Watts Water Technologies, Inc. $WTS Shares Acquired by M&T Bank Corp

Key Points

• M&T Bank Corp increased its stake in Watts Water Technologies by 2,609.4% in Q4 and now owns 81,743 shares (about 0.25% of the company) valued at roughly $22.56 million.
• Watts beat Q4 expectations with $2.62 EPS versus $2.36 expected and revenue of $625.1M, and the company pays a monthly dividend of $0.52 (annual yield ~2.1%, DPR 20.45%).
• Company insiders sold 29,674 shares in the last quarter totaling about $9.67 million, including notable exits by Elie Melhem and General Counsel Kenneth Lepage.

M&T Bank Corp raised its position in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 2,609.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,743 shares of the technology company's stock after acquiring an additional 78,726 shares during the quarter. M&T Bank Corp owned approximately 0.25% of Watts Water Technologies worth $22,563,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wexford Capital LP acquired a new stake in shares of Watts Water Technologies in the third quarter valued at about $26,000. Advisory Services Network LLC acquired a new stake in shares of Watts Water Technologies in the third quarter valued at about $29,000. Stance Capital LLC acquired a new stake in shares of Watts Water Technologies in the third quarter valued at about $62,000. Allworth Financial LP increased its holdings in shares of Watts Water Technologies by 29.7% in the third quarter. Allworth Financial LP now owns 253 shares of the technology company's stock valued at $71,000 after purchasing an additional 58 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Watts Water Technologies by 31.6% in the third quarter. GAMMA Investing LLC now owns 258 shares of the technology company's stock valued at $72,000 after purchasing an additional 62 shares during the last quarter. 95.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 372 shares of Watts Water Technologies stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $292.13, for a total transaction of $108,672.36. Following the completion of the sale, the insider directly owned 11,220 shares in the company, valued at $3,277,698.60. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Kenneth Robert Lepage sold 5,025 shares of Watts Water Technologies stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $321.08, for a total transaction of $1,613,427.00. Following the sale, the general counsel owned 12,284 shares of the company's stock, valued at approximately $3,944,146.72. This represents a 29.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 29,674 shares of company stock valued at $9,669,838. 1.00% of the stock is currently owned by company insiders.

Watts Water Technologies Price Performance

Watts Water Technologies stock opened at $303.70 on Friday. Watts Water Technologies, Inc. has a 12-month low of $201.21 and a 12-month high of $345.17. The stock has a market cap of $10.13 billion, a P/E ratio of 29.86, a PEG ratio of 2.73 and a beta of 1.27. The company has a 50-day moving average price of $306.51 and a 200 day moving average price of $291.26. The company has a current ratio of 2.51, a quick ratio of 1.49 and a debt-to-equity ratio of 0.10.

Watts Water Technologies (NYSE:WTS - Get Free Report) last posted its earnings results on Wednesday, February 11th. The technology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.26. The company had revenue of $625.10 million during the quarter, compared to analysts' expectations of $610.40 million. Watts Water Technologies had a return on equity of 18.55% and a net margin of 13.98%.The firm's quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.05 earnings per share. Sell-side analysts anticipate that Watts Water Technologies, Inc. will post 11.62 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a dividend of $0.52 per share. The ex-dividend date was Friday, February 27th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. Watts Water Technologies's dividend payout ratio (DPR) is currently 20.45%.

Analyst Upgrades and Downgrades

WTS has been the subject of several recent research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Watts Water Technologies in a report on Monday, December 29th. Wells Fargo & Company set a $275.00 price target on Watts Water Technologies in a report on Thursday, January 8th. The Goldman Sachs Group increased their price target on Watts Water Technologies from $267.00 to $323.00 and gave the company a "neutral" rating in a report on Friday, February 13th. Stifel Nicolaus cut their price target on Watts Water Technologies from $389.00 to $367.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Finally, Robert W. Baird set a $361.00 price objective on shares of Watts Water Technologies in a research report on Friday, February 13th. Four analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $331.67.

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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