320,431 Shares in Watsco, Inc. $WSO Bought by Confluence Investment Management LLC

Confluence Investment Management LLC acquired a new position in shares of Watsco, Inc. (NYSE:WSO) during the 3rd quarter, Holdings Channel reports. The firm acquired 320,431 shares of the construction company’s stock, valued at approximately $96,991,000. Watsco accounts for about 1.5% of Confluence Investment Management LLC’s investment portfolio, making the stock its 18th biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors grew its position in shares of Watsco by 103.1% during the fourth quarter. Capital International Investors now owns 4,642,893 shares of the construction company’s stock worth $1,564,423,000 after buying an additional 2,356,998 shares in the last quarter. Norges Bank bought a new position in Watsco during the 4th quarter valued at $110,853,000. Bank of America Corp DE acquired a new position in Watsco during the 2nd quarter worth $119,291,000. Bank of New York Mellon Corp acquired a new position in Watsco during the 2nd quarter worth $97,937,000. Finally, Findlay Park Partners LLP bought a new stake in shares of Watsco in the 2nd quarter worth about $78,695,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of NYSE WSO traded down $1.20 during mid-day trading on Thursday, hitting $301.50. The company had a trading volume of 148,741 shares, compared to its average volume of 449,520. Watsco, Inc. has a 12 month low of $295.75 and a 12 month high of $459.00. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 26.14 and a beta of 1.05. The firm’s 50 day simple moving average is $318.42 and its two-hundred day simple moving average is $366.98.

Watsco (NYSE:WSO) last posted its earnings results on Wednesday, July 29th. The construction company reported $4.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.41). Watsco had a net margin of 6.53% and a return on equity of 14.40%. The company had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter in the previous year, the business posted $4.52 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts forecast that Watsco, Inc. will post 12.21 earnings per share for the current year.

Wall Street Analyst Weigh In

WSO has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Watsco from $370.00 to $405.00 and gave the stock an “equal weight” rating in a research report on Friday, July 10th. Zacks Research cut Watsco from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Watsco in a report on Tuesday, September 22nd. DA Davidson decreased their target price on Watsco from $385.00 to $330.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Finally, Stephens reiterated an “overweight” rating and issued a $485.00 price target on shares of Watsco in a report on Monday, August 17th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $395.50.

Watsco Profile

Watsco, Inc (NYSE: WSO) is a distributor of heating, air conditioning and refrigeration equipment and related products. The company supplies residential and commercial contractors with air conditioners, heat pumps, furnaces, refrigeration systems, indoor air-quality products, controls, replacement parts and other installation supplies.

Watsco serves the replacement and new-construction markets through a network of distribution centers, branches, showrooms and e-commerce platforms. Its customers primarily include HVAC and refrigeration contractors, dealers and other industry professionals, while its products are sourced from major manufacturers and distributed under leading industry brands.

Founded in 1956, Watsco has expanded through organic growth and acquisitions to become one of the largest HVAC and refrigeration distributors in North America.