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

Kayne Anderson Rudnick Investment Management LLC decreased its position in Watsco, Inc. (NYSE:WSO) by 8.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,536,756 shares of the construction company’s stock after selling 148,805 shares during the period. Watsco comprises approximately 1.7% of Kayne Anderson Rudnick Investment Management LLC’s holdings, making the stock its 10th largest holding. Kayne Anderson Rudnick Investment Management LLC owned 3.81% of Watsco worth $711,887,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of WSO. First PREMIER Bank acquired a new position in shares of Watsco in the first quarter valued at $25,000. EntryPoint Capital LLC lifted its holdings in shares of Watsco by 100.0% during the 1st quarter. EntryPoint Capital LLC now owns 58 shares of the construction company’s stock worth $25,000 after acquiring an additional 29 shares during the period. ORG Partners LLC acquired a new stake in shares of Watsco during the 1st quarter valued at about $31,000. Tortoise Investment Management LLC boosted 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 valued at $34,000 after acquiring an additional 32 shares in the last quarter. Finally, Salomon & Ludwin LLC increased its stake in Watsco by 52.6% in the first quarter. Salomon & Ludwin LLC now owns 87 shares of the construction company’s stock valued at $38,000 after acquiring an additional 30 shares during the period. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

NYSE:WSO opened at $489.61 on Friday. The stock has a market capitalization of $19.75 billion, a P/E ratio of 37.66 and a beta of 0.88. The company has a current ratio of 3.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.01. Watsco, Inc. has a 1 year low of $338.58 and a 1 year high of $520.41. The firm has a 50 day moving average of $478.69 and a 200-day moving average of $461.10.

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

Watsco Dividend Announcement

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

Analysts Set New Price Targets

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

Watsco 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.