Watts Water Technologies, Inc. $WTS Stock: Boston Trust Walden Corp Reduces Stake

Key Points

• Boston Trust Walden cut its Watts Water Technologies stake by 4.4% in the third quarter, selling 16,192 shares; it retained 352,775 shares valued at about $124.9 million.
• Watts reported record third-quarter results, with earnings of $3.40 per share and revenue of $728 million, both above analyst expectations; revenue rose 19% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $371.90. The company also maintained its quarterly dividend at $0.63 per share.

Boston Trust Walden Corp decreased its holdings in Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 4.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 352,775 shares of the technology company's stock after selling 16,192 shares during the quarter. Watts Water Technologies makes up 1.0% of Boston Trust Walden Corp's investment portfolio, making the stock its 14th biggest holding. Boston Trust Walden Corp owned approximately 1.06% of Watts Water Technologies worth $124,946,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Trust Advisors LP boosted 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 purchasing an additional 34,381 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Watts Water Technologies by 79.8% during the first quarter. Lazard Asset Management LLC now owns 218,832 shares of the technology company's stock worth $63,525,000 after buying an additional 97,115 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Watts Water Technologies by 8,421.5% in 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 during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of 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 worth $40,989,000 after purchasing an additional 140,500 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Watts Water Technologies by 58.7% in the 1st quarter. Renaissance Technologies LLC now owns 135,140 shares of the technology company's stock valued at $39,230,000 after buying an additional 49,960 shares during the last quarter. 95.02% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related 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 value of $394,066.80. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Noonan sold 3,650 shares of Watts Water Technologies stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total value of $1,291,078.00. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada reissued a "sector perform" rating and set a $417.00 price target on shares of Watts Water Technologies in a research report on Wednesday, October 14th. Robert W. Baird set a $405.00 price objective on shares of Watts Water Technologies in a research report on Friday, August 7th. Barclays increased their price objective on shares of Watts Water Technologies from $414.00 to $425.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Stifel Nicolaus set a $445.00 target price on shares of Watts Water Technologies in a research report on Monday, October 19th. Finally, KeyCorp boosted their target price on Watts Water Technologies from $380.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Watts Water Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $371.90.

Watts Water Technologies News Roundup

Here are the key news stories impacting Watts Water Technologies this week:

• Positive Sentiment: Watts Water reported Q3 earnings of $3.40 per share, topping estimates of about $3.14–$3.15 and rising from $2.50 a year earlier. Revenue reached $728 million, above the $692.6 million consensus and up 19% year over year. The company described the quarter as a record. Earnings release
• Neutral Sentiment: The company maintained its quarterly dividend at $0.63 per share, payable December 15 to shareholders of record December 1. This continues the existing payout rather than signaling a change in dividend policy. Dividend announcement

Watts Water Technologies Stock Down 1.7%

WTS opened at $354.23 on Thursday. The company has a quick ratio of 1.60, a current ratio of 2.66 and a debt-to-equity ratio of 0.05. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 3.50 and a beta of 1.13. Watts Water Technologies, Inc. has a twelve month low of $260.00 and a twelve month high of $394.54. The company's 50-day moving average price is $356.53 and its two-hundred day moving average price is $332.02.

Watts Water Technologies (NYSE:WTS - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The technology company reported $3.40 EPS for the quarter, topping analysts' consensus estimates of $3.14 by $0.26. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. The company had revenue of $728.00 million for the quarter, compared to analysts' expectations of $692.57 million. During the same quarter in the previous year, the firm posted $2.50 EPS. Watts Water Technologies's revenue was up 19.0% on a year-over-year basis. As a group, equities analysts expect that Watts Water Technologies, Inc. will post 12.87 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

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

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.

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