Watts Water Technologies, Inc. $WTS Position Cut by Birch Hill Investment Advisors LLC

Key Points

• Birch Hill Investment Advisors reduced its Watts Water Technologies position by 2.9% in the third quarter, selling 5,618 shares; it still held 188,553 shares worth approximately $66.8 million. Institutional investors and hedge funds collectively own 95.02% of WTS.
• Watts Water Technologies exceeded quarterly expectations, reporting $3.66 in EPS versus the $3.34 consensus and $763.2 million in revenue, up 18.6% year over year. The company also maintains a quarterly dividend of $0.63, equal to a 0.7% annualized yield.
• WTS opened at $356.98, while analysts maintain a “Moderate Buy” consensus with an average price target of $367.70. Recent targets range from $320 to $417, alongside one Strong Buy, four Buy, and six Hold ratings.

Birch Hill Investment Advisors LLC lessened its position in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 188,553 shares of the technology company's stock after selling 5,618 shares during the period. Watts Water Technologies comprises 2.9% of Birch Hill Investment Advisors LLC's portfolio, making the stock its 12th largest position. Birch Hill Investment Advisors LLC owned 0.56% of Watts Water Technologies worth $66,782,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WTS. Mosley Wealth Management boosted its position in Watts Water Technologies by 6.2% during the 3rd quarter. Mosley Wealth Management now owns 1,329 shares of the technology company's stock worth $472,000 after acquiring an additional 77 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Watts Water Technologies by 47.8% in the third quarter. Assenagon Asset Management S.A. now owns 15,891 shares of the technology company's stock worth $5,628,000 after purchasing an additional 5,137 shares in the last quarter. First Citizens Bank & Trust Co. acquired a new position in shares of Watts Water Technologies during the third quarter valued at $1,056,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Watts Water Technologies during the third quarter valued at $208,000. Finally, GAMMA Investing LLC increased its holdings in shares of Watts Water Technologies by 21.1% during the third quarter. GAMMA Investing LLC now owns 579 shares of the technology company's stock valued at $205,000 after purchasing an additional 101 shares during the period. 95.02% of the stock is owned by institutional investors and hedge funds.

Watts Water Technologies Price Performance

NYSE WTS opened at $356.98 on Friday. The stock has a market capitalization of $11.92 billion, a P/E ratio of 31.18, a P/E/G ratio of 3.46 and a beta of 1.15. Watts Water Technologies, Inc. has a 1 year low of $260.00 and a 1 year high of $394.54. The business's fifty day moving average is $362.13 and its two-hundred day moving average is $337.67. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66.

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

Watts Water Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a $0.63 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. Watts Water Technologies's dividend payout ratio (DPR) is currently 22.01%.

Insider Transactions at Watts Water Technologies

In other Watts Water Technologies news, Director Joseph Noonan sold 3,650 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $353.72, for a total transaction of $1,291,078.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Elie Melhem sold 1,096 shares of the business's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the sale, the insider owned 7,867 shares in the company, valued at approximately $2,828,579.85. The trade was a 12.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on WTS shares. Weiss Ratings upgraded shares of Watts Water Technologies from a "buy (a-)" rating to a "buy (a)" rating in a research note on Thursday, October 8th. TD Cowen upped their target price on Watts Water Technologies from $275.00 to $320.00 and gave the stock a "hold" rating in a research report on Thursday, July 2nd. Stifel Nicolaus upped their target price on Watts Water Technologies from $379.00 to $403.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $417.00 price target on shares of Watts Water Technologies in a research report on Wednesday. Finally, Robert W. Baird set a $405.00 price target on shares of Watts Water Technologies in a report on Friday, August 7th. One investment 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $367.70.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc designs and manufactures products that help manage the safety, efficiency, and quality of water in residential, commercial, institutional, and industrial systems. Its offerings are used in plumbing, heating, water distribution, and drainage applications.

The company's product portfolio includes backflow prevention devices, pressure regulators, safety and relief valves, water quality and conditioning equipment, leak detection products, drainage systems, and hydronic and HVAC components.

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