Beacon Harbor Wealth Advisors Inc. Invests $6.44 Million in Watts Water Technologies, Inc. $WTS

Beacon Harbor Wealth Advisors Inc. bought a new stake in Watts Water Technologies, Inc. (NYSE:WTS) during the third quarter, HoldingsChannel reports. The institutional investor bought 23,074 shares of the technology company’s stock, valued at approximately $6,444,000. Watts Water Technologies makes up approximately 1.5% of Beacon Harbor Wealth Advisors Inc.’s portfolio, making the stock its 28th largest position.

Other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its position in shares of Watts Water Technologies by 3.1% in the third quarter. Envestnet Asset Management Inc. now owns 39,575 shares of the technology company’s stock valued at $11,053,000 after acquiring an additional 1,192 shares in the last quarter. SGL Investment Advisors Inc. acquired a new position in Watts Water Technologies in the 3rd quarter valued at about $206,000. Allianz Asset Management GmbH lifted its holdings in Watts Water Technologies by 17.7% in the 3rd quarter. Allianz Asset Management GmbH now owns 180,375 shares of the technology company’s stock valued at $50,375,000 after purchasing an additional 27,093 shares in the last quarter. State of Wyoming boosted its stake in shares of Watts Water Technologies by 4.7% during the 3rd quarter. State of Wyoming now owns 1,619 shares of the technology company’s stock worth $452,000 after purchasing an additional 73 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Watts Water Technologies by 1.0% during the third quarter. Principal Financial Group Inc. now owns 76,225 shares of the technology company’s stock worth $21,288,000 after buying an additional 738 shares in the last quarter. Hedge funds and other institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Trading Up 1.0%

Shares of WTS opened at $307.10 on Thursday. Watts Water Technologies, Inc. has a twelve month low of $177.59 and a twelve month high of $311.67. The firm has a market capitalization of $10.24 billion, a P/E ratio of 31.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.24. The company has a current ratio of 2.83, a quick ratio of 1.84 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $285.56 and its 200 day simple moving average is $277.62.

Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings results on Wednesday, November 5th. The technology company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.21. The firm had revenue of $611.70 million during the quarter, compared to the consensus estimate of $576.20 million. Watts Water Technologies had a return on equity of 18.31% and a net margin of 13.79%.The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.03 earnings per share. On average, equities research analysts forecast that Watts Water Technologies, Inc. will post 9.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. HSBC started coverage on shares of Watts Water Technologies in a research note on Tuesday, January 27th. They set a “buy” rating on the stock. Zacks Research raised Watts Water Technologies from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 29th. KeyCorp raised Watts Water Technologies from a “sector weight” rating to an “overweight” rating and set a $340.00 price objective for the company in a research report on Wednesday, January 21st. Wall Street Zen upgraded Watts Water Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 10th. Finally, Jefferies Financial Group initiated coverage on Watts Water Technologies in a research note on Friday, December 12th. They issued a “hold” rating and a $300.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Watts Water Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $288.57.

Insider Activity

In other news, major shareholder Timothy P. Horne sold 6,994 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $278.65, for a total transaction of $1,948,878.10. Following the completion of the sale, the insider owned 23,006 shares in the company, valued at approximately $6,410,621.90. The trade was a 23.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Virginia A. Halloran sold 605 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $276.78, for a total transaction of $167,451.90. Following the completion of the transaction, the chief accounting officer owned 13,412 shares in the company, valued at $3,712,173.36. The trade was a 4.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,605 shares of company stock worth $4,296,387 over the last ninety days. Corporate insiders own 1.00% of the company’s stock.

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.