M&T Bank Corp buys 86 shares of Watsco, Inc. (NYSE: WSO)
M&T Bank Corp increased its position in Watsco, Inc. (NYSE: WSO – Get Rating) by 9.5% during the first quarter, according to the company in its latest filing with the Securities & Exchange Commission. The fund held 996 shares of the construction company after acquiring an additional 86 shares during the period. M&T Bank Corp’s holdings in Watsco were worth $304,000 at the end of the most recent reporting period.
A number of other large investors have also increased or reduced their stake in the company. Pacer Advisors Inc. increased its stake in Watsco shares by 1.2% during the 4th quarter. Pacer Advisors Inc. now owns 3,425 shares of the construction company valued at $1,072,000 after buying 39 more shares last quarter. Segall Bryant & Hamill LLC increased its stake in Watsco shares by 2.3% during the 4th quarter. Segall Bryant & Hamill LLC now owns 1,887 shares of the construction company valued at $590,000 after buying 42 more shares last quarter. State of Michigan Retirement System increased its stake in Watsco shares by 0.5% during the first quarter. State of Michigan Retirement System now owns 8,383 shares of the construction company valued at $2,554,000 after buying 42 additional shares last quarter. Arizona State Retirement System increased its stake in Watsco stock by 0.6% during the 1st quarter. Arizona State Retirement System now owns 8,927 shares of the construction company valued at $2,720,000 after buying 53 additional shares last quarter. Finally, Commerce Bank increased its stake in Watsco shares by 7.4% during the 4th quarter. Commerce Bank now owns 942 shares of the construction company valued at $295,000 after buying 65 more shares last quarter. Institutional investors hold 78.13% of the company’s shares.
Insider Activity at Watsco
In related news, manager Cesar L. Alvarez sold 4,000 Watsco shares in a trade on Friday, May 27. The shares were sold at an average price of $253.55, for a total value of $1,014,200.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 13.94% of the shares are held by company insiders.
Analysts set new price targets
A number of brokerages have weighed in on WSO recently. Robert W. Baird upgraded Watsco shares from a ‘neutral’ to an ‘outperforming’ rating and cut his target price for the company from $350.00 to $313.00 in a Thursday research note July 14th. Stephens lowered his price target on Watsco shares to $350.00 and set an “outperform” rating for the company in a Wednesday, July 27 research report. KeyCorp lowered its price target on Watsco shares from $320.00 to $300.00 and set an “overweight” rating for the company in a Monday, July 18 research report. StockNews.com upgraded Watsco’s shares from a “buy” rating to a “hold” rating in a Saturday, April 30, report. Finally, Morgan Stanley lowered its price target on Watsco shares from $208.00 to $204.00 and set an “underweight” rating for the company in a Wednesday, July 27, report. One investment analyst has assigned the stock a sell rating, one has assigned a hold rating and three have assigned the company a buy rating. According to MarketBeat, Watsco currently has an average rating of “Hold” and a consensus price target of $291.75.
Watsco price performance
NYSE: WSO opened Wednesday at $302.41. The company has a debt ratio of 0.10, a current ratio of 2.47 and a quick ratio of 1.08. The company has a market capitalization of $11.78 billion, a price-earnings ratio of 22.45 and a beta of 0.93. The company has a 50-day moving average price of $256.50 and a 200-day moving average price of $269.25. Watsco, Inc. has a 1-year minimum of $220.68 and a 1-year maximum of $318.98.
Watsco (NYSE:WSO – Get Rating) last released its results on Tuesday, July 26. The construction company reported earnings per share of $4.93 for the quarter, beating the consensus estimate of $4.82 by $0.11. The company posted revenue of $2.13 billion in the quarter, versus analyst estimates of $2.15 billion. Watsco had a net margin of 7.56% and a return on equity of 25.27%. The company’s quarterly revenue increased 15.4% year over year. During the same period of the previous year, the company achieved EPS of $3.71. Equity research analysts expect Watsco, Inc. to post EPS of 14.75 for the current year.
Watsco Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 29. Shareholders of record on Friday, July 15 received a dividend of $2.20 per share. This represents an annualized dividend of $8.80 and a dividend yield of 2.91%. The ex-dividend date was Thursday July 14. Watsco’s dividend payout ratio (DPR) is 65.33%.
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Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating and refrigeration equipment, and related parts and supplies. The company distributes equipment including residential air conditioners with or without ducts, such as gas, electric and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.
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