Empowered Funds LLC Buys 26,415 Shares of Watts Water Technologies, Inc. $WTS

Key Points

• Empowered Funds LLC increased its Watts Water Technologies stake by 1,808% in the first quarter, purchasing 26,415 additional shares and ending with a position valued at approximately $8.1 million. Institutional investors collectively own 95.02% of the company.
• Analyst sentiment remains mixed, with five Buy ratings and six Holds producing a consensus “Hold” rating and an average price target of $367.70, below the reported share price of $384.69.
• Watts Water Technologies exceeded quarterly expectations, reporting $3.66 in earnings per share and $763.1 million in revenue, while revenue increased 18.6% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 0.7% yield.

Empowered Funds LLC boosted its stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 1,808.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,876 shares of the technology company's stock after purchasing an additional 26,415 shares during the quarter. Empowered Funds LLC owned 0.08% of Watts Water Technologies worth $8,092,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Watts Water Technologies during the fourth quarter valued at about $100,627,000. AQR Capital Management LLC grew its position in Watts Water Technologies by 148.3% during the second quarter. AQR Capital Management LLC now owns 277,669 shares of the technology company's stock worth $68,276,000 after buying an additional 165,837 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Watts Water Technologies by 20,071.4% during the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 141,200 shares of the technology company's stock worth $40,989,000 after buying an additional 140,500 shares in the last quarter. UBS Group AG increased its stake in Watts Water Technologies by 223.0% during 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. Finally, Goldman Sachs Group Inc. raised its holdings in Watts Water Technologies by 79.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 282,830 shares of the technology company's stock valued at $78,067,000 after acquiring an additional 125,218 shares in the last quarter. 95.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

WTS has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. The Goldman Sachs Group reissued a "neutral" rating and issued a $374.00 price target on shares of Watts Water Technologies in a research report on Friday, August 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Watts Water Technologies in a research note on Friday, August 7th. Barclays upped their price target on Watts Water Technologies from $414.00 to $425.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, Royal Bank Of Canada increased their price objective on Watts Water Technologies from $350.00 to $417.00 and gave the stock a "sector perform" rating in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $367.70.

Insiders Place Their Bets

In other Watts Water Technologies news, Director Michael J. Dubose sold 398 shares of the business'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 completion of the transaction, the director directly owned 1,814 shares of the company's stock, valued at approximately $561,668.82. The trade was a 17.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company's stock.

Watts Water Technologies Price Performance

Watts Water Technologies stock opened at $384.69 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66. The firm has a market cap of $12.85 billion, a P/E ratio of 33.60, a P/E/G ratio of 3.17 and a beta of 1.15. The business's fifty day moving average is $353.44 and its two-hundred day moving average is $322.33. Watts Water Technologies, Inc. has a 52 week low of $260.00 and a 52 week high of $394.54.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, August 5th. The technology company reported $3.66 earnings per share for the quarter, beating analysts' consensus estimates of $3.34 by $0.32. Watts Water Technologies had a return on equity of 19.16% and a net margin of 14.34%.The company had revenue of $763.10 million during the quarter, compared to analyst estimates of $725.99 million. During the same period last year, the company posted $3.09 earnings per share. The firm's quarterly revenue was up 18.6% compared to the same quarter last year. Equities research analysts forecast that Watts Water Technologies, Inc. will post 12.81 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Watts Water Technologies's dividend payout ratio (DPR) is presently 22.01%.

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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