OP Asset Management Ltd Makes New $13.38 Million Investment in Watts Water Technologies, Inc. $WTS

Key Points

• OP Asset Management Ltd opened a new position in Watts Water Technologies during the first quarter, buying 46,080 shares worth about $13.38 million. The stake represented roughly 0.14% of the company.
• Watts Water Technologies reported strong quarterly results, with EPS of $3.04 beating estimates by $0.32 and revenue rising 21.4% year over year to $677.3 million.
• Insiders sold shares recently, including executive Elie Melhem and director Michael J. Dubose, while analysts overall remained cautious with a consensus Hold rating and average target price of $329.44.

OP Asset Management Ltd purchased a new stake in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 46,080 shares of the technology company's stock, valued at approximately $13,377,000. OP Asset Management Ltd owned approximately 0.14% of Watts Water Technologies as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Wexford Capital LP bought a new position in shares of Watts Water Technologies in the third quarter worth approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Watts Water Technologies during the fourth quarter valued at approximately $28,000. Clearstead Advisors LLC grew its stake in Watts Water Technologies by 69.4% in the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company's stock worth $29,000 after buying an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new position in Watts Water Technologies in the 3rd quarter worth approximately $29,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Watts Water Technologies in the 4th quarter worth $29,000. Institutional investors own 95.02% of the company's stock.

Insider Buying and Selling

In other news, insider Elie Melhem sold 2,257 shares of the firm's 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 transaction, the insider owned 8,963 shares in the company, valued at approximately $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction 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 transaction, the director directly owned 1,814 shares in the company, valued at approximately $561,668.82. The trade was a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen cut shares of Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, February 28th. Weiss Ratings cut Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Royal Bank Of Canada raised their price target on Watts Water Technologies from $318.00 to $323.00 and gave the company a "sector perform" rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $358.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Finally, Barclays cut their price objective on Watts Water Technologies from $323.00 to $317.00 and set an "equal weight" rating for the company in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $329.44.

Watts Water Technologies Stock Performance

NYSE WTS opened at $353.95 on Thursday. The company has a 50-day simple moving average of $310.77 and a two-hundred day simple moving average of $302.80. 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 12-month low of $242.38 and a 12-month high of $355.34. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 3.03 and a beta of 1.19.

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

Watts Water Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 1st. Watts Water Technologies's payout ratio is 23.06%.

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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