Watts Water Technologies (NYSE:WTS) Shares Up 6.9% – Here’s What Happened

Watts Water Technologies, Inc. (NYSE:WTS) shares rose 6.9% during trading on Tuesday . The company traded as high as $381.81 and last traded at $383.5220. Approximately 34,925 shares traded hands during trading, a decline of 88% from the average daily volume of 286,663 shares. The stock had previously closed at $358.93.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on WTS shares. Stifel Nicolaus set a $379.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Weiss Ratings downgraded shares of Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 11th. Robert W. Baird set a $330.00 price target on shares of Watts Water Technologies in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $358.00 price objective on shares of Watts Water Technologies in a research report on Friday, May 8th. Finally, Barclays upgraded shares of Watts Water Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $317.00 to $414.00 in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Watts Water Technologies presently has a consensus rating of “Hold” and an average target price of $340.22.

Watts Water Technologies Price Performance

The stock has a market capitalization of $12.73 billion, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 3.48 and a beta of 1.13. The company has a 50 day moving average of $317.91 and a 200 day moving average of $306.34. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09.

Watts Water Technologies (NYSE:WTS) last released its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.32. The firm had revenue of $677.30 million for the quarter, compared to the consensus estimate of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.37 earnings per share. As a group, equities research analysts forecast that Watts Water Technologies, Inc. will post 11.9 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Monday, June 1st. Watts Water Technologies’s dividend payout ratio is presently 23.06%.

Insider Activity at Watts Water Technologies

In related news, insider Elie Melhem sold 2,257 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the sale, the insider directly owned 8,963 shares in the company, valued at approximately $2,697,863. The trade was a 20.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Dubose sold 398 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $309.63, for a total transaction of $123,232.74. Following the transaction, the director directly owned 1,814 shares of the company’s stock, valued at $561,668.82. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Watts Water Technologies

Institutional investors have recently made changes to their positions in the stock. Cumberland Partners Ltd lifted its stake in shares of Watts Water Technologies by 100.0% in the 4th quarter. Cumberland Partners Ltd now owns 13,000 shares of the technology company’s stock valued at $3,588,000 after purchasing an additional 6,500 shares in the last quarter. Kingsview Wealth Management LLC acquired a new stake in Watts Water Technologies during the 4th quarter worth approximately $2,848,000. Clark Capital Management Group Inc. increased its position in Watts Water Technologies by 17.4% during the 3rd quarter. Clark Capital Management Group Inc. now owns 27,985 shares of the technology company’s stock worth $7,816,000 after purchasing an additional 4,140 shares in the last quarter. Mach 1 Financial Group LLC purchased a new position in Watts Water Technologies in the fourth quarter valued at approximately $1,950,000. Finally, Boothbay Fund Management LLC acquired a new position in Watts Water Technologies during the third quarter valued at approximately $6,308,000. 95.02% of the stock is owned by hedge funds and other institutional investors.

About Watts Water Technologies

Watts Water Technologies, Inc is a global manufacturer and distributor of flow control products and solutions designed to ensure the safe, efficient delivery and use of water. Founded in 1874 and headquartered in North Andover, Massachusetts, the company has built a reputation for engineering innovation in residential, commercial and industrial plumbing, heating, cooling and water treatment systems. Watts operates through a comprehensive portfolio of brands and product lines that address application-specific requirements in water safety, pressure regulation, flow control and filtration.

The company’s product offerings span backflow preventers, pressure reducing valves, relief valves and steam traps, as well as hydronic balancing and temperature control devices for heating systems.