Bank of Nova Scotia Decreases Stake in Watsco, Inc. (NYSE:WSO)

Bank of Nova Scotia cut its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 60.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 665 shares of the construction company's stock after selling 1,031 shares during the quarter. Bank of Nova Scotia's holdings in Watsco were worth $315,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Rialto Wealth Management LLC acquired a new position in Watsco during the 4th quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Watsco during the fourth quarter valued at $36,000. Atala Financial Inc acquired a new position in shares of Watsco in the 4th quarter valued at $49,000. Golden State Wealth Management LLC purchased a new position in Watsco in the 4th quarter worth $50,000. Finally, Tortoise Investment Management LLC lifted its position in Watsco by 76.2% during the 4th quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock worth $70,000 after acquiring an additional 64 shares during the period. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Stock Up 2.0 %

Shares of WSO stock traded up $9.94 during mid-day trading on Friday, hitting $507.62. 272,958 shares of the stock were exchanged, compared to its average volume of 254,293. Watsco, Inc. has a 52-week low of $396.82 and a 52-week high of $571.42. The firm has a fifty day moving average of $500.71 and a 200 day moving average of $499.31. The company has a market cap of $20.51 billion, a PE ratio of 38.31 and a beta of 1.00.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $1.67 billion. Equities analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Tuesday, April 15th. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is 90.57%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on WSO shares. Robert W. Baird increased their price objective on Watsco from $540.00 to $560.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Morgan Stanley started coverage on shares of Watsco in a research report on Monday, April 14th. They set an "equal weight" rating and a $515.00 price target for the company. Raymond James started coverage on shares of Watsco in a report on Friday, January 17th. They issued a "market perform" rating on the stock. Finally, Loop Capital raised 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. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $492.00.

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.