Citigroup Inc. Boosts Stake in Watsco, Inc. (NYSE:WSO)

Citigroup Inc. raised its position in Watsco, Inc. (NYSE:WSO) by 35.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,219 shares of the construction company’s stock after purchasing an additional 4,204 shares during the quarter. Citigroup Inc.’s holdings in Watsco were worth $7,978,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of WSO. EverSource Wealth Advisors LLC raised its holdings in Watsco by 256.3% in the first quarter. EverSource Wealth Advisors LLC now owns 3,374 shares of the construction company’s stock valued at $1,510,000 after buying an additional 2,427 shares during the period. Gateway Investment Advisers LLC purchased a new position in shares of Watsco in the 2nd quarter valued at $2,109,000. Citizens Financial Group Inc. RI lifted its holdings in shares of Watsco by 40.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,217 shares of the construction company’s stock valued at $1,582,000 after acquiring an additional 929 shares in the last quarter. Markel Group Inc. increased its holdings in Watsco by 0.9% in the 2nd quarter. Markel Group Inc. now owns 571,250 shares of the construction company’s stock valued at $264,626,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Watsco by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 64,758 shares of the construction company’s stock valued at $31,853,000 after purchasing an additional 1,074 shares in the last quarter. 89.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WSO has been the topic of several recent research reports. Northcoast Research started coverage on Watsco in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Robert W. Baird decreased their price objective on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $491.25.

Watsco Trading Down 0.6 %

Shares of NYSE:WSO opened at $551.60 on Friday. The firm has a market cap of $22.27 billion, a PE ratio of 43.18 and a beta of 0.88. The company has a fifty day simple moving average of $505.23 and a 200 day simple moving average of $487.40. Watsco, Inc. has a 12-month low of $373.33 and a 12-month high of $571.41.

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

Watsco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders 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 yield of 1.96%. The ex-dividend date was Wednesday, October 16th. Watsco’s dividend payout ratio is presently 83.46%.

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.