Fifth Third Bancorp Raises Stock Holdings in Watts Water Technologies, Inc. $WTS

Key Points

• Fifth Third Bancorp dramatically increased its position in Watts Water Technologies, boosting its stake by 5,335.4% in the first quarter to 13,371 shares worth about $3.88 million.
• Wall Street sentiment is mixed: several firms raised price targets, but the stock still carries a consensus Hold rating with an average target price of $342.90.
• Watts Water reported better-than-expected earnings for the latest quarter, with EPS of $3.04 and revenue of $677.3 million, both above analyst estimates; the company also paid a quarterly dividend of $0.63 per share.

Fifth Third Bancorp boosted its stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 5,335.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,371 shares of the technology company's stock after buying an additional 13,125 shares during the quarter. Fifth Third Bancorp's holdings in Watts Water Technologies were worth $3,881,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in WTS. Wexford Capital LP purchased a new position in shares of Watts Water Technologies during the 3rd quarter worth approximately $26,000. Acumen Wealth Advisors LLC purchased a new stake in Watts Water Technologies in the fourth quarter valued at approximately $28,000. Clearstead Advisors LLC lifted its stake in Watts Water Technologies by 69.4% during the fourth quarter. Clearstead Advisors LLC now owns 105 shares of the technology company's stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Watts Water Technologies during the third quarter worth $29,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Watts Water Technologies during the fourth quarter worth $29,000. 95.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on WTS. KeyCorp boosted their price objective on Watts Water Technologies from $360.00 to $380.00 and gave the company an "overweight" rating in a report on Monday, July 13th. Royal Bank Of Canada raised their target price on Watts Water Technologies from $323.00 to $350.00 and gave the company a "sector perform" rating in a report on Thursday. Stifel Nicolaus set a $379.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Weiss Ratings cut shares of Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Finally, Robert W. Baird set a $330.00 price objective on shares of Watts Water Technologies in a research note on Friday, May 8th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $342.90.

Watts Water Technologies Stock Down 1.8%

Shares of NYSE WTS opened at $347.11 on Friday. The stock has a market cap of $11.59 billion, a P/E ratio of 31.76, a PEG ratio of 3.04 and a beta of 1.14. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.09. Watts Water Technologies, Inc. has a 12-month low of $246.55 and a 12-month high of $394.54. The business's fifty day simple moving average is $331.56 and its 200-day simple moving average is $312.33.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its 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 firm had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.Watts Water Technologies's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.37 EPS. As a group, equities analysts predict that Watts Water Technologies, Inc. will post 12.03 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid 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 was Monday, June 1st. Watts Water Technologies's dividend payout ratio is presently 23.06%.

Insider Buying and Selling

In related news, insider Elie Melhem sold 2,257 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the sale, the insider owned 8,963 shares of the company's stock, valued at $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of the business's stock in a transaction that occurred 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 transaction, 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 disclosure for this sale is available in the SEC filing. 1.00% of the stock is currently owned by corporate insiders.

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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