Carnegie Investment Counsel Increases Stock Position in Watsco, Inc. (NYSE:WSO)

Carnegie Investment Counsel raised its stake in shares of Watsco, Inc. (NYSE:WSO) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,168 shares of the construction company’s stock after purchasing an additional 361 shares during the period. Carnegie Investment Counsel owned 0.08% of Watsco worth $16,809,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WSO. First PREMIER Bank acquired a new stake in Watsco in the 1st quarter valued at about $25,000. EntryPoint Capital LLC boosted its holdings in Watsco by 100.0% in the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after purchasing an additional 29 shares in the last quarter. Quarry LP acquired a new stake in shares of Watsco in the second quarter valued at about $26,000. ORG Partners LLC purchased a new stake in shares of Watsco in the 1st quarter worth about $31,000. Finally, Tortoise Investment Management LLC raised its holdings in shares of Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock worth $34,000 after acquiring an additional 32 shares during the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Trading Up 1.5 %

Watsco stock opened at $491.58 on Friday. The company has a 50 day moving average price of $478.24 and a 200 day moving average price of $470.01. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.55 and a current ratio of 3.21. Watsco, Inc. has a 52 week low of $338.58 and a 52 week high of $520.41. The firm has a market capitalization of $19.81 billion, a price-to-earnings ratio of 37.81 and a beta of 0.88.

Watsco (NYSE:WSO) last announced its quarterly earnings data on Tuesday, July 30th. The construction company reported $4.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.70 by ($0.21). The business had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Watsco had a return on equity of 18.55% and a net margin of 7.02%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.42 earnings per share. Research analysts forecast that Watsco, Inc. will post 13.83 EPS for the current year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th will be given a $2.70 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.20%. Watsco’s dividend payout ratio is currently 83.08%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WSO shares. JPMorgan Chase & Co. increased their target price on shares of Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Robert W. Baird raised their target price on Watsco from $460.00 to $522.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st.

About Watsco

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.