Flagship Harbor Advisors LLC Trims Holdings in Watsco, Inc. (NYSE:WSO)

Flagship Harbor Advisors LLC decreased its stake in shares of Watsco, Inc. (NYSE:WSO) by 8.0% during the first quarter, HoldingsChannel.com reports. The firm owned 975 shares of the construction company’s stock after selling 85 shares during the period. Flagship Harbor Advisors LLC’s holdings in Watsco were worth $495,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Manitou Investment Management Ltd. purchased a new stake in shares of Watsco in the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in Watsco in the 1st quarter worth approximately $25,000. City Holding Co. bought a new position in Watsco in the 1st quarter valued at $29,000. Rialto Wealth Management LLC bought a new position in Watsco in the 4th quarter valued at $31,000. Finally, ST Germain D J Co. Inc. grew its position in shares of Watsco by 260.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock valued at $37,000 after purchasing an additional 52 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Trading Down 1.8%

Shares of NYSE WSO opened at $423.60 on Thursday. The stock’s 50-day moving average is $457.34 and its 200 day moving average is $480.88. The stock has a market cap of $17.16 billion, a price-to-earnings ratio of 32.56 and a beta of 1.06. Watsco, Inc. has a 1-year low of $418.31 and a 1-year high of $571.42.

Watsco (NYSE:WSO) last announced its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm posted $2.17 earnings per share. The company’s revenue was down 2.2% compared to the same quarter last year. On average, analysts forecast that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.83%. This is a positive change from Watsco’s previous quarterly dividend of $2.70. The ex-dividend date was Tuesday, April 15th. Watsco’s dividend payout ratio is presently 92.24%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on WSO shares. Loop Capital increased their price objective on Watsco from $450.00 to $460.00 and gave the stock a “hold” rating in a research report on Thursday, February 27th. UBS Group dropped their price target on Watsco from $455.00 to $450.00 and set a “neutral” rating for the company in a research report on Wednesday. Wall Street Zen raised Watsco from a “sell” rating to a “hold” rating in a report on Friday, May 9th. JPMorgan Chase & Co. upped their price objective on shares of Watsco from $445.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Finally, Morgan Stanley began coverage on shares of Watsco in a research report on Monday, April 14th. They set an “equal weight” rating and a $515.00 target price for the company. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $485.83.

Watsco Profile

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.