Watsco, Inc. $WSO Stock: Welch & Forbes LLC Cuts Position

Welch & Forbes LLC decreased its stake in Watsco, Inc. (NYSE:WSO) by 2.0% in the 3rd quarter, Holdings Channel reports. The firm owned 205,167 shares of the construction company’s stock after selling 4,113 shares during the quarter. Welch & Forbes LLC’s holdings in Watsco were worth $62,102,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaCore Capital LLC grew its position in Watsco by 88.7% during the third quarter. AlphaCore Capital LLC now owns 1,436 shares of the construction company’s stock worth $435,000 after buying an additional 675 shares during the period. Running Oak Capital LLC lifted its position in shares of Watsco by 5.6% during the 3rd quarter. Running Oak Capital LLC now owns 26,723 shares of the construction company’s stock valued at $8,089,000 after acquiring an additional 1,406 shares during the period. Retirement Systems of Alabama lifted its position in shares of Watsco by 1.0% during the 3rd quarter. Retirement Systems of Alabama now owns 48,856 shares of the construction company’s stock valued at $14,788,000 after acquiring an additional 505 shares during the period. Fulcrum Asset Management LLP purchased a new stake in shares of Watsco during the 3rd quarter worth approximately $239,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Watsco by 19.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,051 shares of the construction company’s stock worth $314,000 after acquiring an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Wall Street Analyst Weigh In

WSO has been the topic of a number of research reports. Weiss Ratings cut Watsco from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, October 6th. Stephens reaffirmed an “overweight” rating and set a $485.00 price objective on shares of Watsco in a report on Monday, August 17th. DA Davidson reduced their price objective on Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. Zacks Research upgraded Watsco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 21st. Finally, Mizuho lowered their target price on Watsco from $350.00 to $325.00 and set a “neutral” rating on the stock in a report on Thursday, October 15th. Two research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $373.62.

Watsco Trading Up 4.2%

NYSE:WSO opened at $317.06 on Tuesday. The firm has a 50-day moving average price of $306.11 and a two-hundred day moving average price of $363.75. Watsco, Inc. has a twelve month low of $277.34 and a twelve month high of $459.00. The company has a market capitalization of $13.08 billion, a P/E ratio of 28.01 and a beta of 1.03.

Watsco (NYSE:WSO) last announced its earnings results on Tuesday, October 27th. The construction company reported $3.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.33). Watsco had a return on equity of 13.97% and a net margin of 6.31%. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the firm posted $3.98 EPS. The business’s revenue was up 7.4% on a year-over-year basis. On average, equities research analysts predict that Watsco, Inc. will post 11.70 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were paid a dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, October 16th. Watsco’s dividend payout ratio (DPR) is 116.61%.

About Watsco

Watsco, Inc distributes air-conditioning, heating, and refrigeration equipment and related parts and supplies. Its products serve residential and light commercial applications, including systems used in homes and businesses, as well as components and supplies for contractors who install and maintain them.

The company sells products from a range of manufacturers through a network of distribution locations and digital platforms. Watsco serves customers in the United States, Canada, Mexico, and parts of Latin America and the Caribbean, supporting the installation, repair, and replacement of HVAC and refrigeration systems.

Founded in 1956, Watsco expanded into HVAC distribution in the late 1980s and has grown through acquisitions and partnerships.