Watts Water Technologies (NYSE:WTS) Stock Price Up 6.9% – Here’s Why

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

Analyst Upgrades and Downgrades

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

Watts Water Technologies Stock Up 8.1%

The stock’s 50 day simple moving average is $314.38 and its two-hundred day simple moving average is $304.79. The firm has a market cap of $12.95 billion, a P/E ratio of 35.47, a P/E/G ratio of 3.19 and a beta of 1.19. 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 (NYSE:WTS) last issued its quarterly earnings results on Wednesday, May 6th. The technology company reported $3.04 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.32. The firm had revenue of $677.30 million for the quarter, compared to analysts’ expectations of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.37 EPS. As a group, research analysts forecast that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a dividend of $0.63 per share. The ex-dividend date was Monday, June 1st. This represents a $2.52 dividend on an annualized basis and a yield of 0.6%. Watts Water Technologies’s payout ratio is presently 23.06%.

Insider Buying and Selling at Watts Water Technologies

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wexford Capital LP bought a new position in shares of Watts Water Technologies in the third quarter worth approximately $26,000. Acumen Wealth Advisors LLC purchased a new position in Watts Water Technologies in the 4th quarter worth approximately $28,000. Clearstead Advisors LLC lifted its position in Watts Water Technologies by 69.4% in the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company’s stock valued at $29,000 after acquiring an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Watts Water Technologies during the 3rd quarter valued at $29,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Watts Water Technologies in the 4th quarter worth $29,000. 95.02% of the stock is owned by hedge funds and other institutional investors.

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.