Allspring Global Investments Holdings LLC Sells 5,618 Shares of Watsco, Inc. (NYSE:WSO)

Allspring Global Investments Holdings LLC lessened its stake in shares of Watsco, Inc. (NYSE:WSO) by 4.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 123,503 shares of the construction company’s stock after selling 5,618 shares during the period. Allspring Global Investments Holdings LLC owned 0.31% of Watsco worth $53,349,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. bought a new position in Watsco during the fourth quarter valued at approximately $25,000. First PREMIER Bank purchased a new position in shares of Watsco in the first quarter valued at $25,000. Contravisory Investment Management Inc. bought a new stake in Watsco in the fourth quarter worth $26,000. Cullen Frost Bankers Inc. purchased a new stake in Watsco during the fourth quarter valued at $28,000. Finally, Rise Advisors LLC bought a new position in Watsco during the fourth quarter valued at $30,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WSO shares. Robert W. Baird boosted their target price on shares of Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Stephens restated an “overweight” rating and set a $500.00 price objective on shares of Watsco in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Watsco currently has an average rating of “Hold” and a consensus price target of $404.25.

Insiders Place Their Bets

In other news, Director John Alexander Macdonald sold 5,334 shares of Watsco stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $466.41, for a total transaction of $2,487,830.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Watsco news, EVP Barry S. Logan sold 774 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $473.85, for a total transaction of $366,759.90. Following the transaction, the executive vice president now owns 1,770 shares of the company’s stock, valued at approximately $838,714.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Alexander Macdonald sold 5,334 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $466.41, for a total transaction of $2,487,830.94. The disclosure for this sale can be found here. Insiders own 12.86% of the company’s stock.

Watsco Trading Up 3.3 %

Shares of NYSE WSO opened at $477.11 on Wednesday. Watsco, Inc. has a fifty-two week low of $337.58 and a fifty-two week high of $493.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.92. The company has a market cap of $19.23 billion, a price-to-earnings ratio of 36.70 and a beta of 0.88. The business’s 50 day moving average price is $471.30 and its 200-day moving average price is $430.51.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, April 24th. The construction company reported $2.17 earnings per share for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.09). The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Watsco had a return on equity of 19.26% and a net margin of 7.03%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.83 EPS. On average, sell-side analysts expect that Watsco, Inc. will post 14.26 earnings per share for the current year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 16th will be given a $2.70 dividend. The ex-dividend date of this dividend is Tuesday, July 16th. This represents a $10.80 annualized dividend and a yield of 2.26%. Watsco’s dividend payout ratio (DPR) is 83.08%.

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.