Eastern Bank Buys New Shares in Watsco, Inc. (NYSE:WSO)

Eastern Bank bought a new position in Watsco, Inc. (NYSE:WSO) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 2,974 shares of the construction company’s stock, valued at approximately $1,463,000.

Several other hedge funds and other institutional investors have also modified their holdings of WSO. Berry Wealth Group LP acquired a new position in Watsco in the 3rd quarter worth about $202,000. Prio Wealth Limited Partnership increased its stake in shares of Watsco by 58.1% in the third quarter. Prio Wealth Limited Partnership now owns 952 shares of the construction company’s stock worth $468,000 after purchasing an additional 350 shares during the period. Compass Ion Advisors LLC boosted its position in shares of Watsco by 7.7% in the third quarter. Compass Ion Advisors LLC now owns 935 shares of the construction company’s stock valued at $460,000 after acquiring an additional 67 shares during the period. Blue Trust Inc. increased its holdings in shares of Watsco by 139.5% during the 3rd quarter. Blue Trust Inc. now owns 527 shares of the construction company’s stock worth $244,000 after purchasing an additional 307 shares during the period. Finally, Stratos Wealth Partners LTD. lifted its position in shares of Watsco by 1.0% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 22,718 shares of the construction company’s stock worth $11,175,000 after acquiring an additional 222 shares during the period. Institutional investors and hedge funds own 89.71% of the company’s stock.

Watsco Trading Down 1.5 %

WSO opened at $484.78 on Wednesday. The firm’s fifty day simple moving average is $481.93 and its 200 day simple moving average is $473.05. Watsco, Inc. has a 12 month low of $338.58 and a 12 month high of $520.41. The stock has a market capitalization of $19.54 billion, a P/E ratio of 37.29 and a beta of 0.88. The company has a current ratio of 3.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.01.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, July 30th. The construction company reported $4.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.70 by ($0.21). The company had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.19 billion. Watsco had a net margin of 7.02% and a return on equity of 18.55%. Watsco’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.42 EPS. As a group, research analysts anticipate that Watsco, Inc. will post 13.78 EPS for the current fiscal year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 16th will be paid a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Wednesday, October 16th. Watsco’s dividend payout ratio (DPR) is currently 83.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WSO. Robert W. Baird upped their price target on Watsco from $522.00 to $550.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on shares of Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st.

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.