Johnson Financial Group Inc. Lowers Position in Watsco, Inc. (NYSE:WSO)

Johnson Financial Group Inc. decreased its holdings in shares of Watsco, Inc. (NYSE:WSO) by 74.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 844 shares of the construction company’s stock after selling 2,498 shares during the period. Johnson Financial Group Inc.’s holdings in Watsco were worth $404,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Rialto Wealth Management LLC bought a new position in shares of Watsco during the fourth quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. purchased a new stake in Watsco during the fourth quarter worth $36,000. Atala Financial Inc purchased a new stake in Watsco during the fourth quarter worth $49,000. Golden State Wealth Management LLC bought a new stake in Watsco during the 4th quarter valued at $50,000. Finally, Tortoise Investment Management LLC increased its holdings in shares of Watsco by 76.2% in the 4th quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company’s stock valued at $70,000 after acquiring an additional 64 shares during the period. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Up 0.5 %

WSO stock opened at $455.46 on Friday. The stock has a market capitalization of $18.40 billion, a PE ratio of 34.37 and a beta of 1.00. Watsco, Inc. has a 52 week low of $439.08 and a 52 week high of $571.42. The firm has a 50 day moving average of $498.87 and a 200 day moving average of $498.72.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.36). The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. During the same period in the prior year, the business posted $2.17 EPS. On average, equities research analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be given a dividend of $3.00 per share. 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 2.63%. This is a boost from Watsco’s previous quarterly dividend of $2.70. Watsco’s payout ratio is currently 90.57%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WSO. Morgan Stanley started coverage on Watsco in a research note on Monday, April 14th. They set an “equal weight” rating and a $515.00 price objective for the company. Robert W. Baird lowered their price target on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating on the stock in a report on Thursday. UBS Group decreased their target price on shares of Watsco from $475.00 to $455.00 and set a “neutral” rating for the company in a research report on Thursday. Mizuho set a $490.00 target price on shares of Watsco in a research note on Thursday. Finally, Loop Capital upped their price target on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Watsco currently has a consensus rating of “Hold” and an average price target of $480.83.

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.