Trust Point Inc. Decreases Holdings in Watsco, Inc. (NYSE:WSO)

Trust Point Inc. decreased its position in shares of Watsco, Inc. (NYSE:WSO) by 10.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,422 shares of the construction company’s stock after selling 171 shares during the period. Trust Point Inc.’s holdings in Watsco were worth $723,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Access Financial Services Inc. boosted its stake in shares of Watsco by 6.4% during the 1st quarter. Access Financial Services Inc. now owns 3,412 shares of the construction company’s stock worth $1,734,000 after acquiring an additional 205 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Watsco during the 1st quarter worth approximately $25,000. Ipswich Investment Management Co. Inc. boosted its stake in shares of Watsco by 1.9% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 17,871 shares of the construction company’s stock worth $9,084,000 after acquiring an additional 331 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Watsco by 4.8% during the 1st quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company’s stock worth $523,000 after acquiring an additional 47 shares in the last quarter. Finally, Simon Quick Advisors LLC boosted its stake in shares of Watsco by 11.4% during the 1st quarter. Simon Quick Advisors LLC now owns 900 shares of the construction company’s stock worth $458,000 after acquiring an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO opened at $429.73 on Tuesday. The stock has a fifty day moving average of $468.47 and a two-hundred day moving average of $485.49. The company has a market capitalization of $17.41 billion, a PE ratio of 32.43 and a beta of 1.06. Watsco, Inc. has a fifty-two week low of $426.89 and a fifty-two week high of $571.42.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.17 earnings per share. As a group, equities research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a $3.00 dividend. The ex-dividend date of this dividend was Tuesday, April 15th. This is an increase from Watsco’s previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a yield of 2.79%. Watsco’s payout ratio is 92.24%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on WSO shares. JPMorgan Chase & Co. upped their target price on Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Loop Capital upped their target price on Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research note on Thursday, February 27th. Mizuho set a $490.00 target price on Watsco in a research note on Thursday, April 24th. Wall Street Zen raised Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Finally, Morgan Stanley started coverage on Watsco in a research note on Monday, April 14th. They issued an “equal weight” rating and a $515.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $486.67.

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.