Franklin Resources Inc. Boosts Stock Position in Watsco, Inc. (NYSE:WSO)

Franklin Resources Inc. lifted its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 5.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,590 shares of the construction company's stock after acquiring an additional 2,738 shares during the quarter. Franklin Resources Inc. owned approximately 0.13% of Watsco worth $25,645,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Watsco by 24.6% in the second quarter. Assenagon Asset Management S.A. now owns 664 shares of the construction company's stock worth $308,000 after purchasing an additional 131 shares during the period. &PARTNERS bought a new position in shares of Watsco in the second quarter worth about $915,000. Retirement Systems of Alabama grew its position in shares of Watsco by 1.9% during the second quarter. Retirement Systems of Alabama now owns 50,595 shares of the construction company's stock worth $23,438,000 after purchasing an additional 960 shares in the last quarter. LRI Investments LLC raised its stake in Watsco by 3,068.8% during the 2nd quarter. LRI Investments LLC now owns 507 shares of the construction company's stock valued at $235,000 after purchasing an additional 491 shares during the period. Finally, Schwartz Investment Counsel Inc. lifted its holdings in Watsco by 8.9% in the 2nd quarter. Schwartz Investment Counsel Inc. now owns 61,000 shares of the construction company's stock worth $28,258,000 after purchasing an additional 5,000 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.86% of the stock is currently owned by company insiders.

Watsco Stock Down 0.3 %

Watsco stock traded down $1.26 during midday trading on Friday, reaching $484.33. 623,078 shares of the stock traded hands, compared to its average volume of 277,212. Watsco, Inc. has a 12 month low of $373.33 and a 12 month high of $571.41. The stock's fifty day moving average is $513.33 and its 200-day moving average is $491.45. The stock has a market cap of $19.56 billion, a P/E ratio of 37.43 and a beta of 0.92.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results 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 business had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.24 billion. During the same period last year, the business posted $4.35 earnings per share. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities analysts predict that Watsco, Inc. will post 13.06 EPS for the current fiscal year.

Watsco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were issued a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco's payout ratio is 83.46%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Robert W. Baird cut their price objective on shares of Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Northcoast Research started coverage on shares of Watsco in a research report on Friday, November 22nd. They set a "neutral" rating for the company.

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.