New Mexico Educational Retirement Board Lowers Stock Position in Watsco, Inc. (NYSE:WSO)

New Mexico Educational Retirement Board lowered its position in Watsco, Inc. (NYSE:WSO) by 5.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 6,400 shares of the construction company’s stock after selling 400 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Watsco were worth $2,965,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Strategic Financial Concepts LLC purchased a new stake in Watsco during the 2nd quarter valued at approximately $10,906,000. Parkside Financial Bank & Trust grew its stake in Watsco by 6.5% during the second quarter. Parkside Financial Bank & Trust now owns 560 shares of the construction company’s stock valued at $259,000 after acquiring an additional 34 shares in the last quarter. Blue Barn Wealth LLC increased its holdings in shares of Watsco by 11.4% in the second quarter. Blue Barn Wealth LLC now owns 605 shares of the construction company’s stock worth $280,000 after purchasing an additional 62 shares during the last quarter. National Bank of Canada FI increased its stake in Watsco by 273.5% in the 2nd quarter. National Bank of Canada FI now owns 549 shares of the construction company’s stock worth $254,000 after acquiring an additional 402 shares during the last quarter. Finally, FineMark National Bank & Trust raised its holdings in shares of Watsco by 2.3% during the 2nd quarter. FineMark National Bank & Trust now owns 20,232 shares of the construction company’s stock worth $9,372,000 after acquiring an additional 459 shares in the last quarter. 89.71% of the stock is owned by institutional investors.

Watsco Stock Down 0.2 %

NYSE WSO opened at $448.66 on Friday. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.01. Watsco, Inc. has a 52 week low of $338.58 and a 52 week high of $520.41. The firm has a market capitalization of $18.08 billion, a price-to-earnings ratio of 34.51 and a beta of 0.88. The company has a fifty day moving average of $479.36 and a two-hundred day moving average of $455.42.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, July 30th. The construction company reported $4.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.70 by ($0.21). The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.19 billion. Watsco had a return on equity of 18.55% and a net margin of 7.02%. Watsco’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.42 EPS. On average, analysts predict that Watsco, Inc. will post 13.83 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 16th were paid a dividend of $2.70 per share. The ex-dividend date was Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.41%. Watsco’s dividend payout ratio is 83.08%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised 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 lifted their price objective on shares of Watsco from $460.00 to $522.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Watsco presently has a consensus rating of “Hold” and an average price target of $433.71.

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.