Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in Watsco, Inc. (NYSE:WSO)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 20.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,075 shares of the construction company's stock after selling 4,624 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Watsco were worth $8,566,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Assetmark Inc. raised its stake in Watsco by 6.4% during the 3rd quarter. Assetmark Inc. now owns 612 shares of the construction company's stock valued at $301,000 after buying an additional 37 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Watsco during the third quarter valued at $962,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Watsco by 1.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company's stock valued at $31,853,000 after acquiring an additional 1,074 shares during the period. Metis Global Partners LLC purchased a new position in Watsco in the third quarter worth about $212,000. Finally, CIBC Asset Management Inc grew its stake in shares of Watsco by 4.4% during the 3rd quarter. CIBC Asset Management Inc now owns 2,083 shares of the construction company's stock valued at $1,025,000 after purchasing an additional 87 shares during the period. Institutional investors own 89.71% of the company's stock.

Watsco Price Performance

WSO stock traded down $2.02 during mid-day trading on Wednesday, reaching $507.41. The company had a trading volume of 246,614 shares, compared to its average volume of 269,483. The company has a market capitalization of $20.50 billion, a PE ratio of 38.30 and a beta of 0.92. The firm has a 50 day moving average of $491.26 and a 200 day moving average of $495.86. Watsco, Inc. has a 12 month low of $396.82 and a 12 month high of $571.41.

Remove Ads

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.67 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. Analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were issued a $2.70 dividend. The ex-dividend date was Friday, January 17th. This represents a $10.80 annualized dividend and a dividend yield of 2.13%. Watsco's payout ratio is currently 81.51%.

Analysts Set New Price Targets

WSO has been the topic of a number of analyst reports. Raymond James started coverage on Watsco in a research report on Friday, January 17th. They set a "market perform" rating on the stock. Loop Capital lifted their price objective on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Northcoast Research assumed coverage on Watsco in a report on Friday, November 22nd. They set a "neutral" rating on the stock. Finally, Robert W. Baird raised their target price on shares of Watsco from $540.00 to $560.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $486.25.

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.