Watsco, Inc. (NYSE:WSO) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Watsco, Inc. (NYSE:WSO) by 4.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 118,089 shares of the construction company’s stock after selling 5,414 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.29% of Watsco worth $54,703,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EntryPoint Capital LLC grew its holdings in Watsco by 100.0% during the first quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock worth $25,000 after acquiring an additional 29 shares during the period. First PREMIER Bank acquired a new stake in Watsco in the 1st quarter valued at about $25,000. Cullen Frost Bankers Inc. purchased a new position in Watsco during the fourth quarter worth approximately $28,000. ORG Partners LLC acquired a new position in shares of Watsco during the 1st quarter valued at about $31,000. Finally, Salomon & Ludwin LLC boosted its holdings in Watsco by 52.6% in the 1st quarter. Salomon & Ludwin LLC now owns 87 shares of the construction company’s stock valued at $38,000 after purchasing an additional 30 shares during the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Stock Down 2.1 %

Watsco stock opened at $472.01 on Wednesday. The stock has a 50-day simple moving average of $481.24 and a 200-day simple moving average of $451.74. The company has a market capitalization of $19.02 billion, a P/E ratio of 36.31 and a beta of 0.88. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.55 and a current ratio of 3.21. Watsco, Inc. has a fifty-two week low of $338.58 and a fifty-two week high of $520.41.

Watsco (NYSE:WSO) last announced its earnings results on Tuesday, July 30th. The construction company reported $4.49 EPS for the quarter, missing analysts’ consensus estimates of $4.70 by ($0.21). Watsco had a net margin of 7.02% and a return on equity of 18.55%. The business had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the firm earned $4.42 earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts expect that Watsco, Inc. will post 13.83 earnings per share for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th were given a $2.70 dividend. The ex-dividend date of this dividend was Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a yield of 2.29%. Watsco’s payout ratio is currently 83.08%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WSO. JPMorgan Chase & Co. lifted their target price on Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Robert W. Baird upped their target price on shares of Watsco from $460.00 to $522.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $433.71.

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.