Watts Water Technologies (NYSE:WTS) Hits New 1-Year High – Here’s What Happened

Watts Water Technologies, Inc. (NYSE:WTS)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $347.60 and last traded at $347.2710, with a volume of 96667 shares traded. The stock had previously closed at $339.00.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Zacks Research lowered shares of Watts Water Technologies from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 27th. Stifel Nicolaus set a $379.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Royal Bank Of Canada lifted their target price on shares of Watts Water Technologies from $318.00 to $323.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Weiss Ratings cut Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Wall Street Zen downgraded Watts Water Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 28th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $329.44.

Watts Water Technologies Stock Performance

The firm has a market capitalization of $11.51 billion, a P/E ratio of 31.54, a price-to-earnings-growth ratio of 2.99 and a beta of 1.19. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.09. The business’s 50 day simple moving average is $307.32 and its two-hundred day simple moving average is $300.71.

Watts Water Technologies (NYSE:WTS) last issued its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.72 by $0.32. The firm had revenue of $677.30 million for the quarter, compared to the consensus estimate of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.37 earnings per share. Sell-side analysts anticipate that Watts Water Technologies, Inc. will post 11.9 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.52 annualized dividend and a dividend yield of 0.7%. Watts Water Technologies’s dividend payout ratio (DPR) is 23.06%.

Insider Activity

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total transaction of $679,357.00. Following the transaction, the insider owned 8,963 shares in the company, valued at approximately $2,697,863. This represents a 20.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total transaction of $123,232.74. Following the sale, the director directly owned 1,814 shares in the company, valued at approximately $561,668.82. The trade was a 17.99% decrease in their position. The SEC filing for this sale provides additional information. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in Watts Water Technologies by 14.4% in the first quarter. Pacer Advisors Inc. now owns 9,355 shares of the technology company’s stock worth $2,716,000 after purchasing an additional 1,181 shares during the last quarter. Empowered Funds LLC grew its position in Watts Water Technologies by 1,808.0% in the 1st 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 period. Groupama Asset Managment raised its stake in Watts Water Technologies by 7.7% during the 1st quarter. Groupama Asset Managment now owns 82,602 shares of the technology company’s stock valued at $23,979,000 after buying an additional 5,928 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Watts Water Technologies by 21.1% during the 1st quarter. Bank of America Corp DE now owns 133,817 shares of the technology company’s stock valued at $38,846,000 after buying an additional 23,300 shares during the period. Finally, Smith Group Asset Management LLC lifted its holdings in shares of Watts Water Technologies by 2.0% during the 1st quarter. Smith Group Asset Management LLC now owns 6,688 shares of the technology company’s stock valued at $1,941,000 after buying an additional 130 shares during the period. 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.