Frank Rimerman Advisors LLC Takes $677,000 Position in Watsco, Inc. (NYSE:WSO)

Frank Rimerman Advisors LLC purchased a new position in shares of Watsco, Inc. (NYSE:WSO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,462 shares of the construction company’s stock, valued at approximately $677,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Watsco by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 3,411,894 shares of the construction company’s stock valued at $1,473,836,000 after acquiring an additional 146,305 shares during the last quarter. Blair William & Co. IL increased its holdings in Watsco by 1.2% in the second quarter. Blair William & Co. IL now owns 801,152 shares of the construction company’s stock valued at $371,126,000 after purchasing an additional 9,141 shares during the last quarter. Markel Group Inc. lifted its stake in Watsco by 0.9% in the second quarter. Markel Group Inc. now owns 571,250 shares of the construction company’s stock valued at $264,626,000 after buying an additional 5,000 shares during the period. Bank of New York Mellon Corp boosted its holdings in Watsco by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 393,032 shares of the construction company’s stock worth $182,068,000 after buying an additional 6,320 shares during the last quarter. Finally, Baird Financial Group Inc. grew its position in shares of Watsco by 4.8% during the 4th quarter. Baird Financial Group Inc. now owns 340,023 shares of the construction company’s stock worth $145,690,000 after buying an additional 15,552 shares during the period. 89.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WSO. JPMorgan Chase & Co. increased their price target 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. Robert W. Baird increased their target price on shares of Watsco from $460.00 to $522.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $469.80.

Watsco Price Performance

NYSE WSO opened at $496.57 on Tuesday. 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 business has a 50 day simple moving average of $478.58 and a 200 day simple moving average of $462.70. The stock has a market cap of $20.01 billion, a price-to-earnings ratio of 38.20 and a beta of 0.88.

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

Watsco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders 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 dividend yield of 2.17%. Watsco’s dividend payout ratio is currently 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.