Sequoia Financial Advisors LLC Sells 70 Shares of Watsco, Inc. (NYSE:WSO)

Sequoia Financial Advisors LLC lowered its holdings in Watsco, Inc. (NYSE:WSO) by 9.3% in the first quarter, Holdings Channel reports. The firm owned 682 shares of the construction company’s stock after selling 70 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Watsco were worth $347,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Watsco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company’s stock valued at $1,714,586,000 after acquiring an additional 52,127 shares during the period. Geode Capital Management LLC grew its position in shares of Watsco by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company’s stock valued at $343,168,000 after acquiring an additional 20,856 shares during the period. Markel Group Inc. grew its position in shares of Watsco by 1.4% in the 4th quarter. Markel Group Inc. now owns 590,500 shares of the construction company’s stock valued at $279,832,000 after acquiring an additional 8,000 shares during the period. GAMMA Investing LLC grew its position in shares of Watsco by 89,376.0% in the 1st quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company’s stock valued at $242,867,000 after acquiring an additional 477,268 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Watsco by 2.9% in the 4th quarter. JPMorgan Chase & Co. now owns 477,470 shares of the construction company’s stock valued at $226,268,000 after acquiring an additional 13,409 shares during the period. Institutional investors own 89.71% of the company’s stock.

Wall Street Analyst Weigh In

WSO has been the subject of a number of analyst reports. Wall Street Zen raised shares of Watsco from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. UBS Group decreased their price objective on shares of Watsco from $455.00 to $450.00 and set a “neutral” rating for the company in a research report on Wednesday, June 25th. Mizuho set a $490.00 price objective on shares of Watsco in a research report on Thursday, April 24th. JPMorgan Chase & Co. raised their target price on shares of Watsco from $445.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Finally, Morgan Stanley set a $505.00 target price on shares of Watsco in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Watsco currently has an average rating of “Hold” and an average target price of $484.17.

Watsco Stock Performance

NYSE WSO opened at $457.32 on Friday. Watsco, Inc. has a 52-week low of $418.31 and a 52-week high of $571.42. The firm has a 50-day moving average of $452.67 and a 200-day moving average of $478.11. The stock has a market cap of $18.53 billion, a PE ratio of 35.15 and a beta of 1.04.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS 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 the consensus estimate of $1.66 billion. During the same period in the prior year, the business posted $2.17 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, analysts predict that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders 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 dividend yield of 2.62%. Watsco’s dividend payout ratio is presently 92.24%.

About Watsco

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.