Welch & Forbes LLC Reduces Position in Watsco, Inc. (NYSE:WSO)

Welch & Forbes LLC trimmed its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 0.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 214,281 shares of the construction company's stock after selling 622 shares during the period. Watsco comprises 1.3% of Welch & Forbes LLC's holdings, making the stock its 21st biggest holding. Welch & Forbes LLC owned approximately 0.53% of Watsco worth $101,546,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. bought a new position in shares of Watsco during the fourth quarter valued at approximately $36,000. Ashton Thomas Securities LLC purchased a new stake in Watsco in the third quarter worth $43,000. Quarry LP lifted its position in shares of Watsco by 57.9% during the third quarter. Quarry LP now owns 90 shares of the construction company's stock worth $44,000 after purchasing an additional 33 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Watsco during the third quarter valued at $48,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Watsco in the fourth quarter worth about $50,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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Watsco Stock Down 2.7 %

WSO stock traded down $14.12 during trading on Tuesday, hitting $506.39. 422,013 shares of the company's stock traded hands, compared to its average volume of 274,785. The business has a fifty day simple moving average of $487.22 and a two-hundred day simple moving average of $494.62. The firm has a market capitalization of $20.45 billion, a P/E ratio of 38.22 and a beta of 0.92. Watsco, Inc. has a 1 year low of $393.88 and a 1 year high of $571.41.

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

Watsco Announces Dividend

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

Insider Activity

In related news, EVP Barry S. Logan sold 10,998 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total transaction of $5,589,293.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.86% of the company's stock.

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.