Lazard Asset Management LLC Raises Position in Watts Water Technologies, Inc. $WTS

Lazard Asset Management LLC grew its holdings in Watts Water Technologies, Inc. (NYSE:WTS) by 79.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,832 shares of the technology company’s stock after acquiring an additional 97,115 shares during the period. Lazard Asset Management LLC’s holdings in Watts Water Technologies were worth $63,525,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Wexford Capital LP acquired a new stake in shares of Watts Water Technologies in the third quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new position in Watts Water Technologies during the 4th quarter worth $28,000. Clearstead Advisors LLC grew its stake in Watts Water Technologies by 69.4% during the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company’s stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Watts Water Technologies during the 3rd quarter worth about $29,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in Watts Water Technologies during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Stock Performance

NYSE:WTS opened at $346.17 on Tuesday. Watts Water Technologies, Inc. has a 12 month low of $250.82 and a 12 month high of $394.54. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62. The firm has a market capitalization of $11.56 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.98 and a beta of 1.14. The business’s fifty day moving average price is $336.84 and its 200 day moving average price is $315.24.

Watts Water Technologies (NYSE:WTS) last announced its quarterly earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.72 by $0.32. The company had revenue of $677.30 million during the quarter, compared to the consensus estimate of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.Watts Water Technologies’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.37 EPS. On average, sell-side analysts anticipate that Watts Water Technologies, Inc. will post 12.23 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors 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 annualized dividend and a yield of 0.7%. Watts Water Technologies’s payout ratio is presently 23.06%.

Analyst Upgrades and Downgrades

WTS has been the topic of a number of analyst reports. Royal Bank Of Canada increased their price target on Watts Water Technologies from $323.00 to $350.00 and gave the company a “sector perform” rating in a research report on Thursday, July 16th. Robert W. Baird set a $330.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. KeyCorp upped their target price on shares of Watts Water Technologies from $360.00 to $380.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Weiss Ratings cut shares of Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 11th. Finally, TD Cowen lifted their price target on shares of Watts Water Technologies from $275.00 to $320.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $345.30.

Insider Activity at Watts Water Technologies

In related news, Director Michael J. Dubose sold 398 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $309.63, for a total value of $123,232.74. Following the completion of the transaction, the director directly owned 1,814 shares of the company’s stock, valued at $561,668.82. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Elie Melhem sold 2,257 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is owned by insiders.

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.