Watsco, Inc. (NYSE:WSO) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. reduced its stake in Watsco, Inc. (NYSE:WSO) by 6.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,028 shares of the construction company’s stock after selling 766 shares during the period. Rockefeller Capital Management L.P.’s holdings in Watsco were worth $5,425,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of WSO. Quarry LP acquired a new stake in shares of Watsco in the second quarter valued at $26,000. Tortoise Investment Management LLC raised its stake in shares of Watsco by 76.2% in the second quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock valued at $34,000 after acquiring an additional 32 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in Watsco in the third quarter valued at $43,000. Massmutual Trust Co. FSB ADV raised its stake in Watsco by 30.6% in the third quarter. Massmutual Trust Co. FSB ADV now owns 94 shares of the construction company’s stock valued at $46,000 after buying an additional 22 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Watsco in the third quarter valued at $48,000. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Performance

WSO opened at $537.50 on Thursday. The business’s 50-day simple moving average is $508.38 and its 200-day simple moving average is $488.93. Watsco, Inc. has a one year low of $373.33 and a one year high of $571.41. The stock has a market capitalization of $21.71 billion, a P/E ratio of 41.98 and a beta of 0.92.

Watsco (NYSE:WSO) last posted its earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). Watsco had a return on equity of 17.77% and a net margin of 6.99%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the firm posted $4.35 EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities research analysts forecast that Watsco, Inc. will post 13.06 EPS for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Wednesday, October 16th were issued a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend was Wednesday, October 16th. Watsco’s dividend payout ratio is currently 83.46%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Northcoast Research assumed coverage on Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Robert W. Baird cut their price target on Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $491.25.

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.