Principal Financial Group Inc. Sells 24,621 Shares of Watsco, Inc. (NYSE:WSO)

Principal Financial Group Inc. reduced its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 21.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,820 shares of the construction company's stock after selling 24,621 shares during the quarter. Principal Financial Group Inc. owned 0.22% of Watsco worth $43,197,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC lifted its position in shares of Watsco by 100.0% during the first quarter. EntryPoint Capital LLC now owns 58 shares of the construction company's stock worth $25,000 after purchasing an additional 29 shares in the last quarter. Quarry LP acquired a new stake in Watsco in the second quarter valued at $26,000. Tortoise Investment Management LLC raised its holdings in Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company's stock valued at $34,000 after acquiring an additional 32 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Watsco by 30.6% in the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company's stock valued at $46,000 after acquiring an additional 22 shares in the last quarter. Finally, MCF Advisors LLC increased its stake in Watsco by 27.8% during the third quarter. MCF Advisors LLC now owns 115 shares of the construction company's stock valued at $57,000 after purchasing an additional 25 shares during the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Stock Performance

Shares of NYSE WSO traded up $8.39 during mid-day trading on Monday, reaching $536.89. The company had a trading volume of 155,887 shares, compared to its average volume of 285,394. The stock has a fifty day moving average of $486.19 and a two-hundred day moving average of $480.35. The company has a market capitalization of $21.68 billion, a price-to-earnings ratio of 41.49 and a beta of 0.88. Watsco, Inc. has a 12-month low of $372.63 and a 12-month high of $539.10.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The construction company reported $4.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.73 by ($0.51). Watsco had a return on equity of 17.77% and a net margin of 6.99%. The company had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.24 billion. During the same period last year, the company earned $4.35 earnings per share. Watsco's revenue for the quarter was up 1.6% compared to the same quarter last year. Sell-side analysts forecast that Watsco, Inc. will post 13.2 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were issued a dividend of $2.70 per share. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 annualized dividend and a yield of 2.01%. Watsco's dividend payout ratio (DPR) is presently 83.46%.

Analyst Upgrades and Downgrades

WSO has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on shares of Watsco from $420.00 to $425.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 31st. Robert W. Baird cut their price target 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.

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.