Watts Water Technologies, Inc. $WTS Shares Sold by Burney Co.

Key Points

• Burney Co. cut its stake in Watts Water Technologies by 31.4% in the first quarter, selling 16,730 shares and ending with 36,594 shares worth about $10.6 million.
• Watts Water Technologies posted strong quarterly results, with EPS of $3.04 beating estimates by $0.32 and revenue of $677.3 million topping expectations; revenue rose 21.4% year over year.
• Analysts remain mixed on WTS, with Barclays upgrading the stock to overweight and lifting its target to $414, while the overall consensus stays at Hold with an average price target of $338.20.

Burney Co. trimmed its stake in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 31.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,594 shares of the technology company's stock after selling 16,730 shares during the period. Burney Co. owned approximately 0.11% of Watts Water Technologies worth $10,623,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC grew its holdings in shares of Watts Water Technologies by 10.2% during the first quarter. Integrated Wealth Concepts LLC now owns 1,887 shares of the technology company's stock worth $385,000 after purchasing an additional 174 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Watts Water Technologies by 80.2% in the 1st quarter. Jones Financial Companies Lllp now owns 1,000 shares of the technology company's stock valued at $222,000 after purchasing an additional 445 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Watts Water Technologies by 8.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,878 shares of the technology company's stock valued at $20,163,000 after purchasing an additional 7,537 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Watts Water Technologies in the 2nd quarter valued at about $219,000. Finally, Cetera Investment Advisers grew its stake in Watts Water Technologies by 43.2% during the 2nd quarter. Cetera Investment Advisers now owns 1,734 shares of the technology company's stock worth $426,000 after buying an additional 523 shares during the last quarter. 95.02% of the stock is currently owned by institutional investors and hedge funds.

Watts Water Technologies Stock Up 0.3%

WTS opened at $369.59 on Tuesday. Watts Water Technologies, Inc. has a 52 week low of $242.77 and a 52 week high of $394.54. The business has a 50 day moving average price of $322.03 and a two-hundred day moving average price of $308.22. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09. The company has a market cap of $12.34 billion, a PE ratio of 33.81, a P/E/G ratio of 3.24 and a beta of 1.14.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.32. The company had revenue of $677.30 million for the quarter, compared to the consensus estimate of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The company's revenue was up 21.4% on a year-over-year basis. During the same period last year, the business posted $2.37 EPS. As a group, research analysts anticipate that Watts Water Technologies, Inc. will post 12.03 EPS for the current year.

Watts Water Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on WTS shares. Barclays raised Watts Water Technologies from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $317.00 to $414.00 in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $358.00 target price on shares of Watts Water Technologies in a report on Friday, May 8th. Royal Bank Of Canada upped their price target on shares of Watts Water Technologies from $318.00 to $323.00 and gave the company a "sector perform" rating in a research report on Friday, May 8th. Stifel Nicolaus set a $379.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. Finally, Weiss Ratings downgraded shares of Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Watts Water Technologies currently has a consensus rating of "Hold" and an average target price of $338.20.

Insiders Place Their Bets

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of the business's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the transaction, the insider directly owned 8,963 shares of the company's stock, valued at approximately $2,697,863. The trade was a 20.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Dubose sold 398 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $309.63, for a total transaction of $123,232.74. Following the transaction, the director owned 1,814 shares of the company's stock, valued at approximately $561,668.82. The trade was a 17.99% 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.

About Watts Water Technologies

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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