Southernsun Asset Management LLC Trims Position in Watsco, Inc. (NYSE:WSO)

Southernsun Asset Management LLC lowered its holdings in Watsco, Inc. (NYSE:WSO) by 3.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,489 shares of the construction company’s stock after selling 585 shares during the period. Watsco makes up 1.0% of Southernsun Asset Management LLC’s investment portfolio, making the stock its 22nd largest position. Southernsun Asset Management LLC’s holdings in Watsco were worth $8,111,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC raised its stake in shares of Watsco by 10.6% during the third quarter. FMR LLC now owns 3,624,159 shares of the construction company’s stock worth $1,782,651,000 after acquiring an additional 346,470 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Watsco by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,252,822 shares of the construction company’s stock valued at $616,357,000 after purchasing an additional 62,041 shares in the last quarter. State Street Corp boosted its position in shares of Watsco by 5.9% in the 3rd quarter. State Street Corp now owns 1,173,762 shares of the construction company’s stock worth $577,350,000 after purchasing an additional 65,846 shares in the last quarter. Blair William & Co. IL boosted its stake in Watsco by 1.2% in the 2nd quarter. Blair William & Co. IL now owns 801,152 shares of the construction company’s stock worth $371,126,000 after purchasing an additional 9,141 shares in the last quarter. Finally, Markel Group Inc. increased its holdings in shares of Watsco by 2.0% in the 3rd quarter. Markel Group Inc. now owns 582,500 shares of the construction company’s stock worth $286,520,000 after purchasing an additional 11,250 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WSO. Northcoast Research assumed coverage on shares of Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Robert W. Baird dropped their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $491.25.

Watsco Stock Performance

NYSE WSO opened at $523.59 on Friday. The company has a market cap of $21.14 billion, a P/E ratio of 40.46 and a beta of 0.92. The business’s 50 day moving average price is $509.16 and its 200-day moving average price is $489.27. Watsco, Inc. has a fifty-two week low of $373.33 and a fifty-two week high of $571.41.

Watsco (NYSE:WSO) last posted its quarterly earnings data 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 return on equity of 17.77% and a net margin of 6.99%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the company earned $4.35 earnings per share. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities analysts predict that Watsco, Inc. will post 13.06 EPS for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were issued a $2.70 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.06%. Watsco’s payout ratio is currently 83.46%.

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.