23,681 Shares in Watts Water Technologies, Inc. $WTS Purchased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital initiated a 23,681-share position in Watts Water Technologies worth approximately $6.9 million, while institutional investors collectively own 95.02% of the company.
• Watts reported a strong quarterly performance, with EPS of $3.04 beating estimates by $0.32 and revenue rising 21.4% year over year to $677.3 million.
• Shares opened at $346.06, up 0.6%, while analysts maintained a consensus “Hold” rating with an average price target of $345.30; the company also pays a quarterly dividend of $0.63.

Arrowstreet Capital Limited Partnership bought a new stake in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 23,681 shares of the technology company's stock, valued at approximately $6,874,000. Arrowstreet Capital Limited Partnership owned about 0.07% of Watts Water Technologies as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Inceptionr LLC boosted its holdings in Watts Water Technologies by 6.8% in the first quarter. Inceptionr LLC now owns 1,514 shares of the technology company's stock valued at $439,000 after purchasing an additional 97 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Watts Water Technologies by 14.6% in the 1st quarter. Sei Investments Co. now owns 60,651 shares of the technology company's stock valued at $17,605,000 after buying an additional 7,734 shares during the period. Walleye Capital LLC boosted its stake in shares of Watts Water Technologies by 12.0% in the first quarter. Walleye Capital LLC now owns 71,800 shares of the technology company's stock worth $20,843,000 after buying an additional 7,719 shares during the last quarter. State of Wyoming grew its holdings in Watts Water Technologies by 12.0% during the first quarter. State of Wyoming now owns 935 shares of the technology company's stock worth $271,000 after acquiring an additional 100 shares during the period. Finally, Cetera Investment Advisers grew its holdings in Watts Water Technologies by 2.9% during the first quarter. Cetera Investment Advisers now owns 1,818 shares of the technology company's stock worth $528,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 95.02% of the company's stock.

Watts Water Technologies Stock Up 0.6%

Shares of NYSE WTS opened at $346.06 on Friday. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 2.99 and a beta of 1.14. The company's 50-day simple moving average is $340.34 and its 200-day simple moving average is $316.66. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09. Watts Water Technologies, Inc. has a 52-week low of $251.17 and a 52-week high of $394.54.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $677.30 million during the quarter, compared to the consensus estimate of $638.13 million. During the same quarter in the prior year, the firm earned $2.37 EPS. The company's revenue for the quarter was up 21.4% on a year-over-year basis. Equities analysts predict that Watts Water Technologies, Inc. will post 12.23 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have commented on WTS. Robert W. Baird set a $330.00 price objective on Watts Water Technologies in a research report on Friday, May 8th. KeyCorp lifted their target price on shares of Watts Water Technologies from $360.00 to $380.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Barclays raised shares of Watts Water Technologies from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $317.00 to $414.00 in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada raised their price target on shares of Watts Water Technologies from $323.00 to $350.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $345.30.

Insider Activity at Watts Water Technologies

In other news, Director Michael J. Dubose sold 398 shares of the firm'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 directly owned 1,814 shares of the company's stock, valued at approximately $561,668.82. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Elie Melhem sold 2,257 shares of the business's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total transaction of $679,357.00. Following the transaction, the insider owned 8,963 shares in the company, valued at $2,697,863. The trade was a 20.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by 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.

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