Watts Water Technologies Inc. (WTS) Earns Neutral Rating from Analysts at Janney Montgomery Scott
Janney Montgomery Scott assumed coverage on shares of Watts Water Technologies Inc. (NYSE:WTS) in a research note released on Friday. The firm issued a neutral rating and a $63.00 target price on the stock.
Other equities research analysts also recently issued research reports about the company. TheStreet raised Watts Water Technologies from a hold rating to a buy rating in a research report on Thursday, June 16th. Zacks Investment Research downgraded Watts Water Technologies from a buy rating to a hold rating in a research report on Monday, May 23rd. Northcoast Research started coverage on Watts Water Technologies in a research report on Friday, July 8th. They set a neutral rating for the company. Finally, Seaport Global Securities downgraded Watts Water Technologies from an accumulate rating to a neutral rating and set a $58.00 price target for the company. in a research report on Friday, June 10th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $61.40.
Watts Water Technologies (NYSE:WTS) opened at 61.81 on Friday. The company’s 50-day moving average price is $63.79 and its 200-day moving average price is $58.72. The stock’s market cap is $2.11 billion. Watts Water Technologies has a 1-year low of $44.51 and a 1-year high of $66.00.
Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.05. Watts Water Technologies had a positive return on equity of 11.85% and a negative net margin of 6.88%. The firm earned $371.10 million during the quarter, compared to the consensus estimate of $367.14 million. During the same quarter in the previous year, the business earned $0.69 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts predict that Watts Water Technologies will post $2.65 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, September 2nd were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Wednesday, August 31st. Watts Water Technologies’s payout ratio is -25.35%.
In other news, insider Elie Melhem sold 5,192 shares of the stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $62.44, for a total transaction of $324,188.48. Following the sale, the insider now directly owns 32,656 shares in the company, valued at approximately $2,039,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Kenneth Robert Lepage sold 31,362 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $64.53, for a total value of $2,023,789.86. Following the sale, the general counsel now owns 75,727 shares in the company, valued at $4,886,663.31. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Watts Water Technologies by 4.2% in the second quarter. Vanguard Group Inc. now owns 2,223,809 shares of the company’s stock worth $129,559,000 after buying an additional 89,676 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Watts Water Technologies by 2.7% in the second quarter. BlackRock Fund Advisors now owns 1,796,421 shares of the company’s stock worth $104,659,000 after buying an additional 46,463 shares during the period. Impax Asset Management LTD raised its position in shares of Watts Water Technologies by 5.3% in the second quarter. Impax Asset Management LTD now owns 1,597,537 shares of the company’s stock worth $93,073,000 after buying an additional 79,740 shares during the period. Silvercrest Asset Management Group LLC raised its position in shares of Watts Water Technologies by 12.2% in the second quarter. Silvercrest Asset Management Group LLC now owns 691,113 shares of the company’s stock worth $40,265,000 after buying an additional 74,875 shares during the period. Finally, State Street Corp raised its position in shares of Watts Water Technologies by 1.2% in the second quarter. State Street Corp now owns 541,945 shares of the company’s stock worth $31,575,000 after buying an additional 6,501 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.
Watts Water Technologies Company Profile
Watts Water Technologies, Inc (Watts) is a supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. The Company, through its subsidiary, Watts Regulator Co, is engaged in manufacturing products and systems focused on the control, conservation and quality of water, and safety of the people using it.
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