Cumberland Partners Ltd Cuts Stock Holdings in Watts Water Technologies, Inc. $WTS

Key Points

• Cumberland Partners Ltd cut its stake in Watts Water Technologies by 50% in the first quarter, leaving it with 6,500 shares valued at about $1.89 million.
• Several insiders sold shares recently, including Director Michael J. Dubose and insider Elie Melhem, while institutional investors continue to hold about 95% of the company.
• Watts Water Technologies reported better-than-expected quarterly results, with EPS of $3.04 and revenue of $677.3 million, and analysts currently have a consensus Hold rating with an average price target of $345.30.

Cumberland Partners Ltd reduced its stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 50.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,500 shares of the technology company's stock after selling 6,500 shares during the quarter. Cumberland Partners Ltd's holdings in Watts Water Technologies were worth $1,887,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wexford Capital LP bought a new position in Watts Water Technologies during the 3rd quarter worth approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Watts Water Technologies in the fourth quarter valued at approximately $28,000. Advisory Services Network LLC bought a new stake in Watts Water Technologies in the third quarter valued at approximately $29,000. Clearstead Advisors LLC boosted its stake in shares of Watts Water Technologies by 69.4% during the fourth 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 period. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Watts Water Technologies during the fourth quarter valued at approximately $29,000. Institutional investors own 95.02% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael J. Dubose sold 398 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $309.63, for a total transaction 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 trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Elie Melhem sold 2,257 shares of Watts Water Technologies stock in a transaction dated 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 sale, the insider owned 8,963 shares of the company's stock, valued at $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. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on WTS shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Weiss Ratings lowered shares of Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 11th. Robert W. Baird set a $330.00 price objective on Watts Water Technologies in a research report on Friday, May 8th. Barclays raised shares of Watts Water Technologies from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $317.00 to $414.00 in a research note on Tuesday, June 30th. Finally, Stifel Nicolaus increased their price objective on Watts Water Technologies from $379.00 to $403.00 and gave the stock a "buy" rating in a report on Monday. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $345.30.

Watts Water Technologies Price Performance

Shares of WTS opened at $344.62 on Friday. Watts Water Technologies, Inc. has a twelve month low of $250.63 and a twelve month high of $394.54. The company has a market capitalization of $11.51 billion, a P/E ratio of 31.53, a price-to-earnings-growth ratio of 2.97 and a beta of 1.14. The firm has a 50 day moving average of $335.93 and a 200 day moving average of $314.57. 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 released its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.72 by $0.32. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The business had revenue of $677.30 million for the quarter, compared to analysts' expectations of $638.13 million. During the same period in the prior year, the firm posted $2.37 EPS. The firm's quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities research analysts anticipate that Watts Water Technologies, Inc. will post 12.23 earnings per share for the current fiscal year.

Watts Water Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 1st. Watts Water Technologies's dividend payout ratio 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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