Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Watsco, Inc. (NYSE:WSO)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Watsco, Inc. (NYSE:WSO) by 34.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,699 shares of the construction company’s stock after selling 12,101 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Watsco worth $11,165,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. J. W. Coons Advisors LLC raised its holdings in Watsco by 0.7% during the third quarter. J. W. Coons Advisors LLC now owns 2,999 shares of the construction company’s stock worth $1,475,000 after purchasing an additional 20 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Watsco by 30.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock worth $46,000 after buying an additional 22 shares during the last quarter. CWM LLC boosted its position in shares of Watsco by 2.6% in the third quarter. CWM LLC now owns 952 shares of the construction company’s stock worth $468,000 after acquiring an additional 24 shares during the last quarter. MCF Advisors LLC increased its holdings in shares of Watsco by 27.8% during the 3rd quarter. MCF Advisors LLC now owns 115 shares of the construction company’s stock worth $57,000 after buying an additional 25 shares during the last quarter. Finally, Equitable Trust Co. lifted its position in Watsco by 2.2% during the third quarter. Equitable Trust Co. now owns 1,166 shares of the construction company’s stock valued at $574,000 after buying an additional 25 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on WSO. Robert W. Baird reduced their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. upped their target price on Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st.

Watsco Price Performance

Shares of NYSE:WSO opened at $547.29 on Friday. The business has a 50-day moving average of $498.42 and a two-hundred day moving average of $484.47. Watsco, Inc. has a fifty-two week low of $373.33 and a fifty-two week high of $549.74. The stock has a market capitalization of $22.10 billion, a P/E ratio of 42.29 and a beta of 0.88.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). Watsco had a net margin of 6.99% and a return on equity of 17.77%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the company earned $4.35 earnings per share. Watsco’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, research analysts expect that Watsco, Inc. will post 13.06 EPS for the current fiscal year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were paid a $2.70 dividend. This represents a $10.80 annualized dividend and a yield of 1.97%. The ex-dividend date was Wednesday, October 16th. Watsco’s dividend payout ratio is 83.46%.

Watsco 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.