Watts Water Technologies (NYSE:WTS) Reaches New 1-Year High After Dividend Announcement

Watts Water Technologies, Inc. (NYSE:WTS) hit a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $321.74 and last traded at $319.47, with a volume of 2134 shares. The stock had previously closed at $308.80.

The newly announced dividend which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a yield of 2.0%. Watts Water Technologies’s dividend payout ratio (DPR) is currently 21.47%.

Analyst Ratings Changes

WTS has been the topic of several analyst reports. Zacks Research upgraded Watts Water Technologies from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 29th. Royal Bank Of Canada initiated coverage on shares of Watts Water Technologies in a research note on Monday, January 5th. They set a “sector perform” rating and a $288.00 price objective for the company. Jefferies Financial Group began coverage on shares of Watts Water Technologies in a report on Friday, December 12th. They issued a “hold” rating and a $300.00 price target on the stock. KeyCorp upgraded shares of Watts Water Technologies from a “sector weight” rating to an “overweight” rating and set a $340.00 target price for the company in a research report on Wednesday, January 21st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Watts Water Technologies in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $288.57.

Watts Water Technologies Stock Performance

The business has a fifty day moving average of $288.85 and a 200 day moving average of $279.63. The company has a quick ratio of 1.84, a current ratio of 2.83 and a debt-to-equity ratio of 0.10. The company has a market cap of $10.49 billion, a P/E ratio of 32.47, a P/E/G ratio of 2.97 and a beta of 1.24.

Insiders Place Their Bets

In related news, major shareholder Timothy P. Horne sold 6,814 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $272.32, for a total transaction of $1,855,588.48. Following the completion of the transaction, the insider owned 15,000 shares of the company’s stock, valued at $4,084,800. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Virginia A. Halloran sold 605 shares of Watts Water Technologies stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $276.78, for a total value of $167,451.90. Following the completion of the transaction, the chief accounting officer directly owned 13,412 shares of the company’s stock, valued at approximately $3,712,173.36. This represents a 4.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,611 shares of company stock worth $2,347,509. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Watts Water Technologies

A number of hedge funds have recently added to or reduced their stakes in WTS. MTM Investment Management LLC purchased a new stake in shares of Watts Water Technologies during the second quarter valued at $25,000. Wexford Capital LP bought a new position in Watts Water Technologies in the 3rd quarter worth $26,000. Clearstead Advisors LLC lifted its position in shares of Watts Water Technologies by 69.4% during the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company’s stock valued at $29,000 after buying an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new position in Watts Water Technologies during the third quarter valued at approximately $29,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in Watts Water Technologies by 156.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 131 shares of the technology company’s stock worth $32,000 after buying an additional 80 shares during the period. 95.02% of the stock is currently owned by hedge funds and other 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.