Resona Asset Management Co. Ltd. Takes Position in Watsco, Inc. (NYSE:WSO)

Resona Asset Management Co. Ltd. purchased a new position in Watsco, Inc. (NYSE:WSO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,257 shares of the construction company's stock, valued at approximately $5,342,000.

Other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in Watsco in the 4th quarter worth $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Watsco during the fourth quarter worth about $36,000. Quarry LP raised its stake in Watsco by 57.9% during the 3rd quarter. Quarry LP now owns 90 shares of the construction company's stock valued at $44,000 after purchasing an additional 33 shares during the period. Atala Financial Inc purchased a new position in Watsco in the 4th quarter worth approximately $49,000. Finally, Golden State Wealth Management LLC bought a new position in Watsco in the 4th quarter worth approximately $50,000. Institutional investors own 89.71% of the company's stock.

Watsco Trading Up 1.3 %

Shares of Watsco stock traded up $6.37 on Monday, hitting $515.30. 23,522 shares of the company traded hands, compared to its average volume of 253,335. The company has a market cap of $20.82 billion, a PE ratio of 38.89 and a beta of 1.00. The stock's 50 day moving average price is $496.96 and its 200-day moving average price is $498.91. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.67 billion. As a group, research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be issued a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Tuesday, April 15th. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is 90.57%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Robert W. Baird boosted their price target on shares of Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Raymond James initiated coverage on Watsco in a report on Friday, January 17th. They set a "market perform" rating on the stock. Morgan Stanley initiated coverage on shares of Watsco in a report on Monday. They issued an "equal weight" rating and a $515.00 target price for the company. Finally, Loop Capital increased their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research report on Thursday, February 27th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $492.00.

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.