My Legacy Advisors LLC Reduces Stock Position in Watsco, Inc. (NYSE:WSO)

My Legacy Advisors LLC lowered its stake in Watsco, Inc. (NYSE:WSO) by 3.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 666 shares of the construction company’s stock after selling 24 shares during the quarter. My Legacy Advisors LLC’s holdings in Watsco were worth $328,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Berry Wealth Group LP bought a new position in Watsco in the third quarter worth approximately $202,000. Prio Wealth Limited Partnership raised its position in Watsco by 58.1% in the third quarter. Prio Wealth Limited Partnership now owns 952 shares of the construction company’s stock worth $468,000 after acquiring an additional 350 shares during the period. Compass Ion Advisors LLC raised its position in Watsco by 7.7% in the third quarter. Compass Ion Advisors LLC now owns 935 shares of the construction company’s stock worth $460,000 after acquiring an additional 67 shares during the period. Blue Trust Inc. raised its position in Watsco by 139.5% in the third quarter. Blue Trust Inc. now owns 527 shares of the construction company’s stock worth $244,000 after acquiring an additional 307 shares during the period. Finally, Stratos Wealth Partners LTD. raised its position in Watsco by 1.0% in the third quarter. Stratos Wealth Partners LTD. now owns 22,718 shares of the construction company’s stock worth $11,175,000 after acquiring an additional 222 shares during the period. 89.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Robert W. Baird raised their price objective on shares of Watsco from $522.00 to $550.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on shares of Watsco from $420.00 to $425.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st.

Watsco Stock Performance

Shares of NYSE:WSO opened at $484.78 on Wednesday. Watsco, Inc. has a 52 week low of $338.58 and a 52 week high of $520.41. The stock has a market capitalization of $19.54 billion, a P/E ratio of 37.29 and a beta of 0.88. The firm has a fifty day simple moving average of $481.93 and a two-hundred day simple moving average of $473.05. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.01.

Watsco (NYSE:WSO) last released its quarterly earnings results on Tuesday, July 30th. The construction company reported $4.49 EPS for the quarter, missing analysts’ consensus estimates of $4.70 by ($0.21). Watsco had a return on equity of 18.55% and a net margin of 7.02%. The firm had revenue of $2.10 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the firm posted $4.42 earnings per share. Watsco’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, analysts expect that Watsco, Inc. will post 13.78 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 16th will be given a $2.70 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $10.80 annualized dividend and a yield of 2.23%. Watsco’s dividend payout ratio (DPR) is 83.08%.

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.