Cerity Partners LLC Reduces Holdings in Watsco, Inc. (NYSE:WSO)

Cerity Partners LLC lowered its position in Watsco, Inc. (NYSE:WSO) by 19.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 8,580 shares of the construction company’s stock after selling 2,052 shares during the quarter. Cerity Partners LLC’s holdings in Watsco were worth $4,161,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Toronto Dominion Bank boosted its holdings in shares of Watsco by 32.2% in the third quarter. Toronto Dominion Bank now owns 4,258 shares of the construction company’s stock worth $2,094,000 after acquiring an additional 1,038 shares during the period. Franklin Resources Inc. boosted its stake in Watsco by 5.6% in the 3rd quarter. Franklin Resources Inc. now owns 51,590 shares of the construction company’s stock worth $25,645,000 after purchasing an additional 2,738 shares during the period. JPMorgan Chase & Co. grew its holdings in Watsco by 9.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company’s stock valued at $228,263,000 after buying an additional 41,845 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Watsco during the fourth quarter valued at about $10,446,000. Finally, AEGON ASSET MANAGEMENT UK Plc lifted its holdings in shares of Watsco by 15.1% in the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 139,157 shares of the construction company’s stock worth $65,966,000 after buying an additional 18,279 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Watsco Stock Performance

Watsco stock opened at $509.76 on Monday. Watsco, Inc. has a fifty-two week low of $396.82 and a fifty-two week high of $571.42. The stock has a market cap of $20.60 billion, a P/E ratio of 38.47 and a beta of 1.00. The firm’s fifty day moving average price is $496.96 and its 200-day moving average price is $498.91.

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

Watsco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a $3.00 dividend. This is an increase from Watsco’s previous quarterly dividend of $2.70. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.35%. Watsco’s payout ratio is presently 90.57%.

Wall Street Analyst Weigh In

WSO has been the subject of several recent analyst reports. Loop Capital boosted their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research note on Thursday, February 27th. Raymond James started coverage on shares of Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird lifted their price objective on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Watsco currently has a consensus rating of “Hold” and a consensus price target of $486.25.

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.