Watsco, Inc. $WSO Stock: Access Financial Services Inc. Lowers Stake

Access Financial Services Inc. cut its holdings in Watsco, Inc. (NYSE:WSO) by 64.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 991 shares of the construction company’s stock after selling 1,813 shares during the quarter. Access Financial Services Inc.’s holdings in Watsco were worth $300,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Danske Bank A S raised its stake in Watsco by 25.1% during the third quarter. Danske Bank A S now owns 21,722 shares of the construction company’s stock valued at $6,575,000 after purchasing an additional 4,360 shares in the last quarter. Patrick Mauro Investment Advisor INC. lifted its position in Watsco by 19.3% during the third quarter. Patrick Mauro Investment Advisor INC. now owns 39,701 shares of the construction company’s stock valued at $12,017,000 after purchasing an additional 6,423 shares during the last quarter. Aberdeen Group plc grew its stake in shares of Watsco by 10,290.1% in the 3rd quarter. Aberdeen Group plc now owns 2,294,244 shares of the construction company’s stock worth $694,445,000 after buying an additional 2,272,163 shares in the last quarter. Allworth Financial LP grew its stake in shares of Watsco by 285.4% in the 3rd quarter. Allworth Financial LP now owns 1,711 shares of the construction company’s stock worth $518,000 after buying an additional 1,267 shares in the last quarter. Finally, Maryland State Retirement & Pension System increased its holdings in shares of Watsco by 11.2% in the 3rd quarter. Maryland State Retirement & Pension System now owns 2,022 shares of the construction company’s stock worth $612,000 after buying an additional 203 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

WSO stock traded up $0.21 during mid-day trading on Friday, reaching $308.45. 469,709 shares of the stock traded hands, compared to its average volume of 723,794. Watsco, Inc. has a one year low of $277.34 and a one year high of $459.00. The stock has a market capitalization of $12.72 billion, a PE ratio of 27.25 and a beta of 1.03. The business has a 50-day moving average price of $305.98 and a two-hundred day moving average price of $362.24.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, October 27th. The construction company reported $3.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.33). Watsco had a return on equity of 13.97% and a net margin of 6.31%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter last year, the business posted $3.98 EPS. Watsco’s revenue was up 7.4% compared to the same quarter last year. On average, equities analysts expect that Watsco, Inc. will post 11.70 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were given a $3.30 dividend. This represents a $13.20 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Friday, October 16th. Watsco’s dividend payout ratio is 116.61%.

Analyst Ratings Changes

A number of analysts have recently weighed in on WSO shares. Stephens restated an “overweight” rating and issued a $485.00 target price on shares of Watsco in a report on Monday, August 17th. Zacks Research raised shares of Watsco from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 21st. Mizuho dropped their price target on Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Weiss Ratings cut Watsco from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, October 6th. Finally, Robert W. Baird set a $400.00 price objective on Watsco in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $373.62.

About Watsco

Watsco, Inc. distributes air-conditioning, heating, and refrigeration equipment and related parts and supplies. Its products serve residential and light commercial applications, including systems used in homes and businesses, as well as components and supplies for contractors who install and maintain them. The company sells products from a range of manufacturers through a network of distribution locations and digital platforms. Watsco serves customers in the United States, Canada, Mexico, and parts of Latin America and the Caribbean, supporting the installation, repair, and replacement of HVAC and refrigeration systems.