Kayne Anderson Rudnick Investment Management LLC Sells 148,805 Shares of Watsco, Inc. (NYSE:WSO)

Kayne Anderson Rudnick Investment Management LLC reduced its position in Watsco, Inc. (NYSE:WSO) by 8.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,536,756 shares of the construction company’s stock after selling 148,805 shares during the period. Watsco accounts for approximately 1.7% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its 10th largest holding. Kayne Anderson Rudnick Investment Management LLC’s holdings in Watsco were worth $711,887,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. First PREMIER Bank bought a new position in Watsco in the first quarter valued at about $25,000. EntryPoint Capital LLC lifted its position in Watsco by 100.0% during the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock valued at $25,000 after purchasing an additional 29 shares during the period. ORG Partners LLC bought a new position in shares of Watsco in the 1st quarter valued at about $31,000. Tortoise Investment Management LLC grew its position in shares of Watsco by 76.2% during the 2nd quarter. Tortoise Investment Management LLC now owns 74 shares of the construction company’s stock worth $34,000 after buying an additional 32 shares during the period. Finally, Salomon & Ludwin LLC raised its stake in shares of Watsco by 52.6% during the first quarter. Salomon & Ludwin LLC now owns 87 shares of the construction company’s stock worth $38,000 after buying an additional 30 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Watsco Trading Down 2.1 %

WSO opened at $489.61 on Friday. The firm’s fifty day moving average is $478.69 and its two-hundred day moving average is $461.10. The firm has a market cap of $19.75 billion, a PE ratio of 37.66 and a beta of 0.88. Watsco, Inc. has a twelve month low of $338.58 and a twelve month high of $520.41. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.55 and a current ratio of 3.21.

Watsco (NYSE:WSO) last issued its quarterly earnings data on Tuesday, July 30th. The construction company reported $4.49 EPS for the quarter, missing the consensus estimate of $4.70 by ($0.21). The business had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.19 billion. Watsco had a return on equity of 18.55% and a net margin of 7.02%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business posted $4.42 EPS. Equities research analysts anticipate that Watsco, Inc. will post 13.83 EPS for the current year.

Watsco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Tuesday, July 16th were issued a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Tuesday, July 16th. Watsco’s dividend payout ratio (DPR) is presently 83.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on WSO shares. Robert W. Baird raised their price objective on shares of Watsco from $460.00 to $522.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $447.67.

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.