Ethic Inc. Increases Position in Watsco, Inc. (NYSE:WSO)

Ethic Inc. increased its stake in shares of Watsco, Inc. (NYSE:WSO) by 32.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 1,617 shares of the construction company’s stock after buying an additional 394 shares during the quarter. Ethic Inc.’s holdings in Watsco were worth $463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Concord Wealth Partners purchased a new stake in shares of Watsco during the first quarter valued at $29,000. Van ECK Associates Corp purchased a new stake in shares of Watsco during the first quarter valued at $51,000. Rockefeller Capital Management L.P. grew its holdings in shares of Watsco by 14.8% during the first quarter. Rockefeller Capital Management L.P. now owns 295 shares of the construction company’s stock valued at $76,000 after buying an additional 38 shares during the last quarter. FORA Capital LLC purchased a new stake in shares of Watsco during the first quarter valued at $79,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of Watsco by 43.0% during the second quarter. Meeder Asset Management Inc. now owns 369 shares of the construction company’s stock valued at $106,000 after buying an additional 111 shares during the last quarter. 77.78% of the stock is currently owned by hedge funds and other institutional investors.

WSO stock opened at $276.63 on Friday. The company’s 50-day simple moving average is $280.95 and its 200-day simple moving average is $278.77. The company has a quick ratio of 1.20, a current ratio of 2.48 and a debt-to-equity ratio of 0.06. Watsco, Inc. has a 52-week low of $216.25 and a 52-week high of $307.81. The firm has a market cap of $10.72 billion, a P/E ratio of 30.74 and a beta of 0.77.

Watsco (NYSE:WSO) last posted its earnings results on Thursday, July 22nd. The construction company reported $3.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.15 by $0.56. Watsco had a net margin of 6.19% and a return on equity of 19.20%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period in the prior year, the company posted $2.26 EPS. The company’s revenue for the quarter was up 36.5% on a year-over-year basis. On average, analysts anticipate that Watsco, Inc. will post 10.02 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 30th. Stockholders of record on Thursday, July 15th were paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Wednesday, July 14th. Watsco’s payout ratio is currently 111.27%.

Several research firms have commented on WSO. Wolfe Research lowered shares of Watsco from a “peer perform” rating to an “underperform” rating and lowered their price target for the company from $309.00 to $304.00 in a report on Monday, July 12th. Stephens raised shares of Watsco from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $300.00 to $350.00 in a report on Friday, July 23rd. Finally, Loop Capital began coverage on shares of Watsco in a report on Tuesday, August 3rd. They issued a “hold” rating and a $300.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $281.33.

About Watsco

Watsco, Inc engages in distribution of air conditioning, heating and refrigeration equipment and related parts. Its products include residential central air conditioners, gas, electric & oil furnaces, commercial air conditioning & heating equipment, and other specialized equipment, parts, including replacement compressors, evaporator coils, motors and other component parts; and supplies, including thermostats, insulation material, refrigerants, ductwork, grills, registers, sheet metal, tools, copper tubing, concrete pads, tape, adhesives, and other ancillary supplies.

Further Reading: Strike Price

Want to see what other hedge funds are holding WSO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Watsco, Inc. (NYSE:WSO).

Institutional Ownership by Quarter for Watsco (NYSE:WSO)

Receive News & Ratings for Watsco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Watsco and related companies with MarketBeat.com's FREE daily email newsletter.