Amalgamated Bank Cuts Stock Position in Watsco, Inc. (NYSE:WSO)

Amalgamated Bank lowered its holdings in Watsco, Inc. (NYSE:WSO) by 5.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,319 shares of the construction company’s stock after selling 1,003 shares during the period. Amalgamated Bank’s holdings in Watsco were worth $7,560,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Argent Trust Co boosted its position in Watsco by 1.7% in the second quarter. Argent Trust Co now owns 5,806 shares of the construction company’s stock worth $2,690,000 after purchasing an additional 97 shares during the last quarter. Bradley Foster & Sargent Inc. CT boosted its position in Watsco by 3.8% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 46,917 shares of the construction company’s stock worth $21,734,000 after purchasing an additional 1,738 shares during the last quarter. Cranbrook Wealth Management LLC purchased a new position in Watsco in the second quarter worth $604,000. Virtu Financial LLC purchased a new position in Watsco in the second quarter worth $1,060,000. Finally, Citizens Financial Group Inc. RI purchased a new position in Watsco in the second quarter worth $1,060,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Wall Street Analyst Weigh In

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

Watsco Stock Performance

NYSE:WSO opened at $500.25 on Friday. 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, Inc. has a 52-week low of $338.58 and a 52-week high of $520.41. The firm has a market cap of $20.18 billion, a price-to-earnings ratio of 38.48 and a beta of 0.88. The business’s fifty day moving average is $478.53 and its 200 day moving average is $460.18.

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

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th were paid a dividend of $2.70 per share. The ex-dividend date of this dividend was Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.16%. Watsco’s payout ratio is 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.