Watts Water Technologies (NYSE:WTS) Issues Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Watts Water Technologies (NYSE:WTS) announced its earnings results on Wednesday. The technology company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.22, Briefing.com reports. Watts Water Technologies had a return on equity of 19.38% and a net margin of 12.75%. The company had revenue of $570.90 million for the quarter, compared to analyst estimates of $547.20 million. During the same period in the prior year, the company posted $1.92 EPS. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. Watts Water Technologies updated its FY 2024 guidance to EPS.

Watts Water Technologies Stock Performance

Watts Water Technologies stock traded down $6.32 during midday trading on Thursday, hitting $205.92. 100,338 shares of the company were exchanged, compared to its average volume of 127,738. The firm has a market capitalization of $6.86 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 3.00 and a beta of 0.95. Watts Water Technologies has a fifty-two week low of $156.85 and a fifty-two week high of $219.52. The business has a fifty day simple moving average of $205.02 and a two-hundred day simple moving average of $199.70. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.63 and a current ratio of 2.61.

Watts Water Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 0.84%. This is a positive change from Watts Water Technologies’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, May 31st. Watts Water Technologies’s dividend payout ratio (DPR) is 18.41%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Stifel Nicolaus upped their target price on Watts Water Technologies from $206.00 to $209.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Robert W. Baird increased their price objective on Watts Water Technologies from $191.00 to $208.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Watts Water Technologies currently has an average rating of “Hold” and an average target price of $195.25.

Insider Buying and Selling

In related news, CAO Virginia A. Halloran sold 1,520 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $202.11, for a total transaction of $307,207.20. Following the sale, the chief accounting officer now directly owns 14,818 shares of the company’s stock, valued at $2,994,865.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Watts Water Technologies news, Director Michael J. Dubose sold 329 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $197.91, for a total transaction of $65,112.39. Following the transaction, the director now owns 2,392 shares in the company, valued at $473,400.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Virginia A. Halloran sold 1,520 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $202.11, for a total value of $307,207.20. Following the transaction, the chief accounting officer now owns 14,818 shares in the company, valued at approximately $2,994,865.98. The disclosure for this sale can be found here. Insiders have sold a total of 5,113 shares of company stock valued at $1,023,106 over the last ninety days. Company insiders own 1.10% of the company’s stock.

About Watts Water Technologies

Watts Water Technologies, Inc, together with its subsidiaries, supplies products and solutions that manage and conserve the flow of fluids and energy into, through, and out of buildings in the commercial, industrial, and residential markets in the Americas, Europe, the Asia-Pacific, the Middle East, and Africa.