BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Boosts Stake in Watsco, Inc. (NYSE:WSO)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Watsco, Inc. (NYSE:WSO) by 60.7% in Q2, now holding 6,497 shares valued at $1,010,000. Other hedge funds also raised their stakes. Watsco's stock is down 0.9%, with a market cap of $4.99 billion and a P/E ratio of 38.15. The company reported Q2 earnings of $0.49 per share, missing estimates, and announced a quarterly dividend of $0.70. Analysts have a "Moderate Buy" rating on the stock with an average target price of $200.80.
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 60.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,497 shares of the construction company's stock after acquiring an additional 2,455 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Watsco were worth $3,010,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Jennison Associates LLC boosted its stake in shares of Watsco by 50.9% during the 1st quarter. Jennison Associates LLC now owns 185,633 shares of the construction company's stock worth $80,188,000 after acquiring an additional 62,593 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Watsco by 12.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 255,062 shares of the construction company's stock worth $109,287,000 after acquiring an additional 28,047 shares in the last quarter. American National Bank boosted its stake in shares of Watsco by 878.1% during the 1st quarter. American National Bank now owns 2,416 shares of the construction company's stock worth $1,044,000 after acquiring an additional 2,169 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Watsco by 2.0% during the 4th quarter. First Trust Advisors LP now owns 310,787 shares of the construction company's stock worth $133,163,000 after acquiring an additional 5,949 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in Watsco in the 1st quarter valued at about $822,000. 89.71% of the stock is owned by hedge funds and other institutional investors.
Watsco Trading Down 0.9 %
WSO opened at $495.98 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.21 and a quick ratio of 1.55. The company's 50 day simple moving average is $478.15 and its two-hundred day simple moving average is $464.56. Watsco, Inc. has a 1-year low of $338.58 and a 1-year high of $520.41. The firm has a market capitalization of $19.99 billion, a price-to-earnings ratio of 38.15 and a beta of 0.88.
Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Tuesday, July 30th. The construction company reported $4.49 earnings per share for the quarter, missing analysts' consensus estimates of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The business had revenue of $2.10 billion during the quarter, compared to analysts' expectations of $2.19 billion. During the same period last year, the business earned $4.42 earnings per share. The company's revenue for the quarter was up 5.0% compared to the same quarter last year. Analysts expect that Watsco, Inc. will post 13.83 EPS for the current fiscal year.
Watsco Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 16th were paid a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Tuesday, July 16th. Watsco's dividend payout ratio (DPR) is 83.08%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on WSO. Robert W. Baird raised their price target on shares of Watsco from $460.00 to $522.00 and gave the company an "outperform" rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on shares of Watsco from $420.00 to $425.00 and gave the company a "neutral" rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $469.80.
Get Our Latest Stock Report on Watsco
Watsco Company Profile
(Free Report)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.
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