Watts Water Technologies, Inc. $WTS Stock Position Raised by Bank of America Corp DE

Key Points

• Bank of America increased its Watts Water Technologies stake by 21.1% in the first quarter, bringing its holdings to 133,817 shares worth approximately $38.8 million. Institutional investors collectively own 95.02% of WTS.
• Watts reported quarterly EPS of $3.66, exceeding estimates of $3.34, while revenue rose 18.6% year over year to $763.1 million, above expectations.
• Analysts maintain a consensus “Hold” rating, with an average price target of $367.70; the stock recently opened at $383.32. The company also declared a quarterly dividend of $0.63 per share, yielding approximately 0.7%.

Bank of America Corp DE boosted its stake in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 21.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,817 shares of the technology company's stock after purchasing an additional 23,300 shares during the quarter. Bank of America Corp DE owned approximately 0.40% of Watts Water Technologies worth $38,846,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WTS. Advyzon Investment Management LLC raised its stake in shares of Watts Water Technologies by 3.8% during the fourth quarter. Advyzon Investment Management LLC now owns 843 shares of the technology company's stock valued at $233,000 after purchasing an additional 31 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Watts Water Technologies by 0.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 4,163 shares of the technology company's stock valued at $1,149,000 after purchasing an additional 32 shares in the last quarter. C M Bidwell & Associates Ltd. boosted its position in shares of Watts Water Technologies by 5.5% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 648 shares of the technology company's stock worth $179,000 after buying an additional 34 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Watts Water Technologies by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,510 shares of the technology company's stock worth $1,521,000 after buying an additional 38 shares during the period. Finally, Apollon Wealth Management LLC grew its holdings in shares of Watts Water Technologies by 1.5% during the first quarter. Apollon Wealth Management LLC now owns 2,702 shares of the technology company's stock valued at $784,000 after buying an additional 40 shares in the last quarter. 95.02% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on WTS. Weiss Ratings restated a "buy (b)" rating on shares of Watts Water Technologies in a research note on Friday, August 7th. Robert W. Baird set a $405.00 price objective on Watts Water Technologies in a research note on Friday, August 7th. Stifel Nicolaus boosted their target price on Watts Water Technologies from $379.00 to $403.00 and gave the stock a "buy" rating in a report on Monday, July 20th. TD Cowen lifted their price target on shares of Watts Water Technologies from $275.00 to $320.00 and gave the company a "hold" rating in a research report on Thursday, July 2nd. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $374.00 price objective on shares of Watts Water Technologies in a report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $367.70.

Watts Water Technologies Stock Down 0.8%

NYSE WTS opened at $383.32 on Friday. The company has a current ratio of 2.66, a quick ratio of 1.60 and a debt-to-equity ratio of 0.05. The stock's 50 day moving average is $352.04 and its two-hundred day moving average is $321.89. The company has a market capitalization of $12.80 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 3.19 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.

Watts Water Technologies (NYSE:WTS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported $3.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $763.10 million during the quarter, compared to analysts' expectations of $725.99 million. During the same period last year, the business earned $3.09 earnings per share. The business's revenue was up 18.6% on a year-over-year basis. Equities analysts forecast that Watts Water Technologies, Inc. will post 12.81 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.63 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $2.52 annualized dividend 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 Michael J. Dubose sold 398 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total transaction of $123,232.74. Following the transaction, the director directly owned 1,814 shares in the company, valued at approximately $561,668.82. This represents a 17.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Watts Water Technologies 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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