Riverbridge Partners LLC Reduces Stock Holdings in Watsco Inc (NYSE:WSO)

Riverbridge Partners LLC lowered its stake in shares of Watsco Inc (NYSE:WSO) by 0.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 119,068 shares of the construction company’s stock after selling 430 shares during the quarter. Riverbridge Partners LLC’s holdings in Watsco were worth $21,450,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WSO. Nuveen Asset Management LLC bought a new stake in shares of Watsco in the 2nd quarter worth about $23,929,000. Balyasny Asset Management LLC bought a new position in shares of Watsco during the second quarter valued at approximately $14,157,000. Millennium Management LLC increased its holdings in Watsco by 262.9% during the third quarter. Millennium Management LLC now owns 109,721 shares of the construction company’s stock valued at $18,562,000 after buying an additional 79,488 shares during the period. First Trust Advisors LP increased its holdings in Watsco by 14.0% during the third quarter. First Trust Advisors LP now owns 305,648 shares of the construction company’s stock valued at $51,710,000 after buying an additional 37,585 shares during the period. Finally, California Public Employees Retirement System raised its stake in Watsco by 44.3% in the third quarter. California Public Employees Retirement System now owns 86,466 shares of the construction company’s stock worth $14,628,000 after buying an additional 26,557 shares in the last quarter. 79.00% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director George Sape sold 550 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $174.87, for a total value of $96,178.50. Following the sale, the director now owns 8,031 shares in the company, valued at $1,404,380.97. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 13.61% of the company’s stock.

WSO stock traded up $0.22 on Tuesday, hitting $176.55. 303,400 shares of the company’s stock were exchanged, compared to its average volume of 178,256. The firm has a 50 day moving average price of $179.07 and a two-hundred day moving average price of $169.53. Watsco Inc has a 12-month low of $136.45 and a 12-month high of $183.00. The stock has a market cap of $6.67 billion, a P/E ratio of 27.20 and a beta of 0.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.33 and a current ratio of 3.12.

Watsco (NYSE:WSO) last issued its quarterly earnings results on Thursday, October 17th. The construction company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.23 by ($0.03). The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.38 billion. Watsco had a return on equity of 15.07% and a net margin of 5.29%. Watsco’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.11 EPS. Sell-side analysts expect that Watsco Inc will post 6.62 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Thursday, January 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Wednesday, January 15th. Watsco’s dividend payout ratio (DPR) is 98.61%.

A number of research firms have weighed in on WSO. Buckingham Research lowered their target price on Watsco from $165.00 to $164.00 and set a “neutral” rating for the company in a report on Friday, October 18th. Morgan Stanley lifted their price target on Watsco from $145.00 to $158.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on Watsco from $132.00 to $138.00 and gave the stock an “underweight” rating in a research report on Thursday, October 10th. Finally, Robert W. Baird upped their price objective on Watsco from $160.00 to $175.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Watsco currently has a consensus rating of “Hold” and a consensus price target of $160.40.

Watsco Profile

Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. It offers residential ducted and ductless air conditioners; gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.

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Institutional Ownership by Quarter for Watsco (NYSE:WSO)

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