Allstate Corp Makes New $479,000 Investment in Watsco, Inc. (NYSE:WSO)

Allstate Corp bought a new stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,010 shares of the construction company's stock, valued at approximately $479,000.

Several other large investors also recently modified their holdings of the stock. Rialto Wealth Management LLC bought a new stake in Watsco during the fourth quarter worth about $31,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Watsco in the 4th quarter valued at approximately $36,000. Quarry LP lifted its holdings in shares of Watsco by 57.9% during the 3rd quarter. Quarry LP now owns 90 shares of the construction company's stock worth $44,000 after acquiring an additional 33 shares during the period. Atala Financial Inc acquired a new stake in shares of Watsco during the 4th quarter worth approximately $49,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Watsco during the 4th quarter worth approximately $50,000. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Stock Down 3.0 %

Shares of NYSE WSO traded down $14.74 during midday trading on Friday, reaching $477.78. 399,342 shares of the company were exchanged, compared to its average volume of 253,380. The stock's 50-day moving average price is $496.34 and its 200-day moving average price is $499.43. The stock has a market cap of $19.30 billion, a P/E ratio of 36.06 and a beta of 1.00. Watsco, Inc. has a one year low of $396.82 and a one year high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.13 by $0.24. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.67 billion. On average, equities research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be paid a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.51%. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is currently 81.51%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Loop Capital upped their target price on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Raymond James assumed coverage on Watsco in a report on Friday, January 17th. They set a "market perform" rating for the company. Finally, Robert W. Baird raised their price objective on Watsco from $540.00 to $560.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Watsco has a consensus rating of "Hold" and an average price target of $486.25.

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.