Watsco, Inc. (NYSE:WSO) Shares Sold by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. reduced its position in Watsco, Inc. (NYSE:WSO) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,985 shares of the construction company’s stock after selling 325 shares during the quarter. Watsco comprises approximately 1.3% of Covington Investment Advisors Inc.’s investment portfolio, making the stock its 17th largest position. Covington Investment Advisors Inc.’s holdings in Watsco were worth $15,115,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Rialto Wealth Management LLC purchased a new stake in shares of Watsco in the 4th quarter valued at approximately $31,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Watsco in the fourth quarter worth $36,000. Quarry LP raised its stake in shares of Watsco by 57.9% in the third quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after acquiring an additional 33 shares in the last quarter. Brooklyn Investment Group acquired a new position in Watsco during the 3rd quarter worth $48,000. Finally, Atala Financial Inc acquired a new stake in shares of Watsco in the 4th quarter valued at $49,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Up 0.4 %

Shares of NYSE:WSO opened at $515.34 on Friday. Watsco, Inc. has a 12 month low of $396.82 and a 12 month high of $571.42. The company’s fifty day simple moving average is $496.05 and its 200 day simple moving average is $497.87. The firm has a market cap of $20.82 billion, a price-to-earnings ratio of 38.89 and a beta of 0.92.

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

Watsco Dividend Announcement

The company 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. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a yield of 2.10%. Watsco’s dividend payout ratio is currently 81.51%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WSO. Raymond James initiated coverage on shares of Watsco in a research note on Friday, January 17th. They set a “market perform” rating on the stock. Loop Capital upped their price target on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a report on Thursday, February 27th. Finally, Robert W. Baird increased their price objective on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $486.25.

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.