Corient Private Wealth LLC Decreases Stock Position in Watsco, Inc. (NYSE:WSO)

Corient Private Wealth LLC lowered its position in shares of Watsco, Inc. (NYSE:WSO) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 157,818 shares of the construction company’s stock after selling 7,234 shares during the period. Corient Private Wealth LLC owned approximately 0.39% of Watsco worth $74,789,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in Watsco during the 4th quarter worth $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Watsco during the fourth quarter worth about $36,000. Quarry LP lifted its stake in shares of Watsco by 57.9% in the third quarter. Quarry LP now owns 90 shares of the construction company’s stock worth $44,000 after acquiring an additional 33 shares in the last quarter. Brooklyn Investment Group purchased a new position in Watsco in the third quarter valued at about $48,000. Finally, Atala Financial Inc acquired a new stake in Watsco during the 4th quarter valued at approximately $49,000. 89.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 12.86% of the company’s stock.

Analysts Set New Price Targets

WSO has been the subject of several research analyst reports. Northcoast Research began coverage on Watsco in a research note on Friday, November 22nd. They set a “neutral” rating for the company. Robert W. Baird raised their price objective on shares of Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Raymond James started coverage on shares of Watsco in a research note on Friday, January 17th. They issued a “market perform” rating on the stock. Finally, Loop Capital lifted their price target on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $486.25.

Watsco Stock Performance

NYSE WSO opened at $508.47 on Monday. The firm has a market capitalization of $20.54 billion, a PE ratio of 38.38 and a beta of 0.92. Watsco, Inc. has a one year low of $396.82 and a one year high of $571.42. The company has a 50-day simple moving average of $489.58 and a 200-day simple moving average of $495.31.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.24. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Equities analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were given a dividend of $2.70 per share. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a dividend yield of 2.12%. Watsco’s dividend payout ratio is currently 81.51%.

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.