Watts Water Technologies, Inc. $WTS Shares Newly Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. acquired 2,981 shares of Watts Water Technologies during the third quarter, valued at approximately $1.06 million. Institutional investors collectively own 95.02% of the company.
• Analysts maintain a “Moderate Buy” consensus on WTS, with an average price target of $367.70; recent targets range from $320 to $417.
• Watts Water Technologies exceeded quarterly expectations, reporting $3.66 in EPS and $763.2 million in revenue, with revenue up 18.6% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 0.7% yield.

First Citizens Bank & Trust Co. acquired a new position in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,981 shares of the technology company's stock, valued at approximately $1,056,000.

Other large investors have also recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in shares of Watts Water Technologies by 769.2% during the second quarter. NewEdge Advisors LLC now owns 113 shares of the technology company's stock valued at $44,000 after acquiring an additional 100 shares in the last quarter. Assetmark Inc. raised its position in shares of Watts Water Technologies by 211.3% in the 1st quarter. Assetmark Inc. now owns 165 shares of the technology company's stock valued at $48,000 after purchasing an additional 112 shares during the last quarter. Costello Asset Management INC boosted its stake in Watts Water Technologies by 900.0% in the 1st quarter. Costello Asset Management INC now owns 300 shares of the technology company's stock worth $87,000 after purchasing an additional 270 shares in the last quarter. Blue Trust Inc. boosted its stake in Watts Water Technologies by 352.9% in the 1st quarter. Blue Trust Inc. now owns 317 shares of the technology company's stock worth $92,000 after purchasing an additional 247 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Watts Water Technologies by 11.4% in the 2nd quarter. GAMMA Investing LLC now owns 478 shares of the technology company's stock worth $187,000 after purchasing an additional 49 shares in the last quarter. Institutional investors own 95.02% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Robert W. Baird set a $405.00 price target on shares of Watts Water Technologies in a research note on Friday, August 7th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $417.00 price objective on shares of Watts Water Technologies in a research note on Wednesday. Stifel Nicolaus lifted their price objective on shares of Watts Water Technologies from $379.00 to $403.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. KeyCorp boosted their price objective on shares of Watts Water Technologies from $380.00 to $400.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, TD Cowen boosted their price objective on shares of Watts Water Technologies from $275.00 to $320.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Watts Water Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $367.70.

Insider Activity at Watts Water Technologies

In other Watts Water Technologies news, insider Elie Melhem sold 1,096 shares of Watts Water Technologies stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $359.55, for a total transaction of $394,066.80. Following the completion of the sale, the insider directly owned 7,867 shares in the company, valued at approximately $2,828,579.85. The trade was a 12.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Joseph T. Noonan sold 3,650 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total transaction of $1,291,078.00. The SEC filing for this sale provides additional information. 1.00% of the stock is currently owned by corporate insiders.

Watts Water Technologies Stock Up 0.6%

Shares of WTS stock opened at $354.26 on Friday. The stock's 50-day simple moving average is $362.85 and its 200-day simple moving average is $337.53. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66. The firm has a market capitalization of $11.83 billion, a PE ratio of 30.94, a P/E/G ratio of 3.42 and a beta of 1.15. Watts Water Technologies, Inc. has a fifty-two week low of $260.00 and a fifty-two week high of $394.54.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $3.66 earnings per share (EPS) 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 firm had revenue of $763.20 million during the quarter, compared to analysts' expectations of $725.99 million. During the same period last year, the business posted $3.09 earnings per share. The company's revenue for the quarter was up 18.6% compared to the same quarter last year. Equities analysts expect that Watts Water Technologies, Inc. will post 12.87 earnings per share for the current year.

Watts Water Technologies Announces Dividend

The firm also recently declared 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 dividend payout ratio is 22.01%.

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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