Watsco, Inc. (NYSE:WSO) Shares Bought by Citigroup Inc.

Citigroup Inc. raised its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 35.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,219 shares of the construction company's stock after purchasing an additional 4,204 shares during the period. Citigroup Inc.'s holdings in Watsco were worth $7,978,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WSO. Charles Schwab Investment Management Inc. lifted its position in Watsco by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,252,822 shares of the construction company's stock valued at $616,357,000 after acquiring an additional 62,041 shares during the last quarter. King Luther Capital Management Corp increased its position in shares of Watsco by 14.7% during the third quarter. King Luther Capital Management Corp now owns 122,147 shares of the construction company's stock worth $60,081,000 after purchasing an additional 15,700 shares in the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of 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 purchasing an additional 929 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Watsco by 10.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 4,109 shares of the construction company's stock valued at $2,021,000 after purchasing an additional 400 shares during the last quarter. Finally, EULAV Asset Management boosted its position in shares of Watsco by 98.8% in the 3rd quarter. EULAV Asset Management now owns 48,900 shares of the construction company's stock valued at $24,053,000 after purchasing an additional 24,300 shares during the period. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

WSO has been the subject of a number of research reports. Northcoast Research assumed coverage on Watsco in a research note on Friday, November 22nd. They issued a "neutral" rating for the company. Robert W. Baird reduced 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. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $491.25.

Watsco Price Performance

Shares of WSO stock traded down $3.07 during midday trading on Friday, hitting $551.60. The company had a trading volume of 143,435 shares, compared to its average volume of 200,012. The stock has a market cap of $22.27 billion, a price-to-earnings ratio of 42.63 and a beta of 0.88. The company's 50 day simple moving average is $506.47 and its 200 day simple moving average is $487.90. Watsco, Inc. has a 52-week low of $373.33 and a 52-week high of $571.41.

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

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were given a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco's payout ratio is 83.46%.

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.