Elie Melhem Sells 1,096 Shares of Watts Water Technologies (NYSE:WTS) Stock

Watts Water Technologies, Inc. (NYSE:WTS) insider Elie Melhem sold 1,096 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the completion of the sale, the insider owned 7,867 shares in the company, valued at approximately $2,828,579.85. This represents a 12.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Watts Water Technologies Stock Performance

Shares of WTS stock opened at $356.60 on Thursday. The stock has a fifty day moving average price of $361.39 and a 200 day moving average price of $329.20. The stock has a market cap of $11.90 billion, a PE ratio of 31.14, a P/E/G ratio of 3.54 and a beta of 1.13. Watts Water Technologies, Inc. has a 1 year low of $260.00 and a 1 year high of $394.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66.

Watts Water Technologies (NYSE:WTS) last posted its earnings results on Wednesday, August 5th. The technology company reported $3.66 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.32. Watts Water Technologies had a return on equity of 19.16% and a net margin of 14.34%.The company had revenue of $763.10 million for the quarter, compared to analyst estimates of $725.99 million. During the same quarter in the prior year, the company earned $3.09 earnings per share. Watts Water Technologies’s revenue was up 18.6% compared to the same quarter last year. Sell-side analysts forecast that Watts Water Technologies, Inc. will post 12.75 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Watts Water Technologies’s dividend payout ratio is presently 22.01%.

Hedge Funds Weigh In On Watts Water Technologies

A number of institutional investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in Watts Water Technologies by 37,958.7% during the second quarter. California State Teachers Retirement System now owns 12,479,817 shares of the technology company’s stock worth $4,885,224,000 after acquiring an additional 12,447,026 shares during the last quarter. Norges Bank acquired a new position in Watts Water Technologies in the 4th quarter valued at $100,627,000. AQR Capital Management LLC raised its holdings in Watts Water Technologies by 148.3% in the 2nd quarter. AQR Capital Management LLC now owns 277,669 shares of the technology company’s stock valued at $68,276,000 after acquiring an additional 165,837 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Watts Water Technologies by 20,071.4% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 141,200 shares of the technology company’s stock worth $40,989,000 after purchasing an additional 140,500 shares during the period. Finally, UBS Group AG boosted its holdings in shares of Watts Water Technologies by 223.0% during the third quarter. UBS Group AG now owns 202,250 shares of the technology company’s stock worth $56,484,000 after purchasing an additional 139,637 shares during the last quarter. Institutional investors and hedge funds own 95.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Weiss Ratings raised shares of Watts Water Technologies from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, September 1st. Stifel Nicolaus lifted their price objective on Watts Water Technologies from $379.00 to $403.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. KeyCorp upped their target price on Watts Water Technologies from $380.00 to $400.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Barclays increased their target price on Watts Water Technologies from $414.00 to $425.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, TD Cowen raised their price target on Watts Water Technologies from $275.00 to $320.00 and gave the stock a “hold” rating in a research report on Thursday, July 2nd. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $367.70.

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.