First Trust Advisors LP Decreases Stock Position in Watts Water Technologies, Inc. $WTS

Key Points

• First Trust Advisors LP cut its stake in Watts Water Technologies by 5.9% in Q3, leaving it with 513,661 shares worth about $143.5 million, and roughly 95% of the stock is held by institutional investors.
• Company insiders have been net sellers, disposing of a total of 29,196 shares valued at about $9.51 million over the last 90 days, including sales by General Counsel Kenneth Lepage and major shareholder Timothy Horne.
• Watts beat quarterly expectations with EPS of $2.62 vs. $2.36 estimates and revenue of $625.1 million (up 15.7% YoY), and the firm declared a monthly dividend of $0.52 (annualized yield ~2.0%).

First Trust Advisors LP cut its position in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 5.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 513,661 shares of the technology company's stock after selling 32,063 shares during the period. First Trust Advisors LP owned 1.54% of Watts Water Technologies worth $143,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. MTM Investment Management LLC purchased a new position in Watts Water Technologies in the 2nd quarter valued at $25,000. GAMMA Investing LLC grew its holdings in shares of Watts Water Technologies by 31.6% during the third quarter. GAMMA Investing LLC now owns 258 shares of the technology company's stock worth $72,000 after buying an additional 62 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Watts Water Technologies by 138.4% in the third quarter. Farther Finance Advisors LLC now owns 329 shares of the technology company's stock valued at $92,000 after buying an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Watts Water Technologies by 474.6% in the second quarter. EverSource Wealth Advisors LLC now owns 339 shares of the technology company's stock worth $83,000 after buying an additional 280 shares in the last quarter. Finally, Reyes Financial Architecture Inc. purchased a new position in shares of Watts Water Technologies in the third quarter worth about $98,000. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Watts Water Technologies

In other news, General Counsel Kenneth Robert Lepage sold 5,025 shares of the company's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $321.08, for a total value of $1,613,427.00. Following the transaction, the general counsel directly owned 12,284 shares in the company, valued at approximately $3,944,146.72. This represents a 29.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Timothy P. Horne sold 7,500 shares of the stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $330.04, for a total transaction of $2,475,300.00. Following the transaction, the insider directly owned 7,500 shares of the company's stock, valued at $2,475,300. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 29,196 shares of company stock valued at $9,514,741 over the last 90 days. Insiders own 1.10% of the company's stock.

Watts Water Technologies Stock Performance

NYSE WTS opened at $306.11 on Monday. The stock has a fifty day simple moving average of $305.63 and a 200-day simple moving average of $287.06. The company has a current ratio of 2.51, a quick ratio of 1.49 and a debt-to-equity ratio of 0.10. The stock has a market cap of $10.21 billion, a PE ratio of 30.10, a P/E/G ratio of 2.79 and a beta of 1.23. Watts Water Technologies, Inc. has a twelve month low of $177.59 and a twelve month high of $345.17.

Watts Water Technologies (NYSE:WTS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The technology company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.26. Watts Water Technologies had a net margin of 13.98% and a return on equity of 18.55%. The firm had revenue of $625.10 million for the quarter, compared to analyst estimates of $610.40 million. During the same period in the previous year, the firm earned $2.05 EPS. Watts Water Technologies's revenue was up 15.7% on a year-over-year basis. Equities analysts anticipate that Watts Water Technologies, Inc. will post 9.08 earnings per share for the current year.

Watts Water Technologies Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 27th will be paid a $0.52 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, February 27th. Watts Water Technologies's payout ratio is 20.45%.

Wall Street Analyst Weigh In

WTS has been the subject of several research reports. TD Cowen reaffirmed a "hold" rating on shares of Watts Water Technologies in a research note on Thursday, January 8th. The Goldman Sachs Group boosted their target price on Watts Water Technologies from $267.00 to $323.00 and gave the stock a "neutral" rating in a report on Friday, February 13th. Wall Street Zen lowered Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Royal Bank Of Canada increased their price target on Watts Water Technologies from $288.00 to $337.00 and gave the company a "sector perform" rating in a report on Friday, February 13th. Finally, KeyCorp lifted their price objective on Watts Water Technologies from $340.00 to $360.00 and gave the stock an "overweight" rating in a research report on Thursday, February 12th. Four research analysts have rated the stock with a Buy rating and eight 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 a consensus price target of $334.11.

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.

Want to see what other hedge funds are holding WTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Watts Water Technologies, Inc. (NYSE:WTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.