Hennion & Walsh Asset Management Inc. Sells 1,577 Shares of Watsco, Inc. (NYSE:WSO)

Hennion & Walsh Asset Management Inc. reduced its holdings in Watsco, Inc. (NYSE:WSO) by 23.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,043 shares of the construction company’s stock after selling 1,577 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Watsco were worth $2,481,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in 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 period. MCF Advisors LLC purchased a new position in shares of Watsco during the first quarter valued at about $39,000. Breakwater Capital Group bought a new position in Watsco in the first quarter worth about $212,000. Applied Capital LLC FL lifted its holdings in Watsco by 5.4% in the first quarter. Applied Capital LLC FL now owns 6,900 shares of the construction company’s stock worth $2,981,000 after buying an additional 356 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Watsco by 1.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 71,298 shares of the construction company’s stock valued at $30,799,000 after acquiring an additional 818 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WSO has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on Watsco from $420.00 to $425.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Robert W. Baird lowered their price objective on Watsco from $550.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday.

Watsco Stock Performance

Watsco stock opened at $475.90 on Friday. Watsco, Inc. has a twelve month low of $340.52 and a twelve month high of $520.41. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $19.18 billion, a P/E ratio of 36.61 and a beta of 0.88. The stock’s 50 day moving average is $482.01 and its 200 day moving average is $473.54.

Watsco (NYSE:WSO) last released its earnings results on Wednesday, October 23rd. The construction company reported $4.22 EPS for the quarter, missing analysts’ consensus estimates of $4.73 by ($0.51). The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Watsco had a return on equity of 18.55% and a net margin of 7.02%. The company’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.35 earnings per share. On average, equities research analysts predict that Watsco, Inc. will post 13.78 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 16th will be paid a $2.70 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $10.80 annualized dividend and a dividend yield of 2.27%. Watsco’s dividend payout ratio is presently 83.08%.

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.