Advisors Asset Management Inc. Sells 4,004 Shares of Watsco, Inc. (NYSE:WSO)

Advisors Asset Management Inc. lessened its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 24.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 12,084 shares of the construction company's stock after selling 4,004 shares during the period. Advisors Asset Management Inc.'s holdings in Watsco were worth $5,944,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. EntryPoint Capital LLC increased its position in shares of Watsco by 100.0% during the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company's stock worth $25,000 after purchasing an additional 29 shares in the last quarter. Quarry LP acquired a new stake in shares of Watsco in the 2nd quarter valued at approximately $26,000. Tortoise Investment Management LLC lifted its holdings in Watsco by 76.2% during the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company's stock worth $34,000 after acquiring an additional 32 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Watsco in the third quarter valued at approximately $43,000. Finally, Massmutual Trust Co. FSB ADV grew its holdings in shares of Watsco by 30.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company's stock worth $46,000 after buying an additional 22 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Performance

Shares of Watsco stock traded up $8.55 during mid-day trading on Friday, hitting $554.79. 161,361 shares of the stock were exchanged, compared to its average volume of 281,481. Watsco, Inc. has a 12 month low of $373.33 and a 12 month high of $555.42. The company has a 50-day simple moving average of $498.42 and a 200 day simple moving average of $484.47. The company has a market capitalization of $22.40 billion, a P/E ratio of 42.29 and a beta of 0.88.

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

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were paid a $2.70 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 annualized dividend and a yield of 1.95%. Watsco's payout ratio is 83.46%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WSO shares. JPMorgan Chase & Co. boosted their price objective on shares of Watsco from $420.00 to $425.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 31st. Robert W. Baird dropped their price target on shares of Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Finally, Northcoast Research started coverage on shares of Watsco in a research note on Friday. They set a "neutral" rating on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Watsco currently 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.