First Hawaiian Bank Trims Position in Watsco, Inc. (NYSE:WSO)

First Hawaiian Bank reduced its position in shares of Watsco, Inc. (NYSE:WSO) by 16.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,316 shares of the construction company’s stock after selling 1,042 shares during the period. First Hawaiian Bank’s holdings in Watsco were worth $2,296,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its holdings in Watsco by 3.8% during the fourth quarter. Franklin Resources Inc. now owns 44,737 shares of the construction company’s stock worth $19,168,000 after purchasing an additional 1,650 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Watsco by 12.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 255,062 shares of the construction company’s stock worth $109,287,000 after buying an additional 28,047 shares during the period. Sapient Capital LLC acquired a new position in Watsco during the fourth quarter worth about $751,000. Benchmark Financial Wealth Advisors LLC acquired a new position in Watsco during the fourth quarter worth about $536,000. Finally, Louisiana State Employees Retirement System acquired a new position in Watsco during the fourth quarter worth about $4,070,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WSO has been the topic of several recent analyst reports. Robert W. Baird upped their target price on shares of Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Stephens restated an “overweight” rating and set a $500.00 target price on shares of Watsco in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $404.25.

Insiders Place Their Bets

In other Watsco news, EVP Barry S. Logan sold 774 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $473.85, for a total value of $366,759.90. Following the transaction, the executive vice president now owns 1,770 shares in the company, valued at approximately $838,714.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John Alexander Macdonald sold 5,334 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $466.41, for a total value of $2,487,830.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Barry S. Logan sold 774 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $473.85, for a total transaction of $366,759.90. Following the completion of the sale, the executive vice president now directly owns 1,770 shares of the company’s stock, valued at approximately $838,714.50. The disclosure for this sale can be found here. 12.86% of the stock is owned by corporate insiders.

Watsco Price Performance

Shares of WSO stock traded up $4.53 during trading hours on Wednesday, hitting $491.01. The company’s stock had a trading volume of 275,408 shares, compared to its average volume of 227,880. The business has a fifty day moving average of $458.76 and a 200-day moving average of $425.91. The stock has a market cap of $19.79 billion, a price-to-earnings ratio of 37.77 and a beta of 0.88. Watsco, Inc. has a twelve month low of $337.58 and a twelve month high of $493.65. The company has a current ratio of 2.92, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $2.17 EPS for the quarter, missing the consensus estimate of $2.26 by ($0.09). The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.59 billion. Watsco had a net margin of 7.03% and a return on equity of 19.26%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.83 earnings per share. As a group, equities research analysts anticipate that Watsco, Inc. will post 14.26 EPS for the current year.

Watsco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 15th were given a dividend of $2.70 per share. The ex-dividend date was Friday, April 12th. This represents a $10.80 dividend on an annualized basis and a yield of 2.20%. This is a positive change from Watsco’s previous quarterly dividend of $2.45. Watsco’s dividend payout ratio (DPR) is 83.08%.

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.