Fideuram Intesa Sanpaolo Private Banking S.P.A. Acquires New Position in Watts Water Technologies, Inc. $WTS

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Watts Water Technologies during the fourth quarter, buying 10,339 shares worth about $2.85 million.
• Institutional ownership remains very high, with hedge funds and other investors holding about 95.02% of the company’s stock. Several other firms also increased or initiated stakes in the company.
• Watts Water Technologies reported better-than-expected quarterly results, with EPS of $3.04 and revenue of $677.3 million, while analysts currently rate the stock a Hold with a consensus price target of about $329.44.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,339 shares of the technology company's stock, valued at approximately $2,854,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Watts Water Technologies during the third quarter valued at approximately $6,444,000. Allianz Asset Management GmbH raised its stake in Watts Water Technologies by 17.7% during the third quarter. Allianz Asset Management GmbH now owns 180,375 shares of the technology company's stock worth $50,375,000 after purchasing an additional 27,093 shares during the period. Boothbay Fund Management LLC purchased a new position in Watts Water Technologies during the third quarter worth approximately $6,308,000. Clark Capital Management Group Inc. raised its stake in Watts Water Technologies by 17.4% during the third quarter. Clark Capital Management Group Inc. now owns 27,985 shares of the technology company's stock worth $7,816,000 after purchasing an additional 4,140 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in Watts Water Technologies by 80.0% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 6,978 shares of the technology company's stock worth $1,949,000 after purchasing an additional 3,101 shares during the period. Hedge funds and other institutional investors own 95.02% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on WTS shares. 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. The Goldman Sachs Group increased their price target on shares of Watts Water Technologies from $267.00 to $323.00 and gave the stock a "neutral" rating in a research note on Friday, February 13th. Robert W. Baird set a $330.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Royal Bank Of Canada increased their price target on shares of Watts Water Technologies from $318.00 to $323.00 and gave the stock a "sector perform" rating in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $358.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $329.44.

Insider Transactions at Watts Water Technologies

In related news, major shareholder Timothy P. Horne sold 7,500 shares of the firm's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $330.04, for a total transaction of $2,475,300.00. Following the completion of the sale, the insider directly owned 7,500 shares of the company's stock, valued at approximately $2,475,300. This trade represents a 50.00% decrease in their position. The transaction 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 firm's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total transaction of $679,357.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 10,840 shares of company stock valued at $3,477,205 over the last 90 days. Corporate insiders own 1.00% of the company's stock.

Watts Water Technologies Price Performance

Watts Water Technologies stock opened at $299.49 on Thursday. Watts Water Technologies, Inc. has a 52-week low of $235.14 and a 52-week high of $345.17. The firm has a fifty day moving average of $297.70 and a 200-day moving average of $294.03. The firm has a market capitalization of $10.00 billion, a P/E ratio of 27.40, a PEG ratio of 2.63 and a beta of 1.20. 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, topping the consensus estimate of $2.72 by $0.32. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The company had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. During the same quarter in the prior year, the business earned $2.37 earnings per share. The business's quarterly revenue was up 21.4% compared to the same quarter last year. As a group, analysts predict that Watts Water Technologies, Inc. will post 11.9 EPS for the current year.

Watts Water Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.52 annualized dividend and a dividend yield of 0.8%. Watts Water Technologies's dividend payout ratio is presently 19.03%.

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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