24,844 Watsco, Inc. $WSO Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp lessened its holdings in Watsco, Inc. (NYSE:WSO) by 23.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 80,148 shares of the construction company’s stock after selling 24,844 shares during the period. King Luther Capital Management Corp’s holdings in Watsco were worth $24,260,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Confluence Investment Management LLC bought a new stake in Watsco during the third quarter valued at about $96,991,000. Bank of America Corp DE purchased a new position in shares of Watsco in the second quarter valued at about $119,291,000. Bank of New York Mellon Corp bought a new position in shares of Watsco in the second quarter worth about $97,937,000. International Assets Investment Management LLC boosted its stake in shares of Watsco by 22,985.6% in the third quarter. International Assets Investment Management LLC now owns 205,000 shares of the construction company’s stock worth $62,051,000 after acquiring an additional 204,112 shares during the period. Finally, Findlay Park Partners LLP bought a new position in shares of Watsco in the second quarter worth about $78,695,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Down 1.5%

Shares of Watsco stock opened at $308.55 on Friday. The firm has a market cap of $12.73 billion, a price-to-earnings ratio of 27.26 and a beta of 1.03. The business has a 50-day moving average price of $306.12 and a 200-day moving average price of $362.62. Watsco, Inc. has a twelve month low of $277.34 and a twelve month high of $459.00.

Watsco (NYSE:WSO) last issued its earnings results on Tuesday, October 27th. The construction company reported $3.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.33). The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.21 billion. Watsco had a return on equity of 13.97% and a net margin of 6.31%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $3.98 earnings per share. On average, equities analysts expect that Watsco, Inc. will post 11.70 EPS for the current fiscal year.

Watsco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were issued a dividend of $3.30 per share. This represents a $13.20 annualized dividend and a yield of 4.3%. The ex-dividend date was Friday, October 16th. Watsco’s dividend payout ratio (DPR) is currently 116.61%.

Analysts Set New Price Targets

Several analysts recently issued reports on WSO shares. Mizuho cut their target price on Watsco from $350.00 to $325.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Weiss Ratings cut Watsco from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, October 6th. DA Davidson lowered their price target on Watsco from $385.00 to $330.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Stephens restated an “overweight” rating and issued a $485.00 price target on shares of Watsco in a research note on Monday, August 17th. Finally, Zacks Research raised shares of Watsco from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 21st. Two analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Watsco has an average rating of “Hold” and a consensus price target of $373.62.

Watsco Profile

Watsco, Inc. distributes air-conditioning, heating, and refrigeration equipment and related parts and supplies. Its products serve residential and light commercial applications, including systems used in homes and businesses, as well as components and supplies for contractors who install and maintain them. The company sells products from a range of manufacturers through a network of distribution locations and digital platforms. Watsco serves customers in the United States, Canada, Mexico, and parts of Latin America and the Caribbean, supporting the installation, repair, and replacement of HVAC and refrigeration systems.