State of Michigan Retirement System Sells 400 Shares of Watsco, Inc. (NYSE:WSO)

State of Michigan Retirement System decreased its position in shares of Watsco, Inc. (NYSE:WSO) by 4.6% during the first quarter, Holdings Channel reports. The institutional investor owned 8,283 shares of the construction company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Watsco were worth $3,578,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Applied Capital LLC FL grew its holdings in Watsco by 5.4% during the 1st quarter. Applied Capital LLC FL now owns 6,900 shares of the construction company’s stock valued at $2,981,000 after buying an additional 356 shares in the last quarter. Breakwater Capital Group purchased a new position in Watsco during the first quarter valued at $212,000. MCF Advisors LLC bought a new stake in Watsco in the 1st quarter valued at $39,000. Thrive Wealth Management LLC lifted its stake in Watsco by 7.1% in the 1st quarter. Thrive Wealth Management LLC now owns 601 shares of the construction company’s stock worth $260,000 after purchasing an additional 40 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Watsco by 11.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 22,852 shares of the construction company’s stock valued at $9,871,000 after purchasing an additional 2,433 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Watsco Trading Up 3.3 %

Shares of NYSE WSO opened at $477.11 on Wednesday. Watsco, Inc. has a 1-year low of $337.58 and a 1-year high of $493.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.92 and a quick ratio of 1.31. The business’s 50 day moving average is $471.30 and its two-hundred day moving average is $430.51. The stock has a market capitalization of $19.23 billion, a P/E ratio of 36.70 and a beta of 0.88.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Wednesday, April 24th. The construction company reported $2.17 EPS for the quarter, missing the consensus estimate of $2.26 by ($0.09). The firm had revenue of $1.56 billion for 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 firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.83 earnings per share. As a group, research analysts expect that Watsco, Inc. will post 14.26 EPS for the current year.

Watsco Announces Dividend

The firm 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. This represents a $10.80 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Tuesday, July 16th. Watsco’s dividend payout ratio (DPR) is presently 83.08%.

Insider Transactions at Watsco

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Robert W. Baird lifted their target price on Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Stephens reaffirmed an “overweight” rating and set a $500.00 price objective on shares of Watsco in a report on Thursday, April 25th. One investment 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $404.25.

Watsco Company 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.