Watsco, Inc. $WSO Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp reduced its position in Watsco, Inc. (NYSE:WSO) by 23.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,148 shares of the construction company’s stock after selling 24,844 shares during the period. King Luther Capital Management Corp owned approximately 0.19% of Watsco worth $24,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Watsco by 12.2% during the 1st quarter. Bank of America Corp DE now owns 239,606 shares of the construction company’s stock valued at $87,166,000 after purchasing an additional 26,003 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Watsco by 76.5% in the 2nd quarter. Van ECK Associates Corp now owns 11,875 shares of the construction company’s stock worth $4,949,000 after purchasing an additional 5,147 shares during the period. Birch Hill Investment Advisors LLC bought a new position in shares of Watsco in the 3rd quarter worth approximately $2,458,000. Nykredit A S bought a new position in shares of Watsco in the 2nd quarter worth approximately $5,731,000. Finally, Amundi boosted its holdings in shares of Watsco by 5.4% in the second quarter. Amundi now owns 50,125 shares of the construction company’s stock worth $20,889,000 after buying an additional 2,558 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on WSO shares. Mizuho cut their target price on shares of Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Zacks Research upgraded shares of Watsco from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 21st. Robert W. Baird set a $400.00 price target on shares of Watsco in a research note on Thursday, July 30th. Weiss Ratings cut shares of Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, October 6th. Finally, DA Davidson cut 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. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $373.62.

Watsco Stock Down 1.5%

NYSE WSO opened at $308.55 on Friday. The stock’s 50-day moving average price is $306.12 and its 200-day moving average price is $362.62. Watsco, Inc. has a 52 week low of $277.34 and a 52 week high of $459.00. The company has a market capitalization of $12.73 billion, a P/E ratio of 27.26 and a beta of 1.03.

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

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were issued a dividend of $3.30 per share. The ex-dividend date of this dividend was Friday, October 16th. This represents a $13.20 annualized dividend and a yield of 4.3%. Watsco’s payout ratio is currently 116.61%.

Watsco Profile

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.