NewEdge Wealth LLC Raises Stock Position in Watsco, Inc. (NYSE:WSO)

NewEdge Wealth LLC increased its position in shares of Watsco, Inc. (NYSE:WSO) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,835 shares of the construction company’s stock after buying an additional 367 shares during the period. NewEdge Wealth LLC’s holdings in Watsco were worth $5,608,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in WSO. Wingate Wealth Advisors Inc. purchased a new stake in shares of Watsco during the fourth quarter worth approximately $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of Watsco during the third quarter worth approximately $43,000. Quarry LP increased its stake in shares of Watsco by 57.9% during the third quarter. Quarry LP now owns 90 shares of the construction company’s stock worth $44,000 after buying an additional 33 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Watsco during the third quarter worth approximately $48,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Watsco during the fourth quarter worth approximately $50,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Watsco Price Performance

Watsco stock opened at $499.55 on Friday. Watsco, Inc. has a 12 month low of $387.58 and a 12 month high of $571.41. The business has a 50 day simple moving average of $484.84 and a 200-day simple moving average of $493.04. The stock has a market capitalization of $20.17 billion, a PE ratio of 37.70 and a beta of 0.95.

Watsco (NYSE:WSO) last released its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping 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 business had revenue of $1.75 billion during 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 disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s payout ratio is currently 81.51%.

Insiders Place Their Bets

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.86% of the stock is owned by corporate insiders.

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.