Bank of New York Mellon Corp Cuts Stock Position in Watts Water Technologies, Inc. $WTS

Key Points

• Bank of New York Mellon trimmed its stake in Watts Water Technologies by 4.1% in the fourth quarter, though it still held 233,536 shares worth about $64.5 million. Institutional ownership remains very high at 95.02%.
• Watts Water Technologies reported strong quarterly results, posting EPS of $3.04 versus the $2.72 estimate and revenue of $677.3 million, both beating analyst expectations. Revenue rose 21.4% from a year earlier.
• Analysts currently have a Hold consensus on the stock with an average price target of $329.44, while insiders have also been selling shares recently. The company announced a quarterly dividend of $0.63 per share, payable June 15.

Bank of New York Mellon Corp lowered its holdings in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 233,536 shares of the technology company's stock after selling 10,034 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Watts Water Technologies worth $64,461,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Wexford Capital LP bought a new position in shares of Watts Water Technologies during the 3rd quarter worth $26,000. Advisory Services Network LLC purchased a new stake in shares of Watts Water Technologies in the 3rd quarter valued at about $29,000. Clearstead Advisors LLC raised its holdings in shares of Watts Water Technologies by 69.4% in 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 in the last quarter. Stance Capital LLC purchased a new stake in shares of Watts Water Technologies in the 3rd quarter valued at about $62,000. Finally, Allworth Financial LP increased its position in shares of Watts Water Technologies by 29.7% during the 3rd quarter. Allworth Financial LP now owns 253 shares of the technology company's stock valued at $71,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 95.02% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on WTS shares. Zacks Research lowered Watts Water Technologies from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 27th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $358.00 price objective on shares of Watts Water Technologies in a research report on Friday, May 8th. Wall Street Zen lowered Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Royal Bank Of Canada raised their price target on Watts Water Technologies from $318.00 to $323.00 and gave the stock a "sector perform" rating in a research report on Friday, May 8th. Finally, Robert W. Baird set a $330.00 price target on Watts Water Technologies in a research report on Friday, May 8th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $329.44.

Insiders Place Their Bets

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of Watts Water Technologies stock in a transaction on 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 in the company, valued at approximately $2,697,863. The trade was a 20.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction on 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 owned 1,814 shares of the company's stock, valued at $561,668.82. The trade was a 17.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,738 shares of company stock valued at $1,125,138 in the last quarter. 1.00% of the stock is owned by company insiders.

Watts Water Technologies Trading Up 1.3%

WTS opened at $319.53 on Wednesday. The stock has a market cap of $10.67 billion, a PE ratio of 29.23, a PEG ratio of 2.80 and a beta of 1.19. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average of $301.34 and a 200-day moving average of $297.86. Watts Water Technologies, Inc. has a 52 week low of $237.72 and a 52 week high of $345.17.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its earnings results on Wednesday, May 6th. The technology company reported $3.04 EPS for the quarter, beating analysts' consensus estimates of $2.72 by $0.32. The company had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.37 EPS. Equities research analysts predict that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, June 1st. Watts Water Technologies's dividend payout ratio (DPR) is presently 23.06%.

Watts Water Technologies Company 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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