Watsco, Inc. (NYSE:WSO) Shares Sold by Abacus FCF Advisors LLC

Abacus FCF Advisors LLC reduced its position in shares of Watsco, Inc. (NYSE:WSO) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,911 shares of the construction company’s stock after selling 137 shares during the period. Abacus FCF Advisors LLC’s holdings in Watsco were worth $3,005,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Manitou Investment Management Ltd. acquired a new position in shares of Watsco during the first quarter worth $25,000. City Holding Co. acquired a new position in shares of Watsco during the first quarter worth $29,000. Rialto Wealth Management LLC acquired a new position in shares of Watsco during the fourth quarter worth $31,000. ST Germain D J Co. Inc. lifted its position in shares of Watsco by 260.0% during the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock worth $37,000 after purchasing an additional 52 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. acquired a new position in shares of Watsco during the fourth quarter worth $36,000. 89.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WSO. Loop Capital boosted their target price on shares of Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. UBS Group cut their price target on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Mizuho set a $490.00 price target on shares of Watsco in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Watsco presently has a consensus rating of “Hold” and an average price target of $486.67.

Watsco Price Performance

WSO stock opened at $444.46 on Tuesday. The firm has a fifty day moving average price of $471.80 and a two-hundred day moving average price of $489.55. The firm has a market cap of $18.01 billion, a price-to-earnings ratio of 33.54 and a beta of 1.06. Watsco, Inc. has a 1-year low of $430.20 and a 1-year high of $571.42.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.36). The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.17 EPS. As a group, analysts expect that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.70%. This is a positive change from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is currently 92.24%.

Watsco Company 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.