SlateStone Wealth LLC Boosts Stock Holdings in Watsco, Inc. (NYSE:WSO)

SlateStone Wealth LLC increased its stake in Watsco, Inc. (NYSE:WSO) by 1.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,089 shares of the construction company’s stock after buying an additional 37 shares during the quarter. SlateStone Wealth LLC’s holdings in Watsco were worth $990,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in shares of Watsco in the 4th quarter worth about $31,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Watsco in the 4th quarter worth about $36,000. Quarry LP boosted its holdings in shares of Watsco by 57.9% in the 3rd quarter. Quarry LP now owns 90 shares of the construction company’s stock worth $44,000 after buying an additional 33 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Watsco in the 3rd quarter worth about $48,000. Finally, Atala Financial Inc purchased a new position in shares of Watsco in the 4th quarter worth about $49,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Stock Up 3.4 %

NYSE WSO opened at $508.47 on Monday. The firm’s 50-day simple moving average is $489.58 and its two-hundred day simple moving average is $495.31. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42. The company has a market cap of $20.54 billion, a PE ratio of 38.38 and a beta of 0.92.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.24. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.67 billion. As a group, equities research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were given a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s dividend payout ratio is presently 81.51%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on WSO shares. Robert W. Baird boosted their price target on shares of Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Raymond James began coverage on shares of Watsco in a report on Friday, January 17th. They set a “market perform” rating on the stock. Northcoast Research began coverage on shares of Watsco in a report on Friday, November 22nd. They set a “neutral” rating on the stock. Finally, Loop Capital upped their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a report on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Watsco has a consensus rating of “Hold” and an average price target of $486.25.

Insider Activity

In other news, EVP Barry S. Logan sold 10,998 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 12.86% of the company’s stock.

About Watsco

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.