Watsco, Inc. (NYSE:WSO) Stock Position Lessened by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in Watsco, Inc. (NYSE:WSO) by 6.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,283 shares of the construction company’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in Watsco were worth $3,925,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. FMR LLC grew its position in Watsco by 10.6% in the 3rd quarter. FMR LLC now owns 3,624,159 shares of the construction company’s stock valued at $1,782,651,000 after buying an additional 346,470 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Watsco during the fourth quarter valued at approximately $63,603,000. Benjamin Edwards Inc. raised its holdings in Watsco by 2,128.1% during the third quarter. Benjamin Edwards Inc. now owns 107,463 shares of the construction company’s stock worth $52,880,000 after purchasing an additional 102,640 shares in the last quarter. State Street Corp raised its holdings in Watsco by 5.9% during the third quarter. State Street Corp now owns 1,173,762 shares of the construction company’s stock worth $577,350,000 after purchasing an additional 65,846 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Watsco by 9.9% in the third quarter. Geode Capital Management LLC now owns 704,330 shares of the construction company’s stock worth $345,783,000 after purchasing an additional 63,254 shares during the period. Institutional investors own 89.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on WSO shares. Loop Capital lifted their price target on Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research report on Thursday, February 27th. Robert W. Baird boosted their price target on shares of Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Northcoast Research started coverage on shares of Watsco in a report on Friday, November 22nd. They issued a “neutral” rating for the company. Finally, Raymond James started coverage on shares of Watsco in a research report on Friday, January 17th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $486.25.

Watsco Stock Up 5.1 %

WSO opened at $513.78 on Friday. The firm has a market cap of $20.75 billion, a PE ratio of 38.78 and a beta of 0.95. The business has a fifty day simple moving average of $485.62 and a 200-day simple moving average of $493.82. Watsco, Inc. has a fifty-two week low of $389.08 and a fifty-two week high of $571.41.

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 during the quarter, compared to analyst estimates of $1.67 billion. On average, equities research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were issued a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s payout ratio is 81.51%.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.86% of the company’s stock.

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.