Geode Capital Management LLC Increases Position in Watts Water Technologies, Inc. $WTS

Key Points

• Geode Capital Management increased its stake in Watts Water Technologies by 3.2% in the fourth quarter, bringing its holdings to 832,148 shares valued at about $229.7 million.
• The company reported better-than-expected quarterly results, with EPS of $3.04 versus the $2.72 estimate and revenue of $677.3 million, up 21.4% year over year.
• Insider selling and mixed analyst sentiment stood out in the article: several insiders sold shares recently, while analysts currently rate the stock a consensus Hold with an average price target of $329.44.

Geode Capital Management LLC raised its stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 3.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 832,148 shares of the technology company's stock after purchasing an additional 25,501 shares during the period. Geode Capital Management LLC owned 2.50% of Watts Water Technologies worth $229,721,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Beacon Harbor Wealth Advisors Inc. acquired a new position in Watts Water Technologies during the third quarter worth approximately $6,444,000. Allianz Asset Management GmbH increased its position 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 last quarter. Clark Capital Management Group Inc. increased its position 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 last quarter. Boothbay Fund Management LLC acquired a new position in Watts Water Technologies during the third quarter worth approximately $6,308,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position 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 last quarter. Institutional investors and hedge funds own 95.02% of the company's stock.

Insiders Place Their Bets

In other Watts Water Technologies news, Director Michael J. Dubose sold 398 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $309.63, for a total transaction of $123,232.74. Following the transaction, the director directly owned 1,814 shares in the company, valued at $561,668.82. This represents a 17.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Elie Melhem sold 2,257 shares of the 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 transaction, the insider owned 8,963 shares in the company, valued at $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,738 shares of company stock worth $1,125,138 over the last quarter. 1.00% of the stock is currently owned by insiders.

Watts Water Technologies Price Performance

WTS opened at $309.79 on Wednesday. The company has a fifty day simple moving average of $298.71 and a 200 day simple moving average of $295.93. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 28.34, a PEG ratio of 2.73 and a beta of 1.19. Watts Water Technologies, Inc. has a twelve month low of $237.72 and a twelve month high of $345.17. 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 (NYSE:WTS - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, beating analysts' consensus estimates of $2.72 by $0.32. The business had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business's revenue was up 21.4% on a year-over-year basis. During the same period last year, the business earned $2.37 EPS. Equities research analysts expect that Watts Water Technologies, Inc. will post 11.9 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, June 1st. Watts Water Technologies's dividend payout ratio is 23.06%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WTS shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $358.00 price target on shares of Watts Water Technologies in a research report on Friday, May 8th. Wall Street Zen lowered shares of Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Stifel Nicolaus set a $379.00 price objective on shares of Watts Water Technologies in a research report on Friday, May 8th. Barclays dropped their price objective on shares of Watts Water Technologies from $323.00 to $317.00 and set an "equal weight" rating for the company 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 report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $329.44.

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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