Watts Water Technologies (NYSE:WTS) Stock Rating Reaffirmed as Sector Perform by Royal Bank Of Canada

Watts Water Technologies (NYSE:WTS)‘s stock had its “sector perform” rating reaffirmed by research analysts at Royal Bank Of Canada in a note issued to investors on Wednesday, Benzinga reports. They presently have a $417.00 price target on the technology company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 18.74% from the company’s current price.

A number of other research analysts have also recently commented on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $374.00 price target on shares of Watts Water Technologies in a research report on Friday, August 7th. Robert W. Baird set a $405.00 price objective on Watts Water Technologies in a report on Friday, August 7th. Weiss Ratings upgraded Watts Water Technologies from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. Barclays upped their price objective on shares of Watts Water Technologies from $414.00 to $425.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Stifel Nicolaus increased their target price on shares of Watts Water Technologies from $379.00 to $403.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.70.

Watts Water Technologies Stock Performance

WTS stock traded up $0.09 during mid-day trading on Wednesday, hitting $351.18. The company had a trading volume of 69,337 shares, compared to its average volume of 259,273. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66. The firm has a market cap of $11.72 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 3.41 and a beta of 1.15. Watts Water Technologies has a 12 month low of $260.00 and a 12 month high of $394.54. The stock’s fifty day moving average price is $363.53 and its two-hundred day moving average price is $336.63.

Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings results on Wednesday, August 5th. The technology company reported $3.66 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.32. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. The company had revenue of $763.20 million for the quarter, compared to analysts’ expectations of $725.99 million. During the same quarter in the previous year, the firm posted $3.09 EPS. Watts Water Technologies’s revenue was up 18.6% on a year-over-year basis. On average, analysts forecast that Watts Water Technologies will post 12.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Joseph T. Noonan sold 3,650 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total value of $1,291,078.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Elie Melhem sold 1,096 shares of the stock in a transaction 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 $2,828,579.85. This trade represents a 12.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Watts Water Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its stake in Watts Water Technologies by 18.7% in the 2nd quarter. Tidal Investments LLC now owns 30,668 shares of the technology company’s stock worth $12,005,000 after purchasing an additional 4,832 shares during the period. Candriam S.C.A. lifted its position in Watts Water Technologies by 26.6% in the first quarter. Candriam S.C.A. now owns 34,579 shares of the technology company’s stock valued at $10,038,000 after purchasing an additional 7,256 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Watts Water Technologies during the second quarter valued at approximately $3,496,000. Lazard Asset Management LLC boosted its stake in shares of Watts Water Technologies by 79.8% during the first quarter. Lazard Asset Management LLC now owns 218,832 shares of the technology company’s stock valued at $63,525,000 after purchasing an additional 97,115 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of Watts Water Technologies by 1,808.0% in the first quarter. Empowered Funds LLC now owns 27,876 shares of the technology company’s stock worth $8,092,000 after purchasing an additional 26,415 shares during the last quarter. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc designs and manufactures products that help manage the safety, efficiency, and quality of water in residential, commercial, institutional, and industrial systems. Its offerings are used in plumbing, heating, water distribution, and drainage applications.

The company’s product portfolio includes backflow prevention devices, pressure regulators, safety and relief valves, water quality and conditioning equipment, leak detection products, drainage systems, and hydronic and HVAC components.