State of Wisconsin Investment Board Cuts Stake in Watsco, Inc. (WSO)

State of Wisconsin Investment Board decreased its position in Watsco, Inc. (NYSE:WSO) by 5.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,379 shares of the construction company’s stock after selling 3,850 shares during the period. State of Wisconsin Investment Board owned approximately 0.19% of Watsco worth $9,465,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Flinton Capital Management LLC raised its position in Watsco by 9.1% in the first quarter. Flinton Capital Management LLC now owns 768 shares of the construction company’s stock valued at $110,000 after buying an additional 64 shares during the period. Winslow Evans & Crocker Inc. raised its position in Watsco by 300.0% in the second quarter. Winslow Evans & Crocker Inc. now owns 800 shares of the construction company’s stock valued at $123,000 after buying an additional 600 shares during the period. Creative Planning raised its position in Watsco by 1.5% in the first quarter. Creative Planning now owns 979 shares of the construction company’s stock valued at $140,000 after buying an additional 14 shares during the period. Public Employees Retirement Association of Colorado raised its position in Watsco by 15.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 952 shares of the construction company’s stock valued at $147,000 after buying an additional 129 shares during the period. Finally, Meadow Creek Investment Management LLC raised its position in Watsco by 9.1% in the first quarter. Meadow Creek Investment Management LLC now owns 1,056 shares of the construction company’s stock valued at $151,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 79.58% of the company’s stock.

Watsco, Inc. (WSO) opened at 143.45 on Friday. Watsco, Inc. has a 52-week low of $128.60 and a 52-week high of $159.55. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 26.53 and a beta of 0.83. The firm’s 50-day moving average is $149.54 and its 200 day moving average is $146.52.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, July 25th. The construction company reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Watsco had a return on equity of 14.52% and a net margin of 4.29%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 earnings per share. On average, equities research analysts predict that Watsco, Inc. will post $5.78 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Monday, July 17th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.49%. This is a positive change from Watsco’s previous quarterly dividend of $1.05. Watsco’s dividend payout ratio (DPR) is presently 93.11%.

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Several research firms have commented on WSO. Zacks Investment Research upgraded shares of Watsco from a “hold” rating to a “buy” rating and set a $169.00 price objective for the company in a research report on Tuesday, August 1st. BidaskClub upgraded shares of Watsco from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Wolfe Research began coverage on shares of Watsco in a research report on Tuesday, July 11th. They set a “market perform” rating for the company. Stifel Nicolaus reiterated a “buy” rating and set a $176.00 price objective (up previously from $163.00) on shares of Watsco in a research report on Friday, June 23rd. Finally, Morgan Stanley reiterated an “underweight” rating and set a $141.00 price objective (up previously from $139.00) on shares of Watsco in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $163.20.

Watsco Company Profile

Watsco, Inc is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the HVAC/R distribution industry in North America. As of December 31, 2016, the Company sold a range of non-equipment products, representing more than 300,000 stock keeping units, including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats and air quality products.