Connor Clark & Lunn Investment Management Ltd. Sells 12,011 Shares of Watsco, Inc. $WSO
Connor Clark & Lunn Investment Management Ltd. reduced its stake in Watsco, Inc. by 72% in Q2, selling 12,011 shares. Watsco's stock opened at $342.35, with a market cap of $13.88 billion. Analysts have set new price targets, with ratings ranging from "strong sell" to "neutral." The average price target is $435.00. Watsco announced a quarterly dividend of $3.00, with a yield of 3.5%. Institutional investors own 89.71% of the stock.
Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 72.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,671 shares of the construction company's stock after selling 12,011 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Watsco were worth $2,063,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in WSO. WPG Advisers LLC bought a new stake in Watsco during the 1st quarter valued at $25,000. Ameritas Advisory Services LLC bought a new stake in shares of Watsco during the 2nd quarter worth $26,000. TCTC Holdings LLC boosted its holdings in shares of Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after purchasing an additional 30 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in Watsco in the second quarter worth approximately $34,000. Finally, Ransom Advisory Ltd bought a new position in shares of Watsco during the 1st quarter valued at $45,000. 89.71% of the stock is currently owned by institutional investors.
Watsco Price Performance
Shares of Watsco stock opened at $342.35 on Friday. The stock has a market capitalization of $13.88 billion, a PE ratio of 26.75 and a beta of 0.93. The company's fifty day simple moving average is $377.65 and its 200-day simple moving average is $421.76. Watsco, Inc. has a 1-year low of $340.66 and a 1-year high of $571.41.
Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings results on Friday, November 7th. The construction company reported $3.98 EPS for the quarter. The business had revenue of $2.07 billion during the quarter. Watsco had a return on equity of 16.48% and a net margin of 7.04%. As a group, research analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.
Watsco Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Thursday, October 16th were issued a $3.00 dividend. The ex-dividend date of this dividend was Thursday, October 16th. This represents a $12.00 annualized dividend and a yield of 3.5%. Watsco's dividend payout ratio is currently 93.75%.
Analysts Set New Price Targets
A number of brokerages have commented on WSO. Zacks Research cut Watsco from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 29th. Mizuho lowered their target price on Watsco from $525.00 to $400.00 and set a "neutral" rating for the company in a research note on Friday, October 17th. William Blair restated a "market perform" rating on shares of Watsco in a report on Wednesday, October 15th. JPMorgan Chase & Co. cut their target price on Watsco from $400.00 to $360.00 and set a "neutral" rating on the stock in a research note on Thursday, October 30th. Finally, UBS Group reduced their price target on shares of Watsco from $425.00 to $390.00 and set a "neutral" rating for the company in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $435.00.
Get Our Latest Report on WSO
Watsco Profile
(Free Report)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.
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