Watts Water Technologies (NYSE:WTS) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Watts Water Technologies (NYSE:WTS) from a buy rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other research firms have also commented on WTS. Weiss Ratings upgraded shares of Watts Water Technologies from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. KeyCorp boosted their target price on Watts Water Technologies from $380.00 to $400.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Royal Bank Of Canada restated a “sector perform” rating and issued a $417.00 target price on shares of Watts Water Technologies in a research note on Wednesday, October 14th. Robert W. Baird set a $405.00 target price on Watts Water Technologies in a report on Friday, August 7th. Finally, TD Cowen increased 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $371.90.

Watts Water Technologies Stock Performance

NYSE WTS opened at $357.24 on Friday. Watts Water Technologies has a 1 year low of $260.00 and a 1 year high of $394.54. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.66 and a quick ratio of 1.60. The firm has a market cap of $11.92 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 3.46 and a beta of 1.15. The company has a fifty day moving average price of $361.60 and a 200-day moving average price of $338.51.

Watts Water Technologies (NYSE:WTS) last announced its earnings results on Wednesday, August 5th. The technology company reported $3.66 EPS for the quarter, beating the consensus estimate of $3.34 by $0.32. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. The company had revenue of $763.20 million during the quarter, compared to the consensus estimate of $725.99 million. During the same quarter in the prior year, the company posted $3.09 earnings per share. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. As a group, equities research analysts predict that Watts Water Technologies will post 12.87 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.63 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $2.52 annualized dividend and a dividend yield of 0.7%. Watts Water Technologies’s payout ratio is presently 22.01%.

Insiders Place Their Bets

In related news, insider Elie Melhem sold 1,096 shares of Watts Water Technologies stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the completion of the sale, the insider owned 7,867 shares of the company’s stock, valued at approximately $2,828,579.85. This trade represents a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph T. Noonan sold 3,650 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total value of $1,291,078.00. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Watts Water Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Robertson Stephens Wealth Management LLC grew its holdings in Watts Water Technologies by 6.6% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 729 shares of the technology company’s stock valued at $258,000 after buying an additional 45 shares in the last quarter. Mosley Wealth Management increased its position in shares of Watts Water Technologies by 6.2% during the third quarter. Mosley Wealth Management now owns 1,329 shares of the technology company’s stock valued at $472,000 after buying an additional 77 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Watts Water Technologies by 47.8% during the third quarter. Assenagon Asset Management S.A. now owns 15,891 shares of the technology company’s stock valued at $5,628,000 after buying an additional 5,137 shares during the period. First Citizens Bank & Trust Co. purchased a new stake in shares of Watts Water Technologies in the third quarter worth about $1,056,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Watts Water Technologies in the third quarter valued at approximately $208,000. Institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc designs, manufactures and sells products that manage the safety, efficiency, quality and flow of water in plumbing, heating and cooling systems. Its products serve residential, commercial, industrial and institutional applications, including new construction, renovation and infrastructure projects.

The company’s offerings include backflow prevention and water pressure management equipment, valves, regulators, drainage and plumbing products, water conditioning and filtration systems, water heaters, and solutions for hydronic heating and cooling.