Brown Brothers Harriman & Co. raised its stake in Watsco, Inc. (NYSE:WSO) by 1,080.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,243 shares of the construction company’s stock after acquiring an additional 2,053 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Watsco were worth $643,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Concord Wealth Partners bought a new stake in shares of Watsco in the first quarter valued at approximately $29,000. Van ECK Associates Corp bought a new stake in Watsco during the 1st quarter worth approximately $51,000. Rockefeller Capital Management L.P. increased its holdings in Watsco by 14.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 295 shares of the construction company’s stock worth $76,000 after acquiring an additional 38 shares during the period. FORA Capital LLC bought a new stake in Watsco during the 1st quarter worth approximately $79,000. Finally, Advisory Services Network LLC bought a new stake in Watsco during the 2nd quarter worth approximately $102,000. 77.78% of the stock is currently owned by institutional investors.
A number of analysts recently weighed in on the stock. Stephens raised shares of Watsco from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $300.00 to $350.00 in a report on Friday, July 23rd. Wolfe Research lowered shares of Watsco from a “peer perform” rating to an “underperform” rating and decreased their price target for the stock from $309.00 to $304.00 in a report on Monday, July 12th. Finally, Loop Capital assumed coverage on shares of Watsco in a report on Tuesday, August 3rd. They issued a “hold” rating and a $300.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $281.33.
Watsco (NYSE:WSO) last issued its earnings results on Thursday, July 22nd. The construction company reported $3.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $3.15 by $0.56. The firm had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.68 billion. Watsco had a net margin of 6.19% and a return on equity of 19.20%. The business’s revenue was up 36.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.26 earnings per share. As a group, analysts predict that Watsco, Inc. will post 10.02 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 29th. Stockholders of record on Friday, October 15th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 2.80%. Watsco’s dividend payout ratio (DPR) is 111.27%.
Watsco, Inc engages in distribution of air conditioning, heating and refrigeration equipment and related parts. Its products include residential central air conditioners, gas, electric & oil furnaces, commercial air conditioning & heating equipment, and other specialized equipment, parts, including replacement compressors, evaporator coils, motors and other component parts; and supplies, including thermostats, insulation material, refrigerants, ductwork, grills, registers, sheet metal, tools, copper tubing, concrete pads, tape, adhesives, and other ancillary supplies.
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