Lord Abbett & CO. LLC Buys New Holdings in Watsco, Inc. (NYSE:WSO)

Lord Abbett & CO. LLC purchased a new position in shares of Watsco, Inc. (NYSE:WSO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 220,586 shares of the construction company's stock, valued at approximately $104,533,000. Lord Abbett & CO. LLC owned about 0.55% of Watsco as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. My Legacy Advisors LLC lifted its position in Watsco by 3.2% during the fourth quarter. My Legacy Advisors LLC now owns 687 shares of the construction company's stock worth $329,000 after purchasing an additional 21 shares during the period. Avidian Wealth Enterprises LLC lifted its stake in shares of Watsco by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company's stock valued at $567,000 after purchasing an additional 21 shares during the period. Centennial Wealth Advisory LLC increased its stake in shares of Watsco by 3.0% in the 4th quarter. Centennial Wealth Advisory LLC now owns 754 shares of the construction company's stock valued at $358,000 after acquiring an additional 22 shares in the last quarter. M&T Bank Corp grew its stake in shares of Watsco by 1.4% in the 4th quarter. M&T Bank Corp now owns 1,686 shares of the construction company's stock valued at $799,000 after buying an additional 23 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Watsco by 0.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company's stock worth $3,645,000 after purchasing an additional 23 shares during the period. Institutional investors own 89.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. StockNews.com downgraded Watsco from a "hold" rating to a "sell" rating in a research note on Friday. Robert W. Baird dropped their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Mizuho set a $490.00 price target on shares of Watsco in a report on Thursday, April 24th. Loop Capital lifted their target price on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a report on Thursday, February 27th. Finally, Morgan Stanley assumed coverage on shares of Watsco in a research report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $480.83.

Watsco Stock Down 0.1 %

NYSE:WSO traded down $0.39 on Tuesday, reaching $455.39. The company's stock had a trading volume of 247,231 shares, compared to its average volume of 255,373. The firm has a market cap of $18.40 billion, a price-to-earnings ratio of 34.37 and a beta of 1.00. The stock has a 50 day moving average price of $497.77 and a 200 day moving average price of $498.58. Watsco, Inc. has a 12-month low of $439.08 and a 12-month high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. Watsco's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $2.17 earnings per share. Equities research analysts expect that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be issued a $3.00 dividend. This is a boost from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Tuesday, April 15th. Watsco's dividend payout ratio (DPR) is currently 92.24%.

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.