PNC Financial Services Group Inc. Decreases Stake in Watsco, Inc. (NYSE:WSO)

PNC Financial Services Group Inc. reduced its stake in Watsco, Inc. (NYSE:WSO) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,067 shares of the construction company’s stock after selling 36 shares during the period. PNC Financial Services Group Inc.’s holdings in Watsco were worth $6,666,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of WSO. FMR LLC increased 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 valued at $1,782,651,000 after buying an additional 346,470 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Watsco by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company’s stock valued at $649,957,000 after buying an additional 118,713 shares during the period. State Street Corp increased its stake in shares of Watsco by 5.9% during the third quarter. State Street Corp now owns 1,173,762 shares of the construction company’s stock valued at $577,350,000 after buying an additional 65,846 shares during the period. Geode Capital Management LLC increased its stake in shares of Watsco by 9.9% during the third quarter. Geode Capital Management LLC now owns 704,330 shares of the construction company’s stock valued at $345,783,000 after buying an additional 63,254 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Watsco by 9.9% during the third quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company’s stock valued at $228,263,000 after buying an additional 41,845 shares during the period. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Trading Down 0.1 %

Watsco stock opened at $504.82 on Thursday. The business’s fifty day simple moving average is $488.48 and its two-hundred day simple moving average is $494.83. Watsco, Inc. has a 12 month low of $393.88 and a 12 month high of $571.41. The company has a market capitalization of $20.39 billion, a price-to-earnings ratio of 38.10 and a beta of 0.92.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.67 billion. On average, equities research analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were issued a $2.70 dividend. This represents a $10.80 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s dividend payout ratio (DPR) is 81.51%.

Insiders Place Their Bets

In other news, EVP Barry S. Logan sold 10,998 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.86% of the company’s stock.

Analyst Upgrades and Downgrades

WSO has been the topic of several research reports. Northcoast Research initiated coverage on Watsco in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Loop Capital lifted their price target on Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research report on Thursday, February 27th. Raymond James initiated coverage on Watsco in a research report on Friday, January 17th. They set a “market perform” rating on the stock. Finally, Robert W. Baird lifted their price target on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $486.25.

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.