Tower Bridge Advisors Sells 217 Shares of Watsco, Inc. (NYSE:WSO)

Tower Bridge Advisors reduced its stake in Watsco, Inc. (NYSE:WSO) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,095 shares of the construction company’s stock after selling 217 shares during the period. Tower Bridge Advisors’ holdings in Watsco were worth $8,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in WSO. Wingate Wealth Advisors Inc. acquired a new position in Watsco during the fourth quarter valued at approximately $36,000. Ashton Thomas Securities LLC acquired a new position in Watsco during the third quarter valued at approximately $43,000. Quarry LP raised its position in Watsco by 57.9% during the third quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after purchasing an additional 33 shares in the last quarter. Brooklyn Investment Group acquired a new position in Watsco during the third quarter valued at approximately $48,000. Finally, Golden State Wealth Management LLC acquired a new position in Watsco during the fourth quarter valued at approximately $50,000. 89.71% of the stock is currently owned by institutional investors.

Watsco Stock Performance

Shares of NYSE:WSO opened at $503.80 on Friday. The company has a fifty day moving average of $485.23 and a 200-day moving average of $493.29. The company has a market capitalization of $20.34 billion, a PE ratio of 38.02 and a beta of 0.95. Watsco, Inc. has a 52-week low of $388.47 and a 52-week high of $571.41.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.67 billion. On average, equities analysts forecast that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were paid a $2.70 dividend. The ex-dividend date was Friday, January 17th. This represents a $10.80 annualized dividend and a dividend yield of 2.14%. Watsco’s dividend payout ratio is 81.51%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Robert W. Baird boosted their price objective on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Loop Capital boosted their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research report on Thursday. Raymond James initiated coverage on shares of Watsco in a research report on Friday, January 17th. They set a “market perform” rating for the company. Finally, Northcoast Research initiated coverage on shares of Watsco in a report on Friday, November 22nd. They set a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $486.25.

Insider Buying and Selling

In related news, EVP Barry S. Logan sold 10,998 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.86% of the stock is currently owned by insiders.

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.