BlackRock Inc. Buys 2,610,583 Shares of Watsco, Inc. (NYSE:WSO)

BlackRock Inc. increased its position in shares of Watsco, Inc. (NYSE:WSO) by 5,677.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,656,561 shares of the construction company’s stock after buying an additional 2,610,583 shares during the period. BlackRock Inc. owned about 8.14% of Watsco worth $380,367,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WSO. Creative Planning increased its position in Watsco by 1.5% in the first quarter. Creative Planning now owns 979 shares of the construction company’s stock worth $140,000 after buying an additional 14 shares during the period. Advisor Partners LLC increased its position in Watsco by 0.9% in the first quarter. Advisor Partners LLC now owns 1,570 shares of the construction company’s stock worth $225,000 after buying an additional 14 shares during the period. Wedbush Securities Inc. boosted its position in Watsco by 0.5% in the first quarter. Wedbush Securities Inc. now owns 6,870 shares of the construction company’s stock worth $984,000 after buying an additional 33 shares in the last quarter. Flinton Capital Management LLC boosted its position in Watsco by 9.1% in the first quarter. Flinton Capital Management LLC now owns 768 shares of the construction company’s stock worth $110,000 after buying an additional 64 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in Watsco by 2.8% in the first quarter. ProShare Advisors LLC now owns 2,728 shares of the construction company’s stock worth $391,000 after buying an additional 75 shares in the last quarter. 80.71% of the stock is owned by institutional investors and hedge funds.

Watsco, Inc. (NYSE WSO) traded down 0.26% during mid-day trading on Friday, hitting $150.06. The stock had a trading volume of 249,701 shares. Watsco, Inc. has a 52 week low of $128.60 and a 52 week high of $159.55. The firm has a market cap of $4.91 billion, a PE ratio of 27.75 and a beta of 0.84. The company’s 50 day moving average price is $151.78 and its 200 day moving average price is $146.97.

Watsco (NYSE:WSO) last posted its quarterly earnings results on Tuesday, July 25th. The construction company reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.05. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Watsco had a return on equity of 14.52% and a net margin of 4.29%. Watsco’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the company earned $1.82 EPS. Analysts anticipate that Watsco, Inc. will post $5.76 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Monday, July 17th will be given a $1.25 dividend. This is a positive change from Watsco’s previous quarterly dividend of $1.05. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Thursday, July 13th. Watsco’s dividend payout ratio (DPR) is currently 93.11%.

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A number of research firms have issued reports on WSO. Zacks Investment Research cut Watsco from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. BidaskClub upgraded Watsco from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Stifel Nicolaus lifted their target price on Watsco from $152.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, April 26th. Seaport Global Securities upgraded Watsco from a “neutral” rating to a “buy” rating and lifted their target price for the company from $145.00 to $160.00 in a research report on Wednesday, April 26th. Finally, Wolfe Research began coverage on Watsco in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. Watsco has a consensus rating of “Hold” and an average target price of $164.00.

About Watsco

Watsco, Inc is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the HVAC/R distribution industry in North America. As of December 31, 2016, the Company sold a range of non-equipment products, representing more than 300,000 stock keeping units, including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats and air quality products.

Institutional Ownership by Quarter for Watsco (NYSE:WSO)

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