3,699 Watts Water Technologies, Inc. $WTS Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd reduced its Watts Water Technologies stake by 6.1% in the third quarter, selling 3,699 shares and retaining 57,307 shares valued at approximately $20.3 million. Institutional investors collectively own 95.02% of the company.
• Watts reported strong quarterly results, with EPS of $3.66 versus the $3.34 consensus and revenue of $763.2 million, up 18.6% year over year. The company also pays a quarterly dividend of $0.63 per share, representing a 0.7% yield.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $367.70. Shares opened at $351.58, compared with a 52-week range of $260.00 to $394.54.

Perpetual Ltd lowered its stake in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,307 shares of the technology company's stock after selling 3,699 shares during the quarter. Perpetual Ltd owned about 0.17% of Watts Water Technologies worth $20,297,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of Watts Water Technologies by 21.1% during the 3rd quarter. GAMMA Investing LLC now owns 579 shares of the technology company's stock worth $205,000 after buying an additional 101 shares in the last quarter. HWG Holdings LP lifted its stake in shares of Watts Water Technologies by 18.9% in the 3rd quarter. HWG Holdings LP now owns 13,217 shares of the technology company's stock worth $4,681,000 after acquiring an additional 2,099 shares during the period. Cim Investment Management Inc. lifted its stake in shares of Watts Water Technologies by 7.3% in the 2nd quarter. Cim Investment Management Inc. now owns 2,063 shares of the technology company's stock worth $808,000 after acquiring an additional 140 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Watts Water Technologies by 5.8% in the second quarter. QRG Capital Management Inc. now owns 2,831 shares of the technology company's stock valued at $1,108,000 after acquiring an additional 154 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Watts Water Technologies by 9.7% in the second quarter. Sequoia Financial Advisors LLC now owns 2,138 shares of the technology company's stock valued at $837,000 after acquiring an additional 189 shares in the last quarter. Institutional investors own 95.02% of the company's stock.

Insider Activity at Watts Water Technologies

In other news, Director Joseph T. Noonan sold 3,650 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $353.72, for a total transaction of $1,291,078.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Elie Melhem sold 1,096 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the sale, the insider directly owned 7,867 shares of the company's stock, valued at approximately $2,828,579.85. This represents a 12.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on WTS. TD Cowen raised their price objective on shares of Watts Water Technologies from $275.00 to $320.00 and gave the company a "hold" rating in a research note on Thursday, July 2nd. Weiss Ratings raised Watts Water Technologies from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday. The Goldman Sachs Group restated a "neutral" rating and issued a $374.00 target price on shares of Watts Water Technologies in a research report on Friday, August 7th. Barclays upped their target price on Watts Water Technologies from $414.00 to $425.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Robert W. Baird set a $405.00 price target on Watts Water Technologies in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $367.70.

Watts Water Technologies Stock Performance

NYSE:WTS opened at $351.58 on Tuesday. Watts Water Technologies, Inc. has a twelve month low of $260.00 and a twelve month high of $394.54. The company has a current ratio of 2.66, a quick ratio of 1.60 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $363.68 and a 200-day moving average of $336.26. The firm has a market cap of $11.74 billion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 3.43 and a beta of 1.15.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $3.66 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $725.99 million. During the same quarter in the previous year, the company posted $3.09 EPS. The business's revenue was up 18.6% compared to the same quarter last year. Analysts forecast that Watts Water Technologies, Inc. will post 12.87 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Tuesday, September 1st. Watts Water Technologies's dividend payout ratio (DPR) is presently 22.01%.

Watts Water Technologies Profile

Watts Water Technologies, Inc designs and manufactures products that help manage the safety, efficiency, and quality of water in residential, commercial, institutional, and industrial systems. Its offerings are used in plumbing, heating, water distribution, and drainage applications.

The company's product portfolio includes backflow prevention devices, pressure regulators, safety and relief valves, water quality and conditioning equipment, leak detection products, drainage systems, and hydronic and HVAC components.

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