Bath Savings Trust Co Decreases Stock Position in Watsco, Inc. $WSO

by · The Markets Daily

Bath Savings Trust Co trimmed its holdings in shares of Watsco, Inc. (NYSE:WSO – Free Report) by 7.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,445 shares of the construction company’s stock after selling 2,782 shares during the period. Watsco accounts for approximately 1.1% of Bath Savings Trust Co’s holdings, making the stock its 24th largest holding. Bath Savings Trust Co owned approximately 0.08% of Watsco worth $10,426,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of WSO. Confluence Investment Management LLC bought a new stake in shares of Watsco during the third quarter worth $96,991,000. Bank of America Corp DE bought a new position in shares of Watsco in the second quarter valued at about $119,291,000. Bank of New York Mellon Corp acquired a new position in Watsco during the 2nd quarter worth about $97,937,000. Findlay Park Partners LLP bought a new stake in Watsco during the 2nd quarter worth about $78,695,000. Finally, Corient Private Wealth LP bought a new stake in Watsco during the 2nd quarter worth about $60,024,000. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Watsco stock traded down $8.57 during trading hours on Wednesday, reaching $282.26. 599,754 shares of the company’s stock traded hands, compared to its average volume of 452,404. The firm has a market capitalization of $11.64 billion, a price-to-earnings ratio of 24.48 and a beta of 1.06. Watsco, Inc. has a fifty-two week low of $280.33 and a fifty-two week high of $459.00. The firm’s 50 day moving average is $312.99 and its 200-day moving average is $364.72.

Watsco (NYSE:WSO – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.41). Watsco had a return on equity of 14.40% and a net margin of 6.53%.The business had revenue of $2.10 billion for the quarter, compared to the consensus estimate of $2.14 billion. During the same period last year, the firm earned $4.52 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Analysts predict that Watsco, Inc. will post 12.21 EPS for the current year.

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 16th will be issued a dividend of $3.30 per share. This represents a $13.20 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, October 16th. Watsco’s payout ratio is currently 114.48%.

Wall Street Analyst Weigh In

WSO has been the subject of a number of research analyst reports. DA Davidson dropped their target price on shares of Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Morgan Stanley raised their price target on shares of Watsco from $370.00 to $405.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. Robert W. Baird set a $400.00 price objective on shares of Watsco in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Watsco in a report on Tuesday, September 22nd. Finally, Zacks Research lowered Watsco from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 22nd. Two research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $395.50.

Get Our Latest Analysis on Watsco

Watsco Company Profile

(Free Report)

Watsco, Inc (NYSE: WSO) is a distributor of heating, air conditioning and refrigeration equipment and related products. The company supplies residential and commercial contractors with air conditioners, heat pumps, furnaces, refrigeration systems, indoor air-quality products, controls, replacement parts and other installation supplies.

Watsco serves the replacement and new-construction markets through a network of distribution centers, branches, showrooms and e-commerce platforms. Its customers primarily include HVAC and refrigeration contractors, dealers and other industry professionals, while its products are sourced from major manufacturers and distributed under leading industry brands.

Founded in 1956, Watsco has expanded through organic growth and acquisitions to become one of the largest HVAC and refrigeration distributors in North America.

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