Connor Clark & Lunn Investment Management Ltd. Sells 12,101 Shares of Watsco, Inc. (NYSE:WSO)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 34.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,699 shares of the construction company's stock after selling 12,101 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Watsco worth $11,165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in WSO. EntryPoint Capital LLC lifted its stake in Watsco by 100.0% during the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company's stock valued at $25,000 after acquiring an additional 29 shares in the last quarter. Quarry LP bought a new position in shares of Watsco during the second quarter valued at about $26,000. Tortoise Investment Management LLC grew its position in Watsco by 76.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company's stock worth $34,000 after purchasing an additional 32 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Watsco in the 3rd quarter worth about $43,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in Watsco by 30.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company's stock valued at $46,000 after buying an additional 22 shares during the last quarter. 89.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on WSO shares. Robert W. Baird decreased their price target on Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. upped their price objective on shares of Watsco from $420.00 to $425.00 and gave the company a "neutral" rating in a report on Wednesday, July 31st. Finally, Northcoast Research initiated coverage on shares of Watsco in a research note on Friday. They issued a "neutral" rating for the company. 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, Watsco currently has a consensus rating of "Moderate Buy" and an average price target of $491.25.

Watsco Stock Up 1.6 %

NYSE:WSO traded up $8.55 during mid-day trading on Friday, hitting $554.79. 161,361 shares of the stock traded hands, compared to its average volume of 281,481. The business's 50-day moving average price is $498.42 and its 200 day moving average price is $484.47. Watsco, Inc. has a 12-month low of $373.33 and a 12-month high of $555.42. The company has a market cap of $22.40 billion, a PE ratio of 42.29 and a beta of 0.88.

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

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th were issued a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco's dividend payout ratio is currently 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.