WASHINGTON TRUST Co Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

WASHINGTON TRUST Co decreased its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,966 shares of the construction company's stock after selling 2,078 shares during the period. WASHINGTON TRUST Co owned 0.10% of Watsco worth $20,150,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of WSO. Jennison Associates LLC grew its stake in shares of Watsco by 50.9% during the first quarter. Jennison Associates LLC now owns 185,633 shares of the construction company's stock worth $80,188,000 after acquiring an additional 62,593 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in Watsco during the 1st quarter worth approximately $822,000. EverSource Wealth Advisors LLC increased its stake in Watsco by 256.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,374 shares of the construction company's stock valued at $1,510,000 after purchasing an additional 2,427 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Watsco in the first quarter worth $491,000. Finally, Nordea Investment Management AB lifted its stake in shares of Watsco by 22.3% during the first quarter. Nordea Investment Management AB now owns 135,621 shares of the construction company's stock worth $59,020,000 after buying an additional 24,696 shares during the period. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WSO has been the subject of a number of research analyst reports. Robert W. Baird reduced their target price on Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. JPMorgan Chase & Co. raised their price objective on Watsco from $420.00 to $425.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 31st.

Watsco Stock Performance

NYSE WSO traded up $0.80 on Wednesday, reaching $474.27. 122,439 shares of the company's stock traded hands, compared to its average volume of 288,837. Watsco, Inc. has a fifty-two week low of $344.82 and a fifty-two week high of $520.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.65 and a current ratio of 3.36. The firm has a market cap of $19.11 billion, a price-to-earnings ratio of 36.40 and a beta of 0.88. The stock has a 50 day moving average price of $482.11 and a 200-day moving average price of $474.99.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.73 by ($0.51). The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Watsco had a net margin of 6.99% and a return on equity of 17.77%. The business's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $4.35 EPS. Equities research analysts predict that Watsco, Inc. will post 13.43 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th will be given a $2.70 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $10.80 annualized dividend and a yield of 2.28%. Watsco's dividend payout ratio is presently 83.08%.

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.