Redmond Asset Management LLC Sells 3,477 Shares of Watts Water Technologies, Inc. $WTS

Key Points

• Redmond Asset Management cut its Watts Water Technologies position by 70.1% in the third quarter, selling 3,477 shares and retaining 1,480 shares valued at approximately $524,000. Institutional investors collectively own 95.02% of the company.
• Watts reported stronger-than-expected quarterly results, with EPS of $3.66 and revenue of $763.2 million, representing 18.6% year-over-year revenue growth. Analysts expect full-year EPS of $12.87.
• WTS opened at $342.81, while analysts maintain a consensus “Moderate Buy” rating and an average price target of $371.90. The company also paid a quarterly dividend of $0.63 per share, yielding about 0.7% annually.

Redmond Asset Management LLC decreased its position in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 70.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,480 shares of the technology company's stock after selling 3,477 shares during the quarter. Redmond Asset Management LLC's holdings in Watts Water Technologies were worth $524,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in Watts Water Technologies by 20,071.4% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 141,200 shares of the technology company's stock valued at $40,989,000 after buying an additional 140,500 shares in the last quarter. Squarepoint Ops LLC boosted its stake in shares of Watts Water Technologies by 8,421.5% during the 2nd quarter. Squarepoint Ops LLC now owns 104,815 shares of the technology company's stock worth $41,030,000 after acquiring an additional 103,585 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Watts Water Technologies by 79.8% during the 1st quarter. Lazard Asset Management LLC now owns 218,832 shares of the technology company's stock worth $63,525,000 after acquiring an additional 97,115 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Watts Water Technologies by 58.7% during the 1st quarter. Renaissance Technologies LLC now owns 135,140 shares of the technology company's stock worth $39,230,000 after acquiring an additional 49,960 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Watts Water Technologies by 6.7% during the 1st quarter. First Trust Advisors LP now owns 545,404 shares of the technology company's stock valued at $158,325,000 after acquiring an additional 34,381 shares during the period. 95.02% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 1,096 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $359.55, for a total transaction of $394,066.80. Following the completion of the transaction, the insider owned 7,867 shares of the company's stock, valued at $2,828,579.85. This represents a 12.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Noonan sold 3,650 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total value of $1,291,078.00. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by insiders.

Watts Water Technologies Stock Performance

WTS opened at $342.81 on Thursday. The firm's fifty day simple moving average is $358.48 and its two-hundred day simple moving average is $330.45. Watts Water Technologies, Inc. has a 52-week low of $260.00 and a 52-week high of $394.54. The company has a market cap of $11.44 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 3.49 and a beta of 1.15. The company has a quick ratio of 1.60, a current ratio of 2.66 and a debt-to-equity ratio of 0.05.

Watts Water Technologies (NYSE:WTS - Get Free Report) last released its earnings results on Wednesday, August 5th. The technology company reported $3.66 EPS for the quarter, topping analysts' consensus estimates of $3.34 by $0.32. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. The business had revenue of $763.20 million during the quarter, compared to analysts' expectations of $725.99 million. During the same quarter in the previous year, the company earned $3.09 earnings per share. The company's quarterly revenue was up 18.6% on a year-over-year basis. Equities analysts anticipate that Watts Water Technologies, Inc. will post 12.87 earnings per share for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 0.7%. The ex-dividend date was Tuesday, September 1st. Watts Water Technologies's payout ratio is presently 22.01%.

Analyst Ratings Changes

Several brokerages recently weighed in on WTS. TD Cowen lifted their price target on Watts Water Technologies from $275.00 to $320.00 and gave the company a "hold" rating in a research note on Thursday, July 2nd. Wall Street Zen downgraded Watts Water Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, October 17th. Stifel Nicolaus set a $445.00 price objective on Watts Water Technologies in a report on Monday, October 19th. Weiss Ratings upgraded Watts Water Technologies from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, October 8th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $374.00 price objective on shares of Watts Water Technologies in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Watts Water Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $371.90.

Watts Water Technologies Profile

Watts Water Technologies, Inc designs, manufactures and sells products that manage the safety, efficiency, quality and flow of water in plumbing, heating and cooling systems. Its products serve residential, commercial, industrial and institutional applications, including new construction, renovation and infrastructure projects.

The company's offerings include backflow prevention and water pressure management equipment, valves, regulators, drainage and plumbing products, water conditioning and filtration systems, water heaters, and solutions for hydronic heating and cooling.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.