SlateStone Wealth LLC Buys 37 Shares of Watsco, Inc. (NYSE:WSO)

SlateStone Wealth LLC increased its stake in Watsco, Inc. (NYSE:WSO) by 1.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,089 shares of the construction company’s stock after purchasing an additional 37 shares during the period. SlateStone Wealth LLC’s holdings in Watsco were worth $990,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of WSO. Assetmark Inc. raised its stake in shares of Watsco by 6.4% during the third quarter. Assetmark Inc. now owns 612 shares of the construction company’s stock worth $301,000 after acquiring an additional 37 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Watsco by 1.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company’s stock worth $31,853,000 after acquiring an additional 1,074 shares in the last quarter. Metis Global Partners LLC purchased a new position in shares of Watsco during the third quarter worth approximately $212,000. CIBC Asset Management Inc raised its stake in shares of Watsco by 4.4% during the third quarter. CIBC Asset Management Inc now owns 2,083 shares of the construction company’s stock worth $1,025,000 after acquiring an additional 87 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Watsco by 4.2% during the third quarter. Empowered Funds LLC now owns 5,031 shares of the construction company’s stock worth $2,475,000 after acquiring an additional 201 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Raymond James assumed coverage on shares of Watsco in a research note on Friday, January 17th. They set a “market perform” rating on the stock. Northcoast Research began coverage on shares of Watsco in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Loop Capital raised their target price on shares of 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 raised their target price on shares of Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $486.25.

Insider Activity at Watsco

In related news, EVP Barry S. Logan sold 10,998 shares of Watsco stock in a transaction 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 legal filing with the SEC, which is available at the SEC website. 12.86% of the stock is currently owned by company insiders.

Watsco Stock Performance

Shares of Watsco stock opened at $508.47 on Monday. Watsco, Inc. has a 52-week low of $396.82 and a 52-week high of $571.42. The stock has a market capitalization of $20.54 billion, a price-to-earnings ratio of 38.38 and a beta of 0.92. The company’s 50 day moving average price is $489.58 and its 200-day moving average price is $495.31.

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 the consensus estimate of $2.13 by $0.24. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. As a group, equities research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were issued a $2.70 dividend. This represents a $10.80 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Friday, January 17th. Watsco’s dividend payout ratio (DPR) is currently 81.51%.

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.