Baker Avenue Asset Management LP Sells 34 Shares of Watsco, Inc. (NYSE:WSO)

Baker Avenue Asset Management LP trimmed its holdings in shares of Watsco, Inc. (NYSE:WSO) by 2.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,238 shares of the construction company’s stock after selling 34 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Watsco were worth $587,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new stake in shares of Watsco during the fourth quarter worth $31,000. Wingate Wealth Advisors Inc. bought a new stake in Watsco in the 4th quarter valued at approximately $36,000. Atala Financial Inc acquired a new position in Watsco during the 4th quarter worth approximately $49,000. Golden State Wealth Management LLC bought a new position in shares of Watsco during the 4th quarter worth approximately $50,000. Finally, Tortoise Investment Management LLC raised its holdings in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company’s stock valued at $70,000 after purchasing an additional 64 shares during the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on WSO. UBS Group decreased their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Raymond James assumed coverage on Watsco in a research report on Friday, January 17th. They issued a “market perform” rating on the stock. Morgan Stanley started coverage on Watsco in a research report on Monday, April 14th. They set an “equal weight” rating and a $515.00 price target for the company. Mizuho set a $490.00 price target on Watsco in a research note on Thursday, April 24th. Finally, Loop Capital upped 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $480.83.

Watsco Stock Up 1.5 %

NYSE:WSO opened at $478.95 on Tuesday. Watsco, Inc. has a 12-month low of $439.08 and a 12-month high of $571.42. The firm has a market capitalization of $19.35 billion, a price-to-earnings ratio of 36.15 and a beta of 1.11. The stock’s 50 day moving average price is $494.16 and its two-hundred day moving average price is $497.44.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business earned $2.17 EPS. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were paid a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.51%. This is a positive change from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is 92.24%.

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.