Norges Bank Buys Shares of 364,565 Watts Water Technologies, Inc. $WTS

Key Points

• Norges Bank bought a new stake in Watts Water Technologies during the fourth quarter, purchasing 364,565 shares valued at about $100.6 million and representing roughly 1.09% ownership.
• The company reported better-than-expected earnings for the latest quarter, with EPS of $3.04 versus estimates of $2.72 and revenue of $677.3 million, up 21.4% year over year.
• Watts Water Technologies also announced a quarterly dividend of $0.63 per share, while analysts currently have an average Hold rating and a consensus price target of $329.44.

Norges Bank purchased a new stake in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 364,565 shares of the technology company's stock, valued at approximately $100,627,000. Norges Bank owned approximately 1.09% of Watts Water Technologies as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Future Fund LLC boosted its holdings in shares of Watts Water Technologies by 40.1% in the 4th quarter. Future Fund LLC now owns 7,485 shares of the technology company's stock valued at $2,066,000 after buying an additional 2,142 shares in the last quarter. Kingsview Wealth Management LLC bought a new stake in shares of Watts Water Technologies in the 4th quarter valued at about $2,848,000. Geode Capital Management LLC boosted its holdings in shares of Watts Water Technologies by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 832,148 shares of the technology company's stock valued at $229,721,000 after buying an additional 25,501 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in shares of Watts Water Technologies by 0.5% in the 4th quarter. King Luther Capital Management Corp now owns 21,039 shares of the technology company's stock valued at $5,807,000 after buying an additional 99 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in shares of Watts Water Technologies by 560.4% in the 4th quarter. AlphaQuest LLC now owns 11,167 shares of the technology company's stock valued at $3,082,000 after buying an additional 9,476 shares in the last quarter. 95.02% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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 shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the sale, the insider directly owned 8,963 shares in the company, valued at $2,697,863. This trade represents a 20.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $123,232.74. Following the completion of the sale, the director owned 1,814 shares of the company's stock, valued at $561,668.82. This trade represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,738 shares of company stock valued at $1,125,138 over the last quarter. 1.00% of the stock is owned by company insiders.

Watts Water Technologies Stock Down 0.2%

WTS stock opened at $314.58 on Friday. The firm has a 50 day moving average of $300.19 and a 200 day moving average of $296.92. The stock has a market capitalization of $10.50 billion, a PE ratio of 28.78, a price-to-earnings-growth ratio of 2.80 and a beta of 1.19. 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, Inc. has a 52 week low of $237.72 and a 52 week high of $345.17.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its earnings results on Wednesday, May 6th. The technology company reported $3.04 EPS for the quarter, topping analysts' consensus estimates of $2.72 by $0.32. The company had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. Watts Water Technologies's revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the business earned $2.37 EPS. Sell-side analysts forecast that Watts Water Technologies, Inc. will post 11.9 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on WTS. Wall Street Zen cut shares of Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 28th. Royal Bank Of Canada raised their price target on shares of Watts Water Technologies from $318.00 to $323.00 and gave the company a "sector perform" rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $358.00 price target on shares of Watts Water Technologies in a report on Friday, May 8th. KeyCorp raised their price target on shares of Watts Water Technologies from $340.00 to $360.00 and gave the company an "overweight" rating in a report on Thursday, February 12th. Finally, Barclays lowered 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 report on Monday, May 11th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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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