Gabelli Funds LLC Sells 7,100 Shares of Watts Water Technologies, Inc. $WTS

Key Points

• Gabelli Funds LLC reduced its Watts Water Technologies stake by 4.3% in the fourth quarter, selling 7,100 shares and ending with 156,800 shares worth about $43.3 million.
• Insider selling has also been notable, with General Counsel Kenneth Robert Lepage and Director Michael J. Dubose both selling shares; insiders have sold 31,931 shares over the past 90 days.
• Watts Water Technologies reported strong quarterly results, beating EPS and revenue estimates, and it recently declared a quarterly dividend of $0.63 per share to be paid June 15.

Gabelli Funds LLC trimmed its position in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 156,800 shares of the technology company's stock after selling 7,100 shares during the quarter. Gabelli Funds LLC owned approximately 0.47% of Watts Water Technologies worth $43,280,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Abacus Wealth Partners LLC bought a new stake in shares of Watts Water Technologies in the 4th quarter valued at about $358,000. Allworth Financial LP raised its holdings in shares of Watts Water Technologies by 81.4% in the 4th quarter. Allworth Financial LP now owns 459 shares of the technology company's stock valued at $127,000 after purchasing an additional 206 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Watts Water Technologies by 124.4% in the 4th quarter. Pacer Advisors Inc. now owns 8,174 shares of the technology company's stock valued at $2,256,000 after purchasing an additional 4,531 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of Watts Water Technologies by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 5,510 shares of the technology company's stock valued at $1,521,000 after purchasing an additional 38 shares during the period. Finally, Freedom Day Solutions LLC grew its stake in Watts Water Technologies by 0.6% in the 4th quarter. Freedom Day Solutions LLC now owns 10,790 shares of the technology company's stock valued at $2,978,000 after buying an additional 69 shares during the last quarter. 95.02% of the stock is owned by institutional investors.

Insider Activity

In other Watts Water Technologies news, General Counsel Kenneth Robert Lepage sold 5,025 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $321.08, for a total transaction of $1,613,427.00. Following the transaction, the general counsel owned 12,284 shares in the company, valued at $3,944,146.72. This represents a 29.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael J. Dubose sold 332 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $301.70, for a total transaction of $100,164.40. Following the transaction, the director owned 2,212 shares in the company, valued at approximately $667,360.40. The trade was a 13.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,931 shares of company stock worth $10,349,195. Insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on WTS shares. The Goldman Sachs Group upped their price target on shares of Watts Water Technologies from $267.00 to $323.00 and gave the company a "neutral" rating in a research note on Friday, February 13th. Barclays decreased their price target on shares of Watts Water Technologies from $323.00 to $317.00 and set an "equal weight" rating on the stock in a research note on Monday, May 11th. Robert W. Baird set a $330.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Stifel Nicolaus set a $379.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Finally, Weiss Ratings lowered shares of Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Four research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $329.44.

Watts Water Technologies Stock Down 0.3%

Shares of WTS opened at $296.06 on Monday. Watts Water Technologies, Inc. has a 52 week low of $235.14 and a 52 week high of $345.17. The firm has a market cap of $9.89 billion, a P/E ratio of 27.09, a price-to-earnings-growth ratio of 2.64 and a beta of 1.20. The firm's 50-day simple moving average is $298.35 and its 200 day simple moving average is $293.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.72.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $677.30 million for the quarter, compared to analyst estimates of $638.13 million. During the same quarter in the prior year, the business posted $2.37 EPS. The business's revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Monday, June 1st. Watts Water Technologies's dividend payout ratio is presently 19.03%.

Watts Water Technologies Company 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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