California State Teachers Retirement System Grows Stock Holdings in Watts Water Technologies, Inc. $WTS

Key Points

• California State Teachers Retirement System increased its Watts Water Technologies stake by 26.5% in the first quarter, bringing its holdings to 32,791 shares valued at approximately $9.5 million. Institutional investors collectively own 95.02% of the company.
• Watts Water Technologies reported quarterly earnings of $3.04 per share, beating estimates of $2.72, while revenue rose 21.4% year over year to $677.3 million.
• Analyst sentiment remains mixed, with five Buy and six Hold ratings and an average price target of $345.30. The stock recently opened at $350.42, while insiders sold shares in two disclosed transactions.

California State Teachers Retirement System grew its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 26.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,791 shares of the technology company's stock after purchasing an additional 6,879 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of Watts Water Technologies worth $9,519,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in WTS. Wexford Capital LP purchased a new stake in Watts Water Technologies in the third quarter valued at approximately $26,000. Acumen Wealth Advisors LLC purchased a new position in Watts Water Technologies during the fourth quarter worth approximately $28,000. Clearstead Advisors LLC boosted 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 purchasing an additional 43 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Watts Water Technologies in the 3rd quarter valued at $29,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Watts Water Technologies during the 4th quarter valued at $29,000. Institutional investors and hedge funds own 95.02% of the company's stock.

Watts Water Technologies Stock Performance

NYSE:WTS opened at $350.42 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62. Watts Water Technologies, Inc. has a 1-year low of $251.17 and a 1-year high of $394.54. The firm has a 50-day moving average of $341.30 and a two-hundred day moving average of $317.29. The stock has a market cap of $11.70 billion, a P/E ratio of 32.06, a PEG ratio of 2.99 and a beta of 1.14.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the business earned $2.37 EPS. On average, research analysts expect that Watts Water Technologies, Inc. will post 12.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Watts Water Technologies

In related news, Director Michael J. Dubose sold 398 shares of the 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 owned 1,814 shares of the company's stock, valued at $561,668.82. This trade represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Elie Melhem sold 2,257 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the transaction, the insider directly owned 8,963 shares of the company's stock, valued at approximately $2,697,863. The trade was a 20.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. KeyCorp lifted their target price on 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 restated a "hold" rating and set a $358.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Barclays raised Watts Water Technologies from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $317.00 to $414.00 in a research note on Tuesday, June 30th. Weiss Ratings cut Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada increased their target price on shares of Watts Water Technologies from $323.00 to $350.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Watts Water Technologies has an average rating of "Hold" and an average target price of $345.30.

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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