Watts Water Technologies (NYSE:WTS) Price Target Cut to $397.00 by Analysts at Royal Bank Of Canada

Watts Water Technologies (NYSE:WTS) had its price target reduced by stock analysts at Royal Bank Of Canada from $417.00 to $397.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Royal Bank Of Canada‘s target price would suggest a potential upside of 15.01% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $374.00 price target on shares of Watts Water Technologies in a research report on Friday, August 7th. Stifel Nicolaus set a $445.00 price objective on Watts Water Technologies in a research report on Monday, October 19th. Weiss Ratings raised Watts Water Technologies from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, October 8th. Robert W. Baird set a $405.00 target price on Watts Water Technologies in a research note on Friday, August 7th. Finally, KeyCorp lifted their target price on Watts Water Technologies from $380.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $369.80.

Watts Water Technologies Stock Down 0.7%

WTS stock traded down $2.26 during trading on Friday, hitting $345.20. 169,819 shares of the stock traded hands, compared to its average volume of 264,137. The stock has a market cap of $11.52 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 3.43 and a beta of 1.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.66 and a quick ratio of 1.60. Watts Water Technologies has a 1 year low of $262.64 and a 1 year high of $394.54. The firm’s 50 day moving average is $355.93 and its two-hundred day moving average is $332.27.

Watts Water Technologies (NYSE:WTS) last issued its earnings results on Wednesday, November 4th. The technology company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.14 by $0.26. The business had revenue of $728.00 million during the quarter, compared to analysts’ expectations of $692.57 million. Watts Water Technologies had a net margin of 16.00% and a return on equity of 20.26%. The business’s revenue for the quarter was up 19.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.50 earnings per share. On average, sell-side analysts anticipate that Watts Water Technologies will post 12.87 EPS for the current year.

Insider Activity at Watts Water Technologies

In related news, insider Elie Melhem sold 1,096 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $359.55, for a total value of $394,066.80. Following the sale, the insider owned 7,867 shares in the company, valued at approximately $2,828,579.85. This trade represents a 12.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph Noonan sold 3,650 shares of Watts Water Technologies stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $353.72, for a total transaction of $1,291,078.00. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Watts Water Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Provenance Wealth Advisors LLC purchased a new stake in Watts Water Technologies during the third quarter valued at $37,000. NewEdge Advisors LLC boosted its position in Watts Water Technologies by 769.2% in the second quarter. NewEdge Advisors LLC now owns 113 shares of the technology company’s stock worth $44,000 after purchasing an additional 100 shares during the last quarter. Assetmark Inc. boosted its position in Watts Water Technologies by 211.3% in the first quarter. Assetmark Inc. now owns 165 shares of the technology company’s stock worth $48,000 after purchasing an additional 112 shares during the last quarter. Root Financial Partners LLC purchased a new position in Watts Water Technologies in the third quarter worth about $54,000. Finally, Jacobi Capital Management LLC bought a new stake in shares of Watts Water Technologies during the 3rd quarter valued at about $56,000. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

About Watts Water Technologies

Watts Water Technologies, Inc designs, manufactures and sells products that manage the safety, efficiency, quality and flow of water in plumbing, heating and cooling systems. Its products serve residential, commercial, industrial and institutional applications, including new construction, renovation and infrastructure projects.

The company’s offerings include backflow prevention and water pressure management equipment, valves, regulators, drainage and plumbing products, water conditioning and filtration systems, water heaters, and solutions for hydronic heating and cooling.