Buckhead Capital Management LLC boosted its holdings in shares of Watsco, Inc. (NYSE:WSO – Free Report) by 17.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,536 shares of the construction company’s stock after acquiring an additional 2,122 shares during the period. Watsco accounts for about 1.4% of Buckhead Capital Management LLC’s investment portfolio, making the stock its 20th largest holding. Buckhead Capital Management LLC’s holdings in Watsco were worth $4,400,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of WSO. Bank of America Corp DE boosted its holdings in Watsco by 12.2% in the first quarter. Bank of America Corp DE now owns 239,606 shares of the construction company’s stock worth $87,166,000 after acquiring an additional 26,003 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Watsco by 76.5% during the second quarter. Van ECK Associates Corp now owns 11,875 shares of the construction company’s stock valued at $4,949,000 after acquiring an additional 5,147 shares in the last quarter. Nykredit A S bought a new position in shares of Watsco during the second quarter valued at $5,731,000. Amundi raised its position in shares of Watsco by 5.4% in the 2nd quarter. Amundi now owns 50,125 shares of the construction company’s stock worth $20,889,000 after purchasing an additional 2,558 shares during the last quarter. Finally, Birch Hill Investment Advisors LLC purchased a new position in shares of Watsco in the 3rd quarter worth about $2,458,000. Institutional investors own 89.71% of the company’s stock.
Analyst Ratings Changes
Several analysts recently commented on WSO shares. Robert W. Baird set a $400.00 price objective on shares of Watsco in a research report on Thursday, July 30th. Mizuho reduced their price objective on shares of Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Zacks Research raised shares of Watsco from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 21st. Stephens reiterated an “overweight” rating and issued a $485.00 target price on shares of Watsco in a research note on Monday, August 17th. Finally, Morgan Stanley dropped their target price on shares of Watsco from $370.00 to $330.00 and set an “equal weight” rating on the stock in a research note on Monday, October 12th. Two analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $373.62.
View Our Latest Report on Watsco
Watsco Trading Down 2.3%
Shares of WSO stock opened at $303.88 on Friday. Watsco, Inc. has a 12-month low of $277.34 and a 12-month high of $459.00. The firm’s 50 day moving average is $305.99 and its 200 day moving average is $364.09. The stock has a market capitalization of $12.54 billion, a P/E ratio of 26.84 and a beta of 1.03.
Watsco (NYSE:WSO – Get Free Report) last announced its earnings results 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%. Watsco’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.98 earnings per share. As a group, equities analysts predict that Watsco, Inc. will post 11.70 earnings per share for the current year.
Watsco Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were issued a $3.30 dividend. The ex-dividend date of this dividend was Friday, October 16th. This represents a $13.20 annualized dividend and a dividend yield of 4.3%. Watsco’s payout ratio is presently 116.61%.
Watsco Company 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.
Founded in 1956, Watsco expanded into HVAC distribution in the late 1980s and has grown through acquisitions and partnerships.
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