Kayne Anderson Rudnick Investment Management LLC Raises Position in Watts Water Technologies, Inc. $WTS

Key Points

• Kayne Anderson Rudnick Investment Management LLC increased its stake in Watts Water Technologies, purchasing an additional 6,765 shares and now holds 2,470,140 shares, which is 1.2% of its portfolio.
• Watts Water Technologies reported strong earnings for the quarter, achieving an EPS of $3.09, beating estimates by $0.41, with revenue reaching $643.70 million, marking a 7.8% year-over-year increase.
• The company recently declared a quarterly dividend of $0.52 per share, resulting in an annualized yield of 0.7%, with a payout ratio of 22.37%.

Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 0.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,470,140 shares of the technology company's stock after purchasing an additional 6,765 shares during the quarter. Watts Water Technologies comprises 1.2% of Kayne Anderson Rudnick Investment Management LLC's investment portfolio, making the stock its 25th biggest holding. Kayne Anderson Rudnick Investment Management LLC owned approximately 7.41% of Watts Water Technologies worth $503,711,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC lifted its position in Watts Water Technologies by 538.9% during the first quarter. AlphaQuest LLC now owns 5,635 shares of the technology company's stock valued at $1,149,000 after buying an additional 4,753 shares during the period. Credit Agricole S A increased its stake in shares of Watts Water Technologies by 144.2% in the 1st quarter. Credit Agricole S A now owns 9,591 shares of the technology company's stock worth $1,956,000 after acquiring an additional 5,664 shares in the last quarter. Groupama Asset Managment lifted its position in Watts Water Technologies by 25.4% during the 1st quarter. Groupama Asset Managment now owns 77,501 shares of the technology company's stock valued at $15,809,000 after acquiring an additional 15,685 shares during the period. Versor Investments LP bought a new stake in Watts Water Technologies during the first quarter worth about $367,000. Finally, Summit Securities Group LLC bought a new stake in Watts Water Technologies during the first quarter worth about $64,000. Institutional investors own 95.02% of the company's stock.

Insider Transactions at Watts Water Technologies

In other Watts Water Technologies news, Director Joseph T. Noonan sold 713 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $274.45, for a total transaction of $195,682.85. Following the completion of the sale, the director directly owned 1,194 shares in the company, valued at $327,693.30. The trade was a 37.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company's stock.

Watts Water Technologies Stock Performance

WTS stock traded down $2.00 on Thursday, hitting $282.36. The company had a trading volume of 218,237 shares, compared to its average volume of 200,629. The company has a current ratio of 2.59, a quick ratio of 1.63 and a debt-to-equity ratio of 0.10. Watts Water Technologies, Inc. has a 12-month low of $177.59 and a 12-month high of $285.90. The stock has a market cap of $9.42 billion, a price-to-earnings ratio of 30.36, a P/E/G ratio of 3.42 and a beta of 1.13. The stock's 50-day simple moving average is $258.85 and its 200 day simple moving average is $231.98.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, August 6th. The technology company reported $3.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.68 by $0.41. The business had revenue of $643.70 million during the quarter, compared to analyst estimates of $612.15 million. Watts Water Technologies had a net margin of 13.63% and a return on equity of 18.11%. The company's quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.46 EPS. As a group, equities research analysts expect that Watts Water Technologies, Inc. will post 9.08 earnings per share for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $2.08 dividend on an annualized basis and a yield of 0.7%. Watts Water Technologies's dividend payout ratio is currently 22.37%.

Analyst Upgrades and Downgrades

WTS has been the subject of a number of analyst reports. Wall Street Zen raised shares of Watts Water Technologies from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Northcoast Research downgraded Watts Water Technologies from a "buy" rating to a "neutral" rating in a report on Friday, May 16th. Stifel Nicolaus lifted their price target on Watts Water Technologies from $290.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Watts Water Technologies in a research report on Friday, August 8th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Watts Water Technologies presently has an average rating of "Hold" and a consensus target price of $245.50.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc, together with its subsidiaries, supplies products and solutions that manage and conserve the flow of fluids and energy into, through, and out of buildings in the commercial, industrial, and residential markets in the Americas, Europe, the Asia-Pacific, the Middle East, and Africa.