Belpointe Asset Management LLC Buys 299 Shares of Watsco, Inc. $WSO

Belpointe Asset Management LLC raised its stake in Watsco, Inc. (NYSE:WSO) by 10.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,102 shares of the construction company’s stock after purchasing an additional 299 shares during the quarter. Belpointe Asset Management LLC’s holdings in Watsco were worth $1,370,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC grew its stake in Watsco by 0.5% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,557,610 shares of the construction company’s stock valued at $791,734,000 after purchasing an additional 7,760 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Watsco by 6.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,454,512 shares of the construction company’s stock valued at $739,088,000 after purchasing an additional 82,977 shares in the last quarter. Blair William & Co. IL grew its stake in Watsco by 5.7% in the first quarter. Blair William & Co. IL now owns 814,712 shares of the construction company’s stock valued at $414,118,000 after purchasing an additional 43,776 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Watsco by 4.0% in the first quarter. JPMorgan Chase & Co. now owns 496,428 shares of the construction company’s stock valued at $252,335,000 after purchasing an additional 18,958 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Watsco by 62.8% in the first quarter. Goldman Sachs Group Inc. now owns 468,875 shares of the construction company’s stock valued at $238,329,000 after purchasing an additional 180,951 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WSO shares. Morgan Stanley set a $505.00 price target on Watsco in a research note on Wednesday, July 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Watsco in a research note on Saturday, September 27th. Finally, UBS Group reduced their target price on Watsco from $450.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday, September 23rd. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $480.00.

Watsco Trading Down 3.2%

NYSE:WSO opened at $397.07 on Wednesday. The stock has a market cap of $16.10 billion, a P/E ratio of 30.45 and a beta of 0.94. The stock has a 50 day simple moving average of $407.68 and a 200 day simple moving average of $447.56. Watsco, Inc. has a 1-year low of $378.35 and a 1-year high of $571.41.

Watsco (NYSE:WSO) last released its quarterly earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.32). The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a return on equity of 16.96% and a net margin of 7.08%.The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.49 earnings per share. As a group, sell-side analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 16th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, October 16th. Watsco’s dividend payout ratio (DPR) is presently 92.02%.

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.