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

Key Points

• Cumberland Partners Ltd doubled its stake in Watts Water Technologies during the fourth quarter, adding 6,500 shares to bring its total to 13,000 shares worth about $3.59 million.
• Watts Water Technologies posted strong quarterly results, with EPS of $3.04 beating estimates by $0.32 and revenue of $677.3 million topping expectations; revenue also rose 21.4% year over year.
• The company declared a quarterly dividend of $0.63 per share, while analysts currently rate the stock a consensus Hold with an average price target of $329.44.

Cumberland Partners Ltd boosted its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 100.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,000 shares of the technology company's stock after purchasing an additional 6,500 shares during the quarter. Cumberland Partners Ltd's holdings in Watts Water Technologies were worth $3,588,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of WTS. Cartenna Capital LP purchased a new stake in shares of Watts Water Technologies in the third quarter valued at $47,478,000. AQR Capital Management LLC raised its stake in shares of Watts Water Technologies by 148.3% in the second quarter. AQR Capital Management LLC now owns 277,669 shares of the technology company's stock valued at $68,276,000 after acquiring an additional 165,837 shares during the period. UBS Group AG raised its stake 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 acquiring an additional 139,637 shares during the period. Invesco Ltd. raised its stake 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 acquiring an additional 120,090 shares during the period. Finally, M&T Bank Corp raised its stake in shares of Watts Water Technologies by 2,609.4% in the fourth quarter. M&T Bank Corp now owns 81,743 shares of the technology company's stock valued at $22,563,000 after acquiring an additional 78,726 shares during the period. Hedge funds and other institutional investors own 95.02% of the company's stock.

Insider Activity

In other news, Director Michael J. Dubose sold 332 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $301.70, for a total value of $100,164.40. Following the completion of the sale, the director owned 2,212 shares of the company's stock, valued at approximately $667,360.40. This represents a 13.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Elie Melhem sold 2,257 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 8,963 shares of the company's stock, valued at $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. Insiders sold a total of 3,340 shares of company stock worth $1,001,905 in the last ninety days. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Robert W. Baird set a $330.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Stifel Nicolaus set a $379.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 28th. Finally, Weiss Ratings downgraded shares of Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, Watts Water Technologies currently has a consensus rating of "Hold" and an average price target of $329.44.

Watts Water Technologies Trading Up 0.7%

WTS stock opened at $302.63 on Friday. The company has a market capitalization of $10.10 billion, a PE ratio of 27.69, a P/E/G ratio of 2.67 and a beta of 1.20. Watts Water Technologies, Inc. has a 12 month low of $235.14 and a 12 month high of $345.17. The firm's 50-day moving average is $297.47 and its 200 day moving average is $294.28. 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 (NYSE:WTS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The technology company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.72 by $0.32. The company had revenue of $677.30 million for the quarter, compared to the consensus estimate 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 was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.37 EPS. On average, research analysts anticipate that Watts Water Technologies, Inc. will post 11.9 EPS for the current year.

Watts Water Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, June 1st. Watts Water Technologies's dividend payout ratio (DPR) is currently 19.03%.

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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