Polar Asset Management Partners Inc. Invests $2.95 Million in Watsco, Inc. (NYSE:WSO)

Polar Asset Management Partners Inc. purchased a new stake in Watsco, Inc. (NYSE:WSO - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,000 shares of the construction company's stock, valued at approximately $2,951,000.

Several other institutional investors have also recently made changes to their positions in WSO. Gateway Investment Advisers LLC bought a new position in shares of Watsco in the second quarter valued at about $2,109,000. Citizens Financial Group Inc. RI raised its holdings in Watsco by 40.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company's stock valued at $1,582,000 after acquiring an additional 929 shares during the period. Larson Financial Group LLC lifted its position in Watsco by 3,571.0% during the third quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company's stock worth $560,000 after acquiring an additional 1,107 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Watsco by 1.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company's stock worth $31,853,000 after acquiring an additional 1,074 shares during the period. Finally, Markel Group Inc. boosted its holdings in shares of Watsco by 0.9% during the second quarter. Markel Group Inc. now owns 571,250 shares of the construction company's stock worth $264,626,000 after acquiring an additional 5,000 shares during the period. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Price Performance

Watsco stock traded up $3.11 during mid-day trading on Friday, reaching $526.81. 167,656 shares of the company were exchanged, compared to its average volume of 278,717. The firm has a market cap of $21.27 billion, a PE ratio of 40.52 and a beta of 0.92. The company has a fifty day simple moving average of $509.62 and a 200-day simple moving average of $489.51. Watsco, Inc. has a 12 month low of $373.33 and a 12 month high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.51). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a return on equity of 17.77% and a net margin of 6.99%. The business's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company posted $4.35 earnings per share. Sell-side analysts anticipate that Watsco, Inc. will post 13.06 earnings per share for the current year.

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were given a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Wednesday, October 16th. Watsco's payout ratio is presently 83.46%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Northcoast Research initiated coverage on Watsco in a research note on Friday, November 22nd. They set a "neutral" rating on the stock. Robert W. Baird dropped their target price on Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a report 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 data from MarketBeat, Watsco presently has an average rating of "Moderate Buy" and a consensus target price of $491.25.

About Watsco

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.