Pinebridge Investments L.P. Acquires 2,681 Shares of Watsco, Inc. (NYSE:WSO)

Pinebridge Investments L.P. raised its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 42.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,955 shares of the construction company's stock after purchasing an additional 2,681 shares during the period. Pinebridge Investments L.P.'s holdings in Watsco were worth $4,244,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in Watsco by 5.6% during the 3rd quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company's stock valued at $25,645,000 after purchasing an additional 2,738 shares during the period. JPMorgan Chase & Co. raised its position in shares of Watsco by 9.9% in 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 during the period. Janney Montgomery Scott LLC bought a new position in Watsco during the 4th quarter worth approximately $10,446,000. AEGON ASSET MANAGEMENT UK Plc grew its holdings in Watsco by 15.1% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 139,157 shares of the construction company's stock valued at $65,966,000 after purchasing an additional 18,279 shares during the period. Finally, Conestoga Capital Advisors LLC increased its stake in Watsco by 1.3% in the fourth quarter. Conestoga Capital Advisors LLC now owns 97,832 shares of the construction company's stock valued at $46,362,000 after purchasing an additional 1,300 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Performance

NYSE WSO traded down $0.15 on Monday, reaching $455.93. The company had a trading volume of 234,954 shares, compared to its average volume of 255,406. The firm has a market capitalization of $18.42 billion, a price-to-earnings ratio of 34.41 and a beta of 1.00. Watsco, Inc. has a 1-year low of $439.08 and a 1-year high of $571.42. The company's fifty day moving average is $497.77 and its 200-day moving average is $498.58.

Watsco (NYSE:WSO - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. Watsco's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.17 earnings per share. On average, research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This is a boost from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a yield of 2.63%. Watsco's payout ratio is 92.24%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WSO shares. UBS Group reduced their price target on shares of Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a research report on Thursday. Morgan Stanley assumed coverage on shares of Watsco in a report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price target for the company. Mizuho set a $490.00 price target on shares of Watsco in a report on Thursday. Raymond James assumed coverage on shares of Watsco in a report on Friday, January 17th. They issued a "market perform" rating for the company. Finally, StockNews.com lowered shares of Watsco from a "hold" rating to a "sell" rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Watsco presently has a consensus rating of "Hold" and an average target price of $480.83.

Watsco 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.