after acquiring an additional 695 shares during the period. Finally, Atria Wealth Solutions Inc. increased its holdings in shares of Watsco by 2.2% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 1,638 shares of the construction company’s stock valued at $723,000 after acquiring an additional 35 shares during the period. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO opened at $371.41 on Monday. The stock has a market capitalization of $15.06 billion, a P/E ratio of 28.48 and a beta of 0.94. The company’s fifty day moving average is $398.64 and its two-hundred day moving average is $439.38. Watsco, Inc. has a 1 year low of $350.00 and a 1 year high of $571.41.

Watsco (NYSE:WSO) last announced its quarterly earnings data 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). The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.49 earnings per share. Sell-side analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco’s payout ratio is currently 92.02%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WSO. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Watsco in a report on Wednesday, October 8th. Mizuho cut their target price on shares of Watsco from $525.00 to $400.00 and set a “neutral” rating on the stock in a report on Friday. JPMorgan Chase & Co. cut their target price on shares of Watsco from $425.00 to $400.00 and set a “neutral” rating on the stock in a report on Wednesday, October 15th. UBS Group cut their target price on shares of Watsco from $450.00 to $425.00 and set a “neutral” rating on the stock in a report on Tuesday, September 23rd. Finally, Morgan Stanley cut their target price on shares of Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $447.50.

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.