Amalgamated Bank Has $8.29 Million Stock Holdings in Watsco, Inc. (NYSE:WSO)

by · The Markets Daily

Amalgamated Bank trimmed its stake in shares of Watsco, Inc. (NYSE:WSO – Free Report) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,299 shares of the construction company’s stock after selling 695 shares during the quarter. Amalgamated Bank’s holdings in Watsco were worth $8,285,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in WSO. GAMMA Investing LLC grew its holdings in Watsco by 89,376.0% during the 1st quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company’s stock worth $242,867,000 after acquiring an additional 477,268 shares during the last quarter. Norges Bank bought a new stake in Watsco during the 4th quarter worth approximately $118,312,000. Lord Abbett & CO. LLC bought a new stake in shares of Watsco in the 4th quarter valued at $104,533,000. Proficio Capital Partners LLC bought a new stake in shares of Watsco in the 4th quarter valued at $63,603,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Watsco by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company’s stock valued at $649,957,000 after purchasing an additional 118,713 shares during the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Trading Up 3.3%

WSO opened at $456.24 on Wednesday. The company’s fifty day moving average price is $452.37 and its two-hundred day moving average price is $478.61. Watsco, Inc. has a 1-year low of $418.31 and a 1-year high of $571.42. The company has a market cap of $18.48 billion, a price-to-earnings ratio of 35.07 and a beta of 1.04.

Watsco (NYSE:WSO – Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a return on equity of 17.13% and a net margin of 6.98%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the company posted $2.17 EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th will be issued a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.63%. Watsco’s payout ratio is 92.24%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WSO. JPMorgan Chase & Co. upped their price objective on shares of Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Mizuho set a $490.00 price objective on shares of Watsco in a research note on Thursday, April 24th. Robert W. Baird reduced their price objective on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Finally, UBS Group reduced their price objective on shares of Watsco from $455.00 to $450.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 25th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $485.83.

Get Our Latest Stock Report on Watsco

Watsco Company Profile

(Free Report)

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.

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