Bank of New York Mellon Corp Sells 2,422 Shares of Watsco, Inc. $WSO

Bank of New York Mellon Corp trimmed its holdings in shares of Watsco, Inc. (NYSE:WSO) by 1.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 251,778 shares of the construction company’s stock after selling 2,422 shares during the quarter. Bank of New York Mellon Corp’s holdings in Watsco were worth $91,594,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in WSO. Torren Management LLC bought a new stake in shares of Watsco during the 4th quarter valued at about $26,000. Bayban bought a new position in shares of Watsco in the fourth quarter worth approximately $29,000. Bamco Inc. NY bought a new stake in Watsco during the fourth quarter valued at approximately $35,000. Laurel Wealth Advisors LLC bought a new stake in Watsco during the fourth quarter valued at approximately $37,000. Finally, Quarry LP purchased a new position in Watsco in the 4th quarter worth approximately $37,000. 89.71% of the stock is currently owned by institutional investors.

Watsco Price Performance

Shares of WSO opened at $374.02 on Wednesday. Watsco, Inc. has a 1 year low of $323.05 and a 1 year high of $494.94. The stock has a 50 day simple moving average of $387.43 and a two-hundred day simple moving average of $393.17. The firm has a market cap of $15.21 billion, a P/E ratio of 31.04 and a beta of 1.02.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Tuesday, April 28th. The construction company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.73 by $0.14. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.49 billion. Watsco had a net margin of 6.85% and a return on equity of 15.31%. The business’s revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, equities analysts anticipate that Watsco, Inc. will post 12.81 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 16th will be issued a dividend of $3.30 per share. The ex-dividend date of this dividend is Thursday, July 16th. This represents a $13.20 annualized dividend and a dividend yield of 3.5%. Watsco’s dividend payout ratio (DPR) is currently 109.54%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Morgan Stanley lifted their price objective on shares of Watsco from $370.00 to $405.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Stephens increased their target price on Watsco from $475.00 to $485.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. DA Davidson started coverage on Watsco in a research report on Tuesday, June 16th. They set a “neutral” rating and a $385.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Watsco in a research note on Friday, June 26th. One analyst has rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $402.71.

Watsco Company Profile

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.