Teacher Retirement System of Texas Sells 1,053 Shares of Watsco, Inc. (NYSE:WSO)

Teacher Retirement System of Texas lessened its position in Watsco, Inc. (NYSE:WSO) by 40.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,536 shares of the construction company’s stock after selling 1,053 shares during the period. Teacher Retirement System of Texas’ holdings in Watsco were worth $658,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. M&T Bank Corp boosted its position in shares of Watsco by 3.1% during the third quarter. M&T Bank Corp now owns 1,989 shares of the construction company’s stock valued at $751,000 after buying an additional 60 shares during the period. Private Advisor Group LLC grew its position in Watsco by 4.0% in the 3rd quarter. Private Advisor Group LLC now owns 2,082 shares of the construction company’s stock valued at $786,000 after acquiring an additional 80 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its stake in Watsco by 13.7% in the third quarter. Nomura Asset Management Co. Ltd. now owns 9,155 shares of the construction company’s stock worth $3,458,000 after purchasing an additional 1,100 shares during the period. Signaturefd LLC lifted its position in shares of Watsco by 31.7% during the third quarter. Signaturefd LLC now owns 677 shares of the construction company’s stock worth $256,000 after purchasing an additional 163 shares during the last quarter. Finally, NBC Securities Inc. purchased a new stake in shares of Watsco during the third quarter valued at $749,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Price Performance

NYSE WSO opened at $489.58 on Friday. The company has a market cap of $19.73 billion, a PE ratio of 37.66 and a beta of 0.86. The firm’s 50 day moving average price is $444.16 and its 200-day moving average price is $414.75. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.92. Watsco, Inc. has a 52-week low of $318.53 and a 52-week high of $491.90.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $2.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.09). The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Watsco had a net margin of 7.03% and a return on equity of 19.26%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.83 earnings per share. Sell-side analysts forecast that Watsco, Inc. will post 14.26 EPS for the current fiscal year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th were given a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a dividend yield of 2.21%. This is a positive change from Watsco’s previous quarterly dividend of $2.45. The ex-dividend date of this dividend was Friday, April 12th. Watsco’s dividend payout ratio is presently 83.08%.

Insider Activity

In related news, Director John Alexander Macdonald sold 5,334 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $466.41, for a total transaction of $2,487,830.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Barry S. Logan sold 774 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $473.85, for a total transaction of $366,759.90. Following the sale, the executive vice president now owns 1,770 shares in the company, valued at $838,714.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Alexander Macdonald sold 5,334 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $466.41, for a total transaction of $2,487,830.94. The disclosure for this sale can be found here. Company insiders own 12.86% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Robert W. Baird raised their price target on shares of Watsco from $420.00 to $460.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Stephens reaffirmed an “overweight” rating and set a $500.00 target price on shares of Watsco in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Watsco currently has an average rating of “Hold” and an average target price of $404.25.

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.