Principal Financial Group Inc. Has $24.38 Million Stake in Watts Water Technologies, Inc. $WTS

Principal Financial Group Inc. increased its position in Watts Water Technologies, Inc. (NYSE:WTS) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,968 shares of the technology company’s stock after purchasing an additional 2,156 shares during the quarter. Principal Financial Group Inc. owned approximately 0.25% of Watts Water Technologies worth $24,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Fifth Third Bancorp raised its stake in shares of Watts Water Technologies by 5,335.4% in the 1st quarter. Fifth Third Bancorp now owns 13,371 shares of the technology company’s stock valued at $3,881,000 after buying an additional 13,125 shares in the last quarter. Candriam S.C.A. increased its stake in Watts Water Technologies by 26.6% in the first quarter. Candriam S.C.A. now owns 34,579 shares of the technology company’s stock valued at $10,038,000 after acquiring an additional 7,256 shares during the period. Beacon Harbor Wealth Advisors Inc. increased its stake in Watts Water Technologies by 1.7% in the first quarter. Beacon Harbor Wealth Advisors Inc. now owns 24,076 shares of the technology company’s stock valued at $6,989,000 after acquiring an additional 394 shares during the period. Costello Asset Management INC raised its position in Watts Water Technologies by 900.0% in the first quarter. Costello Asset Management INC now owns 300 shares of the technology company’s stock worth $87,000 after purchasing an additional 270 shares in the last quarter. Finally, Kestra Advisory Services LLC lifted its stake in Watts Water Technologies by 8.6% during the first quarter. Kestra Advisory Services LLC now owns 706 shares of the technology company’s stock worth $205,000 after purchasing an additional 56 shares during the period. Institutional investors own 95.02% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on WTS. Robert W. Baird set a $330.00 price objective on Watts Water Technologies in a research note on Friday, May 8th. Weiss Ratings lowered Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 11th. TD Cowen upped their price target on Watts Water Technologies from $275.00 to $320.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. KeyCorp upped their price target on Watts Water Technologies from $360.00 to $380.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Finally, Barclays upgraded Watts Water Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $317.00 to $414.00 in a research note on Tuesday, June 30th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $345.30.

Watts Water Technologies Trading Down 1.4%

WTS stock opened at $341.57 on Tuesday. The business has a fifty day moving average price of $332.43 and a 200 day moving average price of $312.98. Watts Water Technologies, Inc. has a fifty-two week low of $246.55 and a fifty-two week high of $394.54. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 31.25, a P/E/G ratio of 3.04 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62.

Watts Water Technologies (NYSE:WTS) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.72 by $0.32. The firm had revenue of $677.30 million during the quarter, compared to the consensus estimate of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.37 EPS. Analysts expect that Watts Water Technologies, Inc. will post 12.03 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The business also recently declared 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 was Monday, June 1st. This represents a $2.52 annualized dividend and a yield of 0.7%. Watts Water Technologies’s dividend payout ratio is 23.06%.

Insider Activity

In other Watts Water Technologies news, Director Michael J. Dubose sold 398 shares of the 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 owned 1,814 shares of the company’s stock, valued at $561,668.82. This represents a 17.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Elie Melhem sold 2,257 shares of the firm’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 completion of the sale, the insider owned 8,963 shares of the company’s stock, valued at $2,697,863. The trade was a 20.12% decrease in their position. The SEC filing for this sale provides additional information. 1.00% of the stock is owned by corporate insiders.

Watts Water Technologies 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.