Golden State Wealth Management LLC Increases Stock Holdings in Watsco, Inc. (NYSE:WSO)

Golden State Wealth Management LLC increased its holdings in shares of Watsco, Inc. (NYSE:WSO) by 109.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 222 shares of the construction company’s stock after buying an additional 116 shares during the quarter. Golden State Wealth Management LLC’s holdings in Watsco were worth $113,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in shares of Watsco during the 1st quarter valued at about $25,000. Manitou Investment Management Ltd. purchased a new stake in Watsco in the first quarter valued at approximately $25,000. City Holding Co. acquired a new position in Watsco during the first quarter worth approximately $29,000. Rialto Wealth Management LLC acquired a new position in Watsco during the fourth quarter worth approximately $31,000. Finally, ST Germain D J Co. Inc. raised its stake in Watsco by 260.0% during the first quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock worth $37,000 after purchasing an additional 52 shares during the period. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. UBS Group lowered their price objective on shares of Watsco from $455.00 to $450.00 and set a “neutral” rating for the company in a research note on Wednesday, June 25th. Mizuho set a $490.00 target price on Watsco in a report on Thursday, April 24th. Robert W. Baird lowered their price target on Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their price target on Watsco from $445.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen raised Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Watsco currently has an average rating of “Hold” and a consensus target price of $485.83.

Watsco Trading Up 0.3%

NYSE:WSO opened at $435.58 on Monday. The firm’s fifty day simple moving average is $454.41 and its 200 day simple moving average is $479.25. Watsco, Inc. has a twelve month low of $418.31 and a twelve month high of $571.42. The firm has a market capitalization of $17.65 billion, a price-to-earnings ratio of 33.48 and a beta of 1.06.

Watsco (NYSE:WSO) last released its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.36). Watsco had a net margin of 6.98% and a return on equity of 17.13%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $2.17 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were issued a dividend of $3.00 per share. This is an increase from Watsco’s previous quarterly dividend of $2.70. This represents a $12.00 annualized dividend and a dividend yield of 2.75%. The ex-dividend date was Tuesday, April 15th. Watsco’s dividend payout ratio (DPR) is presently 92.24%.

About Watsco

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.