Retirement Systems of Alabama Boosts Stock Position in Watsco, Inc. (NYSE:WSO)

Retirement Systems of Alabama boosted its stake in shares of Watsco, Inc. (NYSE:WSO) by 7.5% in the third quarter, Holdings Channel reports. The fund owned 54,408 shares of the construction company’s stock after purchasing an additional 3,813 shares during the period. Retirement Systems of Alabama’s holdings in Watsco were worth $26,762,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of WSO. Sequoia Financial Advisors LLC grew its position in Watsco by 14.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 548 shares of the construction company’s stock valued at $254,000 after buying an additional 70 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Watsco by 24.6% in the second quarter. Assenagon Asset Management S.A. now owns 664 shares of the construction company’s stock valued at $308,000 after acquiring an additional 131 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Watsco by 86.4% during the second quarter. Blue Trust Inc. now owns 220 shares of the construction company’s stock worth $95,000 after acquiring an additional 102 shares during the period. Gradient Investments LLC acquired a new position in shares of Watsco during the second quarter worth about $108,000. Finally, Nisa Investment Advisors LLC raised its holdings in Watsco by 16.3% during the second quarter. Nisa Investment Advisors LLC now owns 18,540 shares of the construction company’s stock worth $8,588,000 after purchasing an additional 2,595 shares in the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of NYSE:WSO opened at $509.78 on Friday. The firm has a market capitalization of $20.58 billion, a price-to-earnings ratio of 39.40 and a beta of 0.92. The business’s 50 day simple moving average is $512.83 and its 200-day simple moving average is $490.84. Watsco, Inc. has a 12 month low of $373.33 and a 12 month high of $571.41.

Watsco (NYSE:WSO) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Watsco had a return on equity of 17.77% and a net margin of 6.99%. Watsco’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.35 earnings per share. On average, equities analysts anticipate that Watsco, Inc. will post 13.06 earnings per share for the current year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th were paid a dividend of $2.70 per share. The ex-dividend date was Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.12%. Watsco’s dividend payout ratio is currently 83.46%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on WSO. Northcoast Research started coverage on Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Robert W. Baird reduced their target price on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a report on Thursday, October 24th.

Watsco Company 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.