Watts Water Technologies (NYSE:WTS) Hits New 52-Week High – Here’s What Happened

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on WTS shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $358.00 price target on shares of Watts Water Technologies in a report on Friday, May 8th. Barclays reduced their target price on shares of Watts Water Technologies from $323.00 to $317.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. Royal Bank Of Canada boosted 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 research note on Friday, May 8th. 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. Finally, Weiss Ratings lowered shares of Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 11th. 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 stock presently has an average rating of “Hold” and a consensus target price of $329.44.

Watts Water Technologies Price Performance

The company has a market capitalization of $11.62 billion, a P/E ratio of 31.83, a P/E/G ratio of 2.96 and a beta of 1.19. The business’s 50-day simple moving average is $305.24 and its 200 day simple moving average is $299.80. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.09.

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

Watts Water Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 1st. Watts Water Technologies’s payout ratio is 23.06%.

Insider Transactions at Watts Water Technologies

In related news, insider Elie Melhem sold 2,257 shares of the business’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 sale, the insider directly owned 8,963 shares in the company, valued at $2,697,863. The trade was a 20.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Dubose sold 398 shares of the business’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 transaction of $123,232.74. Following the completion of the sale, the director owned 1,814 shares in the company, valued at $561,668.82. The trade was a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,027 shares of company stock worth $911,262 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Trading of Watts Water Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Clark Capital Management Group Inc. raised its holdings in shares of Watts Water Technologies by 17.4% in the 3rd quarter. Clark Capital Management Group Inc. now owns 27,985 shares of the technology company’s stock worth $7,816,000 after purchasing an additional 4,140 shares in the last quarter. Cumberland Partners Ltd raised its holdings in shares of Watts Water Technologies by 100.0% in the 4th quarter. Cumberland Partners Ltd now owns 13,000 shares of the technology company’s stock worth $3,588,000 after purchasing an additional 6,500 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in shares of Watts Water Technologies in the third quarter worth approximately $6,308,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Watts Water Technologies by 80.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 6,978 shares of the technology company’s stock valued at $1,949,000 after acquiring an additional 3,101 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Watts Water Technologies by 122.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 54,381 shares of the technology company’s stock valued at $15,010,000 after acquiring an additional 29,942 shares during the period. 95.02% of the stock is currently owned by institutional investors.

About Watts Water Technologies

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.