Heartland Advisors Inc. Reduces Stock Position in Watsco, Inc. (NYSE:WSO)

Heartland Advisors Inc. cut its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,275 shares of the construction company's stock after selling 5,594 shares during the period. Heartland Advisors Inc. owned about 0.07% of Watsco worth $12,451,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Rialto Wealth Management LLC bought a new stake in Watsco during the fourth quarter worth approximately $31,000. Wingate Wealth Advisors Inc. bought a new stake in Watsco in the fourth quarter worth $36,000. Quarry LP boosted its stake in Watsco by 57.9% during the third quarter. Quarry LP now owns 90 shares of the construction company's stock worth $44,000 after buying an additional 33 shares during the period. Brooklyn Investment Group bought a new position in Watsco during the 3rd quarter valued at about $48,000. Finally, Atala Financial Inc purchased a new stake in Watsco in the 4th quarter worth about $49,000. Institutional investors own 89.71% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on WSO. Raymond James initiated coverage on Watsco in a report on Friday, January 17th. They set a "market perform" rating for the company. Loop Capital lifted their price target on shares of Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research note on Thursday, February 27th. Finally, Robert W. Baird increased their price objective on Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $486.25.

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Watsco Price Performance

Shares of NYSE:WSO traded down $1.54 during trading hours on Tuesday, hitting $506.77. The company's stock had a trading volume of 66,266 shares, compared to its average volume of 252,025. The firm's fifty day moving average price is $496.37 and its 200 day moving average price is $499.01. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42. The company has a market capitalization of $20.48 billion, a price-to-earnings ratio of 38.34 and a beta of 0.92.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping analysts' consensus estimates of $2.13 by $0.24. The company had revenue of $1.75 billion during 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%. On average, equities research analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be paid a dividend of $3.00 per share. This is a boost from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.37%. Watsco's dividend payout ratio is 81.51%.

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.