Kingsview Wealth Management LLC Acquires New Shares in Watts Water Technologies, Inc. $WTS

Key Points

• Kingsview Wealth Management opened a new position in Watts Water Technologies, buying 10,318 shares valued at about $2.85 million in the fourth quarter.
• Insiders have been selling shares, including a recent sale by CEO Elie Melhem and a director, with about 3,738 shares sold over the past three months.
• Watts Water Technologies reported strong quarterly results, beating earnings and revenue estimates, and also announced a quarterly dividend of $0.63 per share.

Kingsview Wealth Management LLC purchased a new position in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,318 shares of the technology company's stock, valued at approximately $2,848,000.

Several other large investors also recently modified their holdings of the business. Centennial Wealth Advisory LLC increased its holdings in shares of Watts Water Technologies by 3.8% in the fourth quarter. Centennial Wealth Advisory LLC now owns 1,012 shares of the technology company's stock worth $279,000 after acquiring an additional 37 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Watts Water Technologies by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,510 shares of the technology company's stock worth $1,521,000 after acquiring an additional 38 shares in the last quarter. Texas Yale Capital Corp. increased its holdings in shares of Watts Water Technologies by 4.4% in the third quarter. Texas Yale Capital Corp. now owns 940 shares of the technology company's stock worth $263,000 after acquiring an additional 40 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Watts Water Technologies by 0.6% in the second quarter. Thrivent Financial for Lutherans now owns 6,457 shares of the technology company's stock worth $1,588,000 after acquiring an additional 40 shares in the last quarter. Finally, Journey Strategic Wealth LLC increased its holdings in shares of Watts Water Technologies by 4.3% in the third quarter. Journey Strategic Wealth LLC now owns 1,001 shares of the technology company's stock worth $280,000 after acquiring an additional 41 shares in the last quarter. 95.02% of the stock is currently owned by institutional investors.

Insider Activity at Watts Water Technologies

In related news, insider Elie Melhem sold 2,257 shares of Watts Water Technologies stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total transaction of $679,357.00. Following the completion of the sale, the insider directly owned 8,963 shares of the company's stock, valued at approximately $2,697,863. This trade represents a 20.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $309.63, for a total value 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. The trade was a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 3,738 shares of company stock valued at $1,125,138. 1.00% of the stock is currently owned by insiders.

Watts Water Technologies Stock Performance

WTS opened at $308.62 on Friday. Watts Water Technologies, Inc. has a 12-month low of $237.15 and a 12-month high of $345.17. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 28.24, a PEG ratio of 2.74 and a beta of 1.20. The business has a 50 day moving average of $298.47 and a 200-day moving average of $295.57. The company has a quick ratio of 1.62, a current ratio of 2.72 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, topping the consensus estimate of $2.72 by $0.32. The business had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the firm posted $2.37 EPS. On average, equities research analysts expect that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, June 1st. Watts Water Technologies's dividend payout ratio (DPR) is presently 19.03%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Weiss Ratings downgraded Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 11th. Stifel Nicolaus set a $379.00 price target on Watts Water Technologies in a report on Friday, May 8th. KeyCorp increased their price target on Watts Water Technologies from $340.00 to $360.00 and gave the stock an "overweight" rating in a report on Thursday, February 12th. Robert W. Baird set a $330.00 price target on Watts Water Technologies in a report on Friday, May 8th. Finally, The Goldman Sachs Group increased their price target on Watts Water Technologies from $267.00 to $323.00 and gave the stock a "neutral" rating in a report on Friday, February 13th. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $329.44.

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.

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