Assenagon Asset Management S.A. Sells 31,179 Shares of Watts Water Technologies, Inc. $WTS

Key Points

• Assenagon Asset Management reduced its stake in Watts Water Technologies by 57.3% in the first quarter, selling 31,179 shares and leaving it with 23,202 shares worth about $6.74 million.
• Insider selling was also notable, with Director Michael J. Dubose and insider Elie Melhem both trimming their positions in May.
• Watts Water Technologies recently beat earnings and revenue estimates for the quarter, and it also paid a quarterly dividend of $0.63 per share, while analysts currently view the stock as a Hold overall.

Assenagon Asset Management S.A. cut its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 57.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,202 shares of the technology company's stock after selling 31,179 shares during the quarter. Assenagon Asset Management S.A. owned 0.07% of Watts Water Technologies worth $6,735,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Wexford Capital LP bought a new position in shares of Watts Water Technologies during the third quarter valued at about $26,000. Acumen Wealth Advisors LLC bought a new stake in shares of Watts Water Technologies in the 4th quarter valued at about $28,000. Advisory Services Network LLC purchased a new stake in Watts Water Technologies during the 3rd quarter valued at about $29,000. Clearstead Advisors LLC boosted its holdings in Watts Water Technologies by 69.4% during the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company's stock valued at $29,000 after acquiring an additional 43 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in Watts Water Technologies during the 4th quarter worth approximately $29,000. 95.02% of the stock is currently owned by institutional investors.

Insider Activity at Watts Water Technologies

In other news, Director Michael J. Dubose sold 398 shares of the company'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 sale, the director directly owned 1,814 shares of the company's stock, valued at $561,668.82. This represents a 17.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Elie Melhem sold 2,257 shares of the 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 completion of the transaction, the insider owned 8,963 shares of the company's stock, valued at approximately $2,697,863. The trade was a 20.12% 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.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Weiss Ratings cut Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $358.00 price objective on shares of Watts Water Technologies in a research note on Friday, May 8th. Robert W. Baird set a $330.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Barclays lowered their price target on shares of Watts Water Technologies from $323.00 to $317.00 and set an "equal weight" rating for the company in a report on Monday, May 11th. Finally, Royal Bank Of Canada increased their price target on shares of Watts Water Technologies from $318.00 to $323.00 and gave the company a "sector perform" rating in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $329.44.

Watts Water Technologies Stock Performance

Shares of WTS stock opened at $358.99 on Monday. The firm has a market capitalization of $11.99 billion, a price-to-earnings ratio of 32.84, a PEG ratio of 3.19 and a beta of 1.19. The stock has a fifty day moving average of $313.19 and a 200 day moving average of $304.14. Watts Water Technologies, Inc. has a 52 week low of $242.77 and a 52 week high of $375.89. 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 (NYSE:WTS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 EPS 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 business had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. During the same period in the prior year, the business earned $2.37 EPS. The company's revenue for the quarter was up 21.4% on a year-over-year basis. As a group, research analysts expect that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

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

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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