Verition Fund Management LLC Buys 2,627 Shares of Watsco, Inc. (NYSE:WSO)

Verition Fund Management LLC lifted its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 195.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,973 shares of the construction company's stock after acquiring an additional 2,627 shares during the period. Verition Fund Management LLC's holdings in Watsco were worth $1,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in WSO. MetLife Investment Management LLC raised its position in Watsco by 6.4% in the third quarter. MetLife Investment Management LLC now owns 17,978 shares of the construction company's stock worth $8,843,000 after acquiring an additional 1,075 shares in the last quarter. CreativeOne Wealth LLC grew its stake in shares of Watsco by 21.5% in the 3rd quarter. CreativeOne Wealth LLC now owns 2,820 shares of the construction company's stock worth $1,387,000 after purchasing an additional 499 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Watsco in the 3rd quarter worth approximately $1,608,000. Blueshift Asset Management LLC acquired a new stake in Watsco during the third quarter valued at approximately $241,000. Finally, Cynosure Group LLC boosted its holdings in Watsco by 5.0% during the third quarter. Cynosure Group LLC now owns 860 shares of the construction company's stock worth $423,000 after buying an additional 41 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on WSO shares. Robert W. Baird dropped their price target on Watsco from $550.00 to $540.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Northcoast Research began coverage on Watsco in a research report on Friday, November 22nd. They set a "neutral" rating on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $491.25.

Watsco Stock Up 0.6 %

Shares of WSO stock traded up $3.11 during trading hours on Friday, reaching $526.81. 167,656 shares of the stock traded hands, compared to its average volume of 278,717. The business has a fifty day moving average price of $509.62 and a 200 day moving average price of $489.51. Watsco, Inc. has a 1-year low of $373.33 and a 1-year high of $571.41. The firm has a market capitalization of $21.27 billion, a PE ratio of 40.52 and a beta of 0.92.

Watsco (NYSE:WSO - Get Free Report) last released its 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). The business had revenue of $2.16 billion during the quarter, compared to analysts' expectations of $2.24 billion. Watsco had a net margin of 6.99% and a return on equity of 17.77%. Watsco's revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.35 EPS. Research analysts expect that Watsco, Inc. will post 13.06 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were given a dividend of $2.70 per share. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 dividend on an annualized basis and a yield of 2.05%. Watsco's payout ratio is presently 83.46%.

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.