Geode Capital Management LLC Raises Stake in Watsco, Inc. (NYSE:WSO)

Geode Capital Management LLC increased its stake in Watsco, Inc. (NYSE:WSO) by 21.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 213,761 shares of the construction company’s stock after buying an additional 37,131 shares during the period. Geode Capital Management LLC owned approximately 0.65% of Watsco worth $30,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WSO. Flinton Capital Management LLC raised its position in shares of Watsco by 9.1% in the first quarter. Flinton Capital Management LLC now owns 768 shares of the construction company’s stock valued at $110,000 after buying an additional 64 shares during the period. Creative Planning raised its position in shares of Watsco by 1.5% in the first quarter. Creative Planning now owns 979 shares of the construction company’s stock valued at $140,000 after buying an additional 14 shares during the period. Meadow Creek Investment Management LLC raised its position in shares of Watsco by 9.1% in the first quarter. Meadow Creek Investment Management LLC now owns 1,056 shares of the construction company’s stock valued at $151,000 after buying an additional 88 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Watsco by 41.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,174 shares of the construction company’s stock valued at $168,000 after buying an additional 343 shares during the period. Finally, Glen Harbor Capital Management LLC raised its position in shares of Watsco by 9.1% in the first quarter. Glen Harbor Capital Management LLC now owns 1,344 shares of the construction company’s stock valued at $192,000 after buying an additional 112 shares during the period. Institutional investors and hedge funds own 80.71% of the company’s stock.

Watsco, Inc. (NYSE WSO) traded down 0.26% during mid-day trading on Friday, reaching $150.06. 249,701 shares of the company’s stock were exchanged. The company’s 50-day moving average is $151.78 and its 200 day moving average is $146.97. Watsco, Inc. has a one year low of $128.60 and a one year high of $159.55. The firm has a market capitalization of $4.91 billion, a P/E ratio of 27.75 and a beta of 0.84.

Watsco (NYSE:WSO) last announced its earnings results on Tuesday, July 25th. The construction company reported $2.07 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.05. Watsco had a net margin of 4.29% and a return on equity of 14.52%. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the company posted $1.82 earnings per share. The firm’s revenue was up 5.1% on a year-over-year basis. Equities analysts predict that Watsco, Inc. will post $5.76 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Monday, July 17th will be issued a dividend of $1.25 per share. The ex-dividend date is Thursday, July 13th. This represents a $5.00 annualized dividend and a dividend yield of 3.33%. This is an increase from Watsco’s previous quarterly dividend of $1.05. Watsco’s dividend payout ratio is 93.11%.

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Several brokerages have commented on WSO. Zacks Investment Research lowered shares of Watsco from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. BidaskClub upgraded shares of Watsco from a “sell” rating to a “hold” rating in a research note on Thursday, June 15th. Stifel Nicolaus increased their price target on shares of Watsco from $152.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Seaport Global Securities upgraded shares of Watsco from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $160.00 in a research note on Wednesday, April 26th. Finally, Wolfe Research initiated coverage on shares of Watsco in a research note on Tuesday, July 11th. They issued a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average 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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