Bank of New York Mellon Corp Sells 31,754 Shares of Watsco, Inc. (NYSE:WSO)

Bank of New York Mellon Corp trimmed its position in Watsco, Inc. (NYSE:WSO - Free Report) by 8.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 342,077 shares of the construction company's stock after selling 31,754 shares during the period. Bank of New York Mellon Corp owned approximately 0.85% of Watsco worth $162,107,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of WSO. Toronto Dominion Bank increased its stake in Watsco by 32.2% during the 3rd quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company's stock valued at $2,094,000 after purchasing an additional 1,038 shares in the last quarter. Citizens Financial Group Inc. RI increased its position in shares of Watsco by 40.6% during the third quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company's stock worth $1,582,000 after acquiring an additional 929 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Watsco by 3,571.0% in the third quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company's stock worth $560,000 after purchasing an additional 1,107 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Watsco by 1.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company's stock valued at $31,853,000 after acquiring an additional 1,074 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Watsco by 5.6% in the third quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company's stock valued at $25,645,000 after acquiring an additional 2,738 shares in the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

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Watsco Stock Up 1.1 %

WSO traded up $5.49 on Tuesday, hitting $499.42. The company's stock had a trading volume of 157,070 shares, compared to its average volume of 250,700. The company's 50 day simple moving average is $485.33 and its 200-day simple moving average is $493.65. Watsco, Inc. has a 12 month low of $388.47 and a 12 month high of $571.41. The firm has a market cap of $20.17 billion, a P/E ratio of 37.67 and a beta of 0.95.

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

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were paid a dividend of $2.70 per share. The ex-dividend date was Friday, January 17th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.16%. Watsco's dividend payout ratio (DPR) is currently 81.51%.

Wall Street Analyst Weigh In

WSO has been the subject of several research analyst reports. Raymond James started coverage on Watsco in a research note on Friday, January 17th. They set a "market perform" rating on the stock. Northcoast Research assumed coverage on shares of Watsco in a research report on Friday, November 22nd. They issued a "neutral" rating on the stock. Robert W. Baird boosted their target price on shares of Watsco from $540.00 to $560.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Loop Capital raised their price target on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Watsco has a consensus rating of "Hold" and an average target price of $486.25.

Insider Activity

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the business's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.86% of the stock is currently owned by corporate insiders.

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.