Jacobs & Co. CA Trims Position in Watts Water Technologies, Inc. $WTS

Key Points

• Jacobs & Co. CA cut its Watts Water Technologies position by 21.6% in the second quarter, selling 2,643 shares and retaining 9,600 shares valued at approximately $3.76 million. Institutional investors collectively own 95.02% of the company.
• Watts reported stronger-than-expected quarterly results, with EPS of $3.66 versus the $3.34 consensus estimate and revenue of $763.1 million, up 18.6% year over year. Shares opened at $392.90, near their 52-week high.
• The company declared a quarterly dividend of $0.63, equivalent to $2.52 annually and a 0.6% yield. Analysts maintain a consensus rating of Hold, with an average price target of $367.70.

Jacobs & Co. CA decreased its position in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 21.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,600 shares of the technology company's stock after selling 2,643 shares during the quarter. Jacobs & Co. CA's holdings in Watts Water Technologies were worth $3,757,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Watts Water Technologies by 11.4% during the 2nd quarter. GAMMA Investing LLC now owns 478 shares of the technology company's stock valued at $187,000 after purchasing an additional 49 shares during the period. Versant Capital Management Inc lifted its stake in shares of Watts Water Technologies by 69.8% in the 2nd quarter. Versant Capital Management Inc now owns 674 shares of the technology company's stock worth $264,000 after purchasing an additional 277 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Watts Water Technologies by 14.4% in the first quarter. Pacer Advisors Inc. now owns 9,355 shares of the technology company's stock worth $2,716,000 after buying an additional 1,181 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Watts Water Technologies by 1,808.0% in the first quarter. Empowered Funds LLC now owns 27,876 shares of the technology company's stock worth $8,092,000 after buying an additional 26,415 shares during the last quarter. Finally, Groupama Asset Managment grew its position in Watts Water Technologies by 7.7% during the first quarter. Groupama Asset Managment now owns 82,602 shares of the technology company's stock valued at $23,979,000 after buying an additional 5,928 shares during the period. 95.02% of the stock is owned by hedge funds and other institutional investors.

Watts Water Technologies Stock Up 4.2%

Shares of WTS stock opened at $392.90 on Friday. The company has a market capitalization of $13.12 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 3.39 and a beta of 1.15. Watts Water Technologies, Inc. has a one year low of $260.00 and a one year high of $394.54. The company's fifty day moving average price is $346.18 and its 200-day moving average price is $319.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.66 and a quick ratio of 1.62.

Watts Water Technologies (NYSE:WTS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The technology company reported $3.66 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.32. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. The company had revenue of $763.10 million during the quarter, compared to the consensus estimate of $725.99 million. During the same quarter in the prior year, the firm posted $3.09 EPS. Watts Water Technologies's quarterly revenue was up 18.6% compared to the same quarter last year. Sell-side analysts expect that Watts Water Technologies, Inc. will post 12.37 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.6%. Watts Water Technologies's dividend payout ratio is 22.01%.

Insider Transactions at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the transaction, the insider directly owned 8,963 shares in the company, valued at $2,697,863. This represents a 20.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael J. Dubose sold 398 shares of the stock in a transaction that occurred 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 sale, the director directly owned 1,814 shares of the company's stock, valued at approximately $561,668.82. This trade represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.00% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Stifel Nicolaus upped their target price on shares of Watts Water Technologies from $379.00 to $403.00 and gave the company a "buy" rating in a report on Monday, July 20th. Royal Bank Of Canada lifted their price target on shares of Watts Water Technologies from $350.00 to $417.00 and gave the stock a "sector perform" rating in a research note on Friday. Robert W. Baird set a $405.00 price objective on shares of Watts Water Technologies in a research report on Friday. Weiss Ratings lowered Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $367.70.

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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