Watts Water Technologies, Inc. (NYSE:WTS – Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $351.57 and last traded at $349.9490, with a volume of 333139 shares. The stock had previously closed at $343.89.
Analyst Ratings Changes
A number of research analysts have weighed in on WTS shares. Robert W. Baird set a $330.00 target price on Watts Water Technologies in a report on Friday, May 8th. Barclays lowered their target price on 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. Stifel Nicolaus set a $379.00 price target on Watts Water Technologies in a research note on Friday, May 8th. Royal Bank Of Canada increased their price objective on Watts Water Technologies from $318.00 to $323.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Finally, Zacks Research lowered Watts Water Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 27th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $329.44.
Read Our Latest Stock Analysis on WTS
Watts Water Technologies Stock Performance
Watts Water Technologies (NYSE:WTS – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.32. The company had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter last year, the company earned $2.37 EPS. As a group, sell-side analysts forecast that Watts Water Technologies, Inc. will post 11.9 EPS for the current fiscal year.
Watts Water Technologies Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.63 per share. The ex-dividend date 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 presently 23.06%.
Insider Activity
In related news, Director Michael J. Dubose sold 398 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total value of $123,232.74. Following the transaction, the director owned 1,814 shares in the company, valued at $561,668.82. The trade was a 17.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Elie Melhem sold 2,257 shares of the 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 sale, the insider directly owned 8,963 shares in the company, valued at $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.00% of the stock is owned by insiders.
Institutional Investors Weigh In On Watts Water Technologies
Institutional investors and hedge funds have recently made changes to their positions in the company. Cumberland Partners Ltd grew its stake in shares of Watts Water Technologies by 100.0% during the 4th quarter. Cumberland Partners Ltd now owns 13,000 shares of the technology company’s stock valued at $3,588,000 after purchasing an additional 6,500 shares during the period. Clark Capital Management Group Inc. lifted its stake 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 during the period. Boothbay Fund Management LLC purchased a new position in shares of Watts Water Technologies in the third quarter worth approximately $6,308,000. Mach 1 Financial Group LLC purchased a new position in shares of Watts Water Technologies in the fourth quarter worth approximately $1,950,000. Finally, Kingsview Wealth Management LLC bought a new stake in Watts Water Technologies during the fourth quarter valued at approximately $2,848,000. 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.
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