First Trust Advisors LP Sells 6,573 Shares of Watsco, Inc. (NYSE:WSO)

First Trust Advisors LP lessened its position in Watsco, Inc. (NYSE:WSO - Free Report) by 5.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 122,189 shares of the construction company's stock after selling 6,573 shares during the period. First Trust Advisors LP owned approximately 0.30% of Watsco worth $57,904,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of WSO. Norges Bank acquired a new stake in shares of Watsco in the 4th quarter worth about $118,312,000. Proficio Capital Partners LLC bought a new position in shares of Watsco in the fourth quarter valued at approximately $63,603,000. Charles Schwab Investment Management Inc. boosted its position in shares of Watsco by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock valued at $649,957,000 after buying an additional 118,713 shares during the last quarter. Vanguard Group Inc. raised its position in Watsco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock valued at $1,714,586,000 after buying an additional 52,127 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Watsco by 9.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company's stock valued at $228,263,000 after acquiring an additional 41,845 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

Wall Street Analyst Weigh In

WSO has been the topic of several analyst reports. Raymond James initiated coverage on shares of Watsco in a report on Friday, January 17th. They set a "market perform" rating on the stock. Loop Capital upped their price objective on Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research note on Thursday, February 27th. Morgan Stanley initiated 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. Finally, 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. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $492.00.

Watsco Price Performance

Watsco stock opened at $504.68 on Wednesday. Watsco, Inc. has a one year low of $407.00 and a one year high of $571.42. The firm has a market capitalization of $20.39 billion, a P/E ratio of 38.09 and a beta of 1.00. The business has a fifty day moving average price of $501.79 and a 200-day moving average price of $499.61.

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

Watsco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a $3.00 dividend. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Tuesday, April 15th. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio (DPR) is 90.57%.

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.

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