JPMorgan Chase & Co. Buys 41,845 Shares of Watsco, Inc. (NYSE:WSO)

JPMorgan Chase & Co. increased its stake in Watsco, Inc. (NYSE:WSO) by 9.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,061 shares of the construction company’s stock after buying an additional 41,845 shares during the period. JPMorgan Chase & Co. owned 1.15% of Watsco worth $228,263,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of WSO. Retirement Systems of Alabama lifted its stake in shares of Watsco by 7.5% in the 3rd quarter. Retirement Systems of Alabama now owns 54,408 shares of the construction company’s stock valued at $26,762,000 after purchasing an additional 3,813 shares during the period. Oddo BHF Asset Management Sas bought a new position in Watsco in the third quarter worth $1,332,000. Franklin Resources Inc. lifted its position in Watsco by 5.6% during the third quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company’s stock valued at $25,645,000 after buying an additional 2,738 shares during the period. Tidal Investments LLC boosted its holdings in shares of Watsco by 3.1% during the 3rd quarter. Tidal Investments LLC now owns 2,269 shares of the construction company’s stock valued at $1,116,000 after buying an additional 69 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its position in shares of Watsco by 1.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,088 shares of the construction company’s stock worth $3,978,000 after buying an additional 107 shares during the period. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on WSO shares. Northcoast Research began coverage on shares of Watsco in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Robert W. Baird dropped their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th.

Watsco Price Performance

Shares of Watsco stock opened at $474.79 on Tuesday. The stock has a market cap of $19.17 billion, a price-to-earnings ratio of 36.69 and a beta of 0.92. Watsco, Inc. has a 1 year low of $373.33 and a 1 year high of $571.41. The firm’s 50-day moving average is $512.11 and its 200 day moving average is $492.71.

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

Insider Transactions at Watsco

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

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.