K.J. Harrison & Partners Inc Lowers Stake in Watsco, Inc. (NYSE:WSO)

K.J. Harrison & Partners Inc reduced its stake in shares of Watsco, Inc. (NYSE:WSO) by 5.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,560 shares of the construction company’s stock after selling 510 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Watsco were worth $4,482,000 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. NewEdge Wealth LLC raised its holdings in shares of Watsco by 3.2% during the 4th quarter. NewEdge Wealth LLC now owns 11,835 shares of the construction company’s stock valued at $5,608,000 after buying an additional 367 shares in the last quarter. Cutter & CO Brokerage Inc. boosted its stake in shares of Watsco by 9.4% in the 4th quarter. Cutter & CO Brokerage Inc. now owns 13,763 shares of the construction company’s stock valued at $6,522,000 after purchasing an additional 1,186 shares in the last quarter. Lake Street Advisors Group LLC raised its position in Watsco by 285.0% in the 4th quarter. Lake Street Advisors Group LLC now owns 3,011 shares of the construction company’s stock worth $1,427,000 after purchasing an additional 2,229 shares during the period. FourThought Financial Partners LLC bought a new stake in Watsco in the fourth quarter worth $285,000. Finally, Pine Valley Investments Ltd Liability Co lifted its stake in Watsco by 4.1% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 904 shares of the construction company’s stock worth $428,000 after purchasing an additional 36 shares during the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Stock Down 0.1 %

Shares of Watsco stock opened at $498.19 on Thursday. The company has a market cap of $20.12 billion, a PE ratio of 37.60 and a beta of 0.95. The business has a 50 day moving average of $484.56 and a 200 day moving average of $492.99. Watsco, Inc. has a 52 week low of $383.06 and a 52 week high of $571.41.

Watsco (NYSE:WSO) last posted its earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping the consensus estimate of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.67 billion. On average, research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a dividend of $2.70 per share. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a yield of 2.17%. Watsco’s payout ratio is 81.51%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WSO. Northcoast Research initiated coverage on Watsco in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Raymond James assumed coverage on shares of Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird upped their price target on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $495.00.

Insiders Place Their Bets

In related news, EVP Barry S. Logan sold 10,998 shares of Watsco stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 12.86% of the company’s stock.

About Watsco

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.