Ipswich Investment Management Co. Inc. Decreases Stock Holdings in Watsco, Inc. (NYSE:WSO)

Ipswich Investment Management Co. Inc. lowered its stake in Watsco, Inc. (NYSE:WSO) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,527 shares of the construction company’s stock after selling 330 shares during the quarter. Watsco accounts for 2.0% of Ipswich Investment Management Co. Inc.’s portfolio, making the stock its 11th largest position. Ipswich Investment Management Co. Inc.’s holdings in Watsco were worth $8,621,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in WSO. Vanguard Group Inc. boosted its stake in shares of Watsco by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 3,411,894 shares of the construction company’s stock worth $1,473,836,000 after buying an additional 146,305 shares during the last quarter. Blair William & Co. IL lifted its holdings in Watsco by 1.2% in the second quarter. Blair William & Co. IL now owns 801,152 shares of the construction company’s stock valued at $371,126,000 after acquiring an additional 9,141 shares during the period. Markel Group Inc. boosted its position in Watsco by 2.0% in the third quarter. Markel Group Inc. now owns 582,500 shares of the construction company’s stock worth $286,520,000 after purchasing an additional 11,250 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Watsco by 1.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 393,032 shares of the construction company’s stock valued at $182,068,000 after purchasing an additional 6,320 shares during the period. Finally, Hamlin Capital Management LLC increased its position in shares of Watsco by 7.4% during the 3rd quarter. Hamlin Capital Management LLC now owns 314,543 shares of the construction company’s stock valued at $154,717,000 after purchasing an additional 21,649 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Watsco Price Performance

Shares of WSO opened at $520.74 on Friday. The business’s 50 day simple moving average is $492.47 and its 200-day simple moving average is $482.23. Watsco, Inc. has a 1 year low of $373.33 and a 1 year high of $545.49. The stock has a market capitalization of $21.03 billion, a price-to-earnings ratio of 40.24 and a beta of 0.88.

Watsco (NYSE:WSO) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing the consensus estimate of $4.73 by ($0.51). Watsco had a net margin of 6.99% and a return on equity of 17.77%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the business earned $4.35 EPS. Watsco’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Watsco, Inc. will post 13.06 earnings per share for the current year.

Watsco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were issued a $2.70 dividend. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Wednesday, October 16th. Watsco’s payout ratio is 83.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WSO. JPMorgan Chase & Co. upped their target price on shares of Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Robert W. Baird decreased their price target on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th.

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.