Watts Water Technologies (NYSE:WTS) Posts Earnings Results, Beats Expectations By $0.32 EPS

Watts Water Technologies (NYSE:WTS) posted its quarterly earnings results on Wednesday. The technology company reported $3.66 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.32, Zacks reports. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.09 EPS.

Watts Water Technologies Stock Up 1.3%

Shares of NYSE:WTS traded up $4.64 during trading hours on Wednesday, hitting $362.73. The company’s stock had a trading volume of 295,073 shares, compared to its average volume of 199,642. The firm’s fifty day moving average price is $343.17 and its 200 day moving average price is $318.23. Watts Water Technologies has a 52 week low of $251.17 and a 52 week high of $394.54. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 3.09 and a beta of 1.15. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62.

Watts Water Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a $0.63 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.52 annualized dividend and a dividend yield of 0.7%. Watts Water Technologies’s payout ratio is currently 23.06%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on WTS shares. TD Cowen lifted their price objective on shares of Watts Water Technologies from $275.00 to $320.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Stifel Nicolaus upped their target price on shares of Watts Water Technologies from $379.00 to $403.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Barclays raised 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, June 30th. KeyCorp lifted their price target on shares of Watts Water Technologies from $360.00 to $380.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $358.00 price target on shares of Watts Water Technologies in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Watts Water Technologies presently has an average rating of “Hold” and an average price target of $345.30.

Insider Activity at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total transaction of $679,357.00. Following the sale, the insider owned 8,963 shares of the company’s stock, valued at approximately $2,697,863. This trade represents a 20.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $309.63, for a total value of $123,232.74. Following the completion of the transaction, the director owned 1,814 shares in the company, valued at $561,668.82. This represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Watts Water Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC boosted its holdings in shares of Watts Water Technologies by 10.2% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,887 shares of the technology company’s stock valued at $385,000 after buying an additional 174 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Watts Water Technologies by 80.2% in the first quarter. Jones Financial Companies Lllp now owns 1,000 shares of the technology company’s stock valued at $222,000 after acquiring an additional 445 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Watts Water Technologies by 8.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,878 shares of the technology company’s stock worth $20,163,000 after purchasing an additional 7,537 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Watts Water Technologies during the 2nd quarter valued at $219,000. Finally, Cetera Investment Advisers boosted its position in shares of Watts Water Technologies by 43.2% in the 2nd quarter. Cetera Investment Advisers now owns 1,734 shares of the technology company’s stock worth $426,000 after purchasing an additional 523 shares in the last quarter. Hedge funds and other institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Company Profile

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.