Delta Global Management LP Has $999,000 Stock Position in Watsco, Inc. $WSO

Delta Global Management LP lowered its position in shares of Watsco, Inc. (NYSE:WSO) by 61.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,745 shares of the construction company’s stock after selling 4,432 shares during the quarter. Delta Global Management LP’s holdings in Watsco were worth $999,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Torren Management LLC bought a new stake in Watsco during the 4th quarter worth about $26,000. Bayban acquired a new stake in shares of Watsco during the 4th quarter worth approximately $29,000. Bamco Inc. NY bought a new stake in shares of Watsco during the fourth quarter worth approximately $35,000. Laurel Wealth Advisors LLC acquired a new position in Watsco in the fourth quarter valued at approximately $37,000. Finally, Quarry LP bought a new position in Watsco in the fourth quarter valued at approximately $37,000. Institutional investors own 89.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on WSO. Stephens upped their target price on shares of Watsco from $475.00 to $485.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Morgan Stanley raised their price target on Watsco from $370.00 to $405.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Watsco in a research note on Friday, June 26th. Wall Street Zen upgraded Watsco from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, DA Davidson initiated coverage on Watsco in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $385.00 target price on the stock. One analyst has rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $402.71.

Watsco Price Performance

Watsco stock opened at $362.43 on Monday. The firm has a market capitalization of $14.74 billion, a price-to-earnings ratio of 30.08 and a beta of 1.02. The company’s 50 day simple moving average is $384.38 and its 200 day simple moving average is $393.49. Watsco, Inc. has a fifty-two week low of $323.05 and a fifty-two week high of $493.66.

Watsco (NYSE:WSO) last issued its earnings results on Tuesday, April 28th. The construction company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.73 by $0.14. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.49 billion. Watsco had a net margin of 6.85% and a return on equity of 15.31%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.93 earnings per share. As a group, analysts predict that Watsco, Inc. will post 12.9 EPS for the current fiscal year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Thursday, July 16th will be issued a $3.30 dividend. The ex-dividend date of this dividend is Thursday, July 16th. This represents a $13.20 annualized dividend and a dividend yield of 3.6%. Watsco’s payout ratio is 109.54%.

Watsco Company Profile

Watsco, Inc is the largest distributor of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts and supplies in the United States. Headquartered in Miami, Florida, the company operates a network of more than 600 branches across the continental U.S., Canada and Puerto Rico. Watsco serves residential and commercial contractors by providing essential components for climate control systems, including air conditioners, furnaces, heat pumps, coils, refrigerants, controls and electrical and piping supplies.

Founded in 1947, Watsco has grown from a single regional distributor into an industry leader through a combination of organic expansion, acquisitions and strategic partnerships with original equipment manufacturers such as Carrier, Trane, Goodman and Lennox.