Watsco, Inc. (NYSE:WSO) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in Watsco, Inc. (NYSE:WSO - Free Report) by 21.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 87,820 shares of the construction company's stock after selling 24,621 shares during the period. Principal Financial Group Inc. owned 0.22% of Watsco worth $43,197,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in WSO. Toronto Dominion Bank raised its stake in Watsco by 32.2% during the 3rd quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company's stock valued at $2,094,000 after acquiring an additional 1,038 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in shares of Watsco by 40.6% during the third quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company's stock worth $1,582,000 after purchasing an additional 929 shares during the period. Larson Financial Group LLC grew its position in Watsco by 3,571.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company's stock valued at $560,000 after buying an additional 1,107 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Watsco by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company's stock valued at $31,853,000 after buying an additional 1,074 shares during the period. Finally, Markel Group Inc. increased its stake in Watsco by 0.9% in the 2nd quarter. Markel Group Inc. now owns 571,250 shares of the construction company's stock valued at $264,626,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Trading Up 0.7 %

Shares of NYSE:WSO traded up $3.61 on Monday, reaching $487.94. 176,836 shares of the company were exchanged, compared to its average volume of 276,821. The company has a 50-day moving average of $513.20 and a 200-day moving average of $491.96. The firm has a market cap of $19.70 billion, a price-to-earnings ratio of 37.71 and a beta of 0.92. Watsco, Inc. has a 1-year low of $373.33 and a 1-year high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 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 for the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the prior year, the firm posted $4.35 EPS. The firm's quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts forecast that Watsco, Inc. will post 13.06 earnings per share for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were paid a $2.70 dividend. This represents a $10.80 annualized dividend and a yield of 2.21%. The ex-dividend date was Wednesday, October 16th. Watsco's payout ratio is currently 83.46%.

Analyst Ratings Changes

WSO has been the subject of several recent analyst reports. Robert W. Baird reduced their target price on shares of Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a research note on Thursday, October 24th. Northcoast Research started coverage on Watsco in a research report on Friday, November 22nd. They set a "neutral" rating on the stock.

Insider Buying and Selling

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the company's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 12.86% of the stock is currently owned by insiders.

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.