Watts Water Technologies (NYSE:WTS) Releases Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Watts Water Technologies (NYSE:WTS) announced its quarterly earnings results on Wednesday. The technology company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.72 by $0.32, FiscalAI reports. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business had revenue of $677.30 million for the quarter, compared to analysts’ expectations of $638.13 million. During the same quarter in the previous year, the company earned $2.37 EPS. The business’s quarterly revenue was up 21.4% compared to the same quarter last year.

Watts Water Technologies Price Performance

NYSE:WTS traded up $2.84 during trading hours on Friday, reaching $296.98. 328,238 shares of the company were exchanged, compared to its average volume of 305,560. Watts Water Technologies has a twelve month low of $230.47 and a twelve month high of $345.17. The company has a current ratio of 2.72, a quick ratio of 1.49 and a debt-to-equity ratio of 0.09. The stock’s 50-day moving average is $301.64 and its 200-day moving average is $292.71. The firm has a market cap of $9.90 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 2.66 and a beta of 1.20.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.63 per share. The ex-dividend date is Monday, June 1st. This represents a $2.52 dividend on an annualized basis and a yield of 0.8%. Watts Water Technologies’s dividend payout ratio is currently 20.45%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $358.00 price objective on shares of Watts Water Technologies in a research report on Friday. Zacks Research downgraded shares of Watts Water Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, February 27th. TD Cowen reaffirmed a “hold” rating on shares of Watts Water Technologies in a research report on Thursday, January 8th. Royal Bank Of Canada increased their price objective on shares of Watts Water Technologies from $318.00 to $323.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, HSBC began coverage on Watts Water Technologies in a research report on Tuesday, January 27th. They set a “buy” rating for the company. Four analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $330.11.

Insider Buying and Selling at Watts Water Technologies

In other news, General Counsel Kenneth Robert Lepage sold 5,025 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $321.08, for a total value of $1,613,427.00. Following the transaction, the general counsel owned 12,284 shares in the company, valued at $3,944,146.72. This trade represents a 29.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Pagano, Jr. sold 16,066 shares of the firm’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $327.31, for a total value of $5,258,562.46. Following the completion of the transaction, the chief executive officer owned 191,202 shares in the company, valued at $62,582,326.62. The trade was a 7.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 29,674 shares of company stock valued at $9,669,838. 1.00% of the stock is owned by insiders.

Institutional Trading of Watts Water Technologies

Several institutional investors have recently made changes to their positions in the company. Sivia Capital Partners LLC acquired a new stake in shares of Watts Water Technologies during the 2nd quarter worth about $219,000. Raiffeisen Bank International AG grew its position in shares of Watts Water Technologies by 12.5% during the fourth quarter. Raiffeisen Bank International AG now owns 857 shares of the technology company’s stock worth $240,000 after buying an additional 95 shares in the last quarter. Cresset Asset Management LLC acquired a new position in Watts Water Technologies during the 2nd quarter worth approximately $235,000. Vestcor Inc purchased a new position in Watts Water Technologies in the third quarter valued at $226,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Watts Water Technologies in the 4th quarter valued at about $179,000. Hedge funds and other institutional investors own 95.02% of the company’s stock.

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.