Pictet Asset Management Holding SA Has $5.48 Million Holdings in Watts Water Technologies, Inc. $WTS

Key Points

• Pictet Asset Management Holding SA cut its stake in Watts Water Technologies by 14.2% in the first quarter, leaving it with 18,863 shares valued at about $5.48 million.
• Watts Water Technologies reported strong quarterly results, with EPS of $3.04 beating estimates and revenue of $677.3 million topping expectations; revenue rose 21.4% year over year.
• Despite a recent dividend of $0.63 per share and continued institutional ownership near 95%, analysts remain cautious overall, with a consensus rating of "Hold" and an average price target of $338.20.

Pictet Asset Management Holding SA decreased its holdings in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 14.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,863 shares of the technology company's stock after selling 3,116 shares during the period. Pictet Asset Management Holding SA owned about 0.06% of Watts Water Technologies worth $5,476,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Advyzon Investment Management LLC increased its holdings in shares of Watts Water Technologies by 3.8% during the 4th quarter. Advyzon Investment Management LLC now owns 843 shares of the technology company's stock worth $233,000 after acquiring an additional 31 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Watts Water Technologies by 0.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 4,163 shares of the technology company's stock worth $1,149,000 after purchasing an additional 32 shares during the period. C M Bidwell & Associates Ltd. boosted its position in Watts Water Technologies by 5.5% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 648 shares of the technology company's stock worth $179,000 after purchasing an additional 34 shares during the period. 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 valued at $279,000 after purchasing an additional 37 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position 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 valued at $1,521,000 after purchasing an additional 38 shares during the period. 95.02% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Watts Water Technologies

In related news, insider Elie Melhem sold 2,257 shares of the 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 sale, the insider owned 8,963 shares of the company's stock, valued at $2,697,863. This represents a 20.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael J. Dubose sold 398 shares of the firm's stock in a transaction 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 transaction, the director owned 1,814 shares in the company, valued at approximately $561,668.82. This trade represents a 17.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.00% of the company's stock.

Watts Water Technologies Trading Up 0.0%

WTS stock opened at $368.69 on Friday. Watts Water Technologies, Inc. has a 52 week low of $242.77 and a 52 week high of $394.54. The company has a market capitalization of $12.31 billion, a PE ratio of 33.73, a price-to-earnings-growth ratio of 3.24 and a beta of 1.14. The company's 50-day simple moving average is $320.71 and its 200 day simple moving average is $307.40. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.72.

Watts Water Technologies (NYSE:WTS - Get Free Report) last issued its quarterly earnings data 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. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. During the same quarter in the previous year, the company earned $2.37 EPS. The business's revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Watts Water Technologies, Inc. will post 12.03 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. TD Cowen raised their target price on shares of Watts Water Technologies from $275.00 to $320.00 and gave the stock a "hold" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $358.00 price target on shares of Watts Water Technologies in a report on Friday, May 8th. Barclays upgraded shares of Watts Water Technologies from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $317.00 to $414.00 in a research report on Tuesday. Royal Bank Of Canada boosted their price objective on Watts Water Technologies from $318.00 to $323.00 and gave the stock a "sector perform" rating in a report on Friday, May 8th. Finally, Robert W. Baird set a $330.00 target price on Watts Water Technologies in a research report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $338.20.

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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