AEGON ASSET MANAGEMENT UK Plc Raises Stock Position in Watts Water Technologies, Inc. $WTS

Key Points

• AEGON Asset Management UK increased its stake in Watts Water Technologies by 30.1% to 70,333 shares (about $19.4 million), while institutional ownership remains high at 95.02% with other funds like Invesco (+34.4%) and UBS (+223.0%) also adding to positions.
• Watts reported a quarterly beat with EPS of $2.62 vs. $2.36 expected and revenue of $625.1 million (up 15.7% year-over-year), supporting a market cap of roughly $10.04 billion and a P/E of 29.6.
• Analysts are mixed: the consensus rating is "Hold" with an average target of $331.67 (several firms raised targets, KeyCorp to $360), while insiders have been net sellers recently—29,674 shares (~$9.67M) sold in the past 90 days.

AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 30.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,333 shares of the technology company's stock after purchasing an additional 16,257 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.21% of Watts Water Technologies worth $19,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Boston Partners grew its position in Watts Water Technologies by 2.2% during the third quarter. Boston Partners now owns 907,336 shares of the technology company's stock valued at $253,211,000 after buying an additional 19,247 shares during the period. Invesco Ltd. grew its position in shares of Watts Water Technologies by 34.4% in the third quarter. Invesco Ltd. now owns 469,508 shares of the technology company's stock valued at $131,124,000 after purchasing an additional 120,090 shares during the period. AQR Capital Management LLC grew its position in shares of Watts Water Technologies by 17.5% in the third quarter. AQR Capital Management LLC now owns 326,139 shares of the technology company's stock valued at $90,226,000 after purchasing an additional 48,470 shares during the period. Port Capital LLC grew its position in shares of Watts Water Technologies by 1.0% in the third quarter. Port Capital LLC now owns 251,206 shares of the technology company's stock valued at $70,157,000 after purchasing an additional 2,378 shares during the period. Finally, UBS Group AG grew its position in shares of Watts Water Technologies by 223.0% in the third quarter. UBS Group AG now owns 202,250 shares of the technology company's stock valued at $56,484,000 after purchasing an additional 139,637 shares during the period. Hedge funds and other institutional investors own 95.02% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on WTS shares. Royal Bank Of Canada lifted their target price on shares of Watts Water Technologies from $288.00 to $337.00 and gave the company a "sector perform" rating in a research report on Friday, February 13th. Barclays lifted their target price on shares of Watts Water Technologies from $300.00 to $323.00 and gave the company an "equal weight" rating in a research report on Friday, February 13th. Zacks Research lowered shares of Watts Water Technologies from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 27th. TD Cowen reiterated a "hold" rating on shares of Watts Water Technologies in a research report on Thursday, January 8th. Finally, KeyCorp lifted their target price on shares of Watts Water Technologies from $340.00 to $360.00 and gave the company an "overweight" rating in a research report on Thursday, February 12th. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Watts Water Technologies has an average rating of "Hold" and an average target price of $331.67.

Insider Activity at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 379 shares of Watts Water Technologies stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $300.03, for a total transaction of $113,711.37. Following the transaction, the insider directly owned 11,592 shares of the company's stock, valued at $3,477,947.76. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Timothy P. Horne sold 7,500 shares of Watts Water Technologies stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $330.04, for a total transaction of $2,475,300.00. Following the transaction, the insider directly owned 7,500 shares in the company, valued at $2,475,300. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,674 shares of company stock valued at $9,669,838 over the last ninety days. Corporate insiders own 1.00% of the company's stock.

Watts Water Technologies Price Performance

Shares of WTS stock opened at $301.17 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.51 and a quick ratio of 1.49. The firm's 50-day moving average is $305.98 and its two-hundred day moving average is $291.48. Watts Water Technologies, Inc. has a 12 month low of $201.21 and a 12 month high of $345.17. The company has a market capitalization of $10.04 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 2.76 and a beta of 1.27.

Watts Water Technologies (NYSE:WTS - Get Free Report) last issued its earnings results on Wednesday, February 11th. The technology company reported $2.62 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.26. Watts Water Technologies had a net margin of 13.98% and a return on equity of 18.55%. The company had revenue of $625.10 million for the quarter, compared to the consensus estimate of $610.40 million. During the same period in the previous year, the firm earned $2.05 earnings per share. Watts Water Technologies's quarterly revenue was up 15.7% compared to the same quarter last year. Analysts predict that Watts Water Technologies, Inc. will post 11.62 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a c) dividend on an annualized basis and a yield of 2.1%. Watts Water Technologies's payout ratio is 20.45%.

About Watts Water Technologies

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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