Norden Group LLC Grows Stake in Watsco, Inc. (NYSE:WSO)

Norden Group LLC grew its holdings in Watsco, Inc. (NYSE:WSO) by 2,109.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 33,120 shares of the construction company’s stock after buying an additional 31,621 shares during the quarter. Norden Group LLC’s holdings in Watsco were worth $14,309,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Watsco by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 3,265,589 shares of the construction company’s stock valued at $1,399,207,000 after purchasing an additional 55,119 shares during the period. Wellington Management Group LLP lifted its stake in shares of Watsco by 2.6% in the 3rd quarter. Wellington Management Group LLP now owns 648,662 shares of the construction company’s stock valued at $245,013,000 after purchasing an additional 16,589 shares during the period. Markel Group Inc. lifted its stake in shares of Watsco by 2.0% in the 4th quarter. Markel Group Inc. now owns 556,750 shares of the construction company’s stock valued at $238,551,000 after purchasing an additional 11,000 shares during the period. Baird Financial Group Inc. lifted its stake in shares of Watsco by 4.8% in the 4th quarter. Baird Financial Group Inc. now owns 340,023 shares of the construction company’s stock valued at $145,690,000 after purchasing an additional 15,552 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Watsco by 2.0% in the 4th quarter. First Trust Advisors LP now owns 310,787 shares of the construction company’s stock valued at $133,163,000 after purchasing an additional 5,949 shares during the period. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO opened at $481.11 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.92 and a quick ratio of 1.31. Watsco, Inc. has a one year low of $337.58 and a one year high of $493.65. The firm has a market capitalization of $19.39 billion, a P/E ratio of 37.01 and a beta of 0.88. The business has a fifty day moving average of $472.11 and a 200 day moving average of $430.86.

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 the consensus estimate of $2.26 by ($0.09). The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Watsco had a net margin of 7.03% and a return on equity of 19.26%. Watsco’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $2.83 earnings per share. As a group, sell-side analysts anticipate that Watsco, Inc. will post 14.26 EPS for the current year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 16th will be given a $2.70 dividend. The ex-dividend date is Tuesday, July 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.24%. Watsco’s payout ratio is 83.08%.

Analyst Ratings Changes

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

Insider Activity

In other news, Director John Alexander Macdonald sold 5,334 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director John Alexander Macdonald sold 5,334 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Barry S. Logan sold 774 shares of the business’s 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 owns 1,770 shares in the company, valued at $838,714.50. The disclosure for this sale can be found here. Company insiders own 12.86% of the company’s stock.

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.