Parr Mcknight Wealth Management Group LLC Reduces Stake in Watsco, Inc. $WSO

Parr Mcknight Wealth Management Group LLC reduced its position in Watsco, Inc. (NYSE:WSO) by 63.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,057 shares of the construction company’s stock after selling 1,852 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Watsco were worth $356,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Capital International Investors increased its stake in Watsco by 741.4% in the 3rd quarter. Capital International Investors now owns 2,285,895 shares of the construction company’s stock valued at $924,187,000 after purchasing an additional 2,014,233 shares in the last quarter. State Street Corp increased its position in Watsco by 1.4% during the third quarter. State Street Corp now owns 1,238,121 shares of the construction company’s stock worth $500,572,000 after buying an additional 16,595 shares in the last quarter. Geode Capital Management LLC increased its position in Watsco by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 638,014 shares of the construction company’s stock worth $214,373,000 after buying an additional 5,176 shares in the last quarter. M&T Bank Corp increased its position in Watsco by 60,779.4% during the fourth quarter. M&T Bank Corp now owns 599,662 shares of the construction company’s stock worth $202,056,000 after buying an additional 598,677 shares in the last quarter. Finally, Markel Group Inc. increased its position in Watsco by 2.2% during the fourth quarter. Markel Group Inc. now owns 577,669 shares of the construction company’s stock worth $194,646,000 after buying an additional 12,500 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on WSO. Mizuho set a $425.00 price target on Watsco in a research report on Wednesday, February 18th. JPMorgan Chase & Co. raised their price target on Watsco from $370.00 to $400.00 and gave the stock a “neutral” rating in a research report on Thursday, February 19th. Wall Street Zen raised Watsco from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Stephens raised their price target on Watsco from $475.00 to $485.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Finally, Zacks Research raised Watsco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $399.83.

Watsco Stock Up 0.2%

Shares of NYSE:WSO opened at $367.91 on Monday. The company has a market cap of $14.96 billion, a P/E ratio of 30.53 and a beta of 1.05. Watsco, Inc. has a 52 week low of $323.05 and a 52 week high of $494.94. The business has a fifty day simple moving average of $399.55 and a 200-day simple moving average of $381.95.

Watsco (NYSE:WSO) last announced its quarterly earnings data on Tuesday, April 28th. The construction company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.14. Watsco had a return on equity of 15.31% and a net margin of 6.85%.The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts expect that Watsco, Inc. will post 12.64 earnings per share for the current fiscal year.

Watsco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were issued a $3.30 dividend. The ex-dividend date was Thursday, April 16th. This is an increase from Watsco’s previous quarterly dividend of $3.00. This represents a $13.20 dividend on an annualized basis and a yield of 3.6%. Watsco’s payout ratio is 109.54%.

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.