Resona Asset Management Co. Ltd. Makes New Investment in Watsco, Inc. (NYSE:WSO)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Watsco, Inc. (NYSE:WSO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,257 shares of the construction company’s stock, valued at approximately $5,342,000.

Several other hedge funds have also made changes to their positions in WSO. Rialto Wealth Management LLC purchased a new position in Watsco during the 4th quarter worth approximately $31,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Watsco during the fourth quarter valued at $36,000. 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 buying an additional 33 shares during the period. Atala Financial Inc acquired a new position in Watsco during the fourth quarter valued at $49,000. Finally, Golden State Wealth Management LLC purchased a new stake in Watsco in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO opened at $461.08 on Wednesday. The firm’s 50 day moving average price is $495.06 and its 200 day moving average price is $498.77. Watsco, Inc. has a twelve month low of $396.82 and a twelve month high of $571.42. The firm has a market cap of $18.63 billion, a PE ratio of 34.80 and a beta of 1.00.

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

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Tuesday, April 15th. This is an increase from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is 90.57%.

Wall Street Analyst Weigh In

WSO has been the topic of a number of research reports. Raymond James initiated coverage on Watsco in a report on Friday, January 17th. They issued a “market perform” rating on the stock. Loop Capital upped their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research note on Thursday, February 27th. Finally, Robert W. Baird increased their target price on shares of Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $486.25.

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.