Watts Water Technologies (NYSE:WTS) Insider Sells 1,096 Shares

Key Points

• Insider sale: Elie Melhem sold 1,096 Watts Water Technologies shares for approximately $394,067, reducing his direct ownership by 12.23% to 7,867 shares.
• Strong quarterly results: Watts reported adjusted earnings of $3.66 per share, beating estimates by $0.32, while revenue rose 18.6% year over year to $763.1 million.
• Stock and outlook: Shares traded near $362, while analysts’ consensus rating remained “Hold” with an average price target of $367.70. The company also declared a quarterly dividend of $0.63 per share.

Watts Water Technologies, Inc. (NYSE:WTS - Get Free Report) insider Elie Melhem sold 1,096 shares of the firm's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the sale, the insider directly owned 7,867 shares of the company's stock, valued at $2,828,579.85. The trade was a 12.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Watts Water Technologies Trading Down 0.3%

WTS traded down $0.97 on Tuesday, hitting $362.16. The company had a trading volume of 16,611 shares, compared to its average volume of 268,015. The company's fifty day moving average price is $362.53 and its 200 day moving average price is $328.79. Watts Water Technologies, Inc. has a 1 year low of $260.00 and a 1 year high of $394.54. 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 firm has a market cap of $12.09 billion, a P/E ratio of 31.67, a PEG ratio of 3.56 and a beta of 1.13.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, August 5th. The technology company reported $3.66 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.32. The company had revenue of $763.10 million during the quarter, compared to analyst estimates of $725.99 million. Watts Water Technologies had a net margin of 14.34% and a return on equity of 19.16%. Watts Water Technologies's revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.09 earnings per share. As a group, equities analysts expect that Watts Water Technologies, Inc. will post 12.75 earnings per share for the current year.

Watts Water Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. Watts Water Technologies's payout ratio is presently 22.01%.

Institutional Investors Weigh In On Watts Water Technologies

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System increased its position in shares of Watts Water Technologies by 37,958.7% in the 2nd quarter. California State Teachers Retirement System now owns 12,479,817 shares of the technology company's stock valued at $4,885,224,000 after purchasing an additional 12,447,026 shares during the last quarter. Norges Bank purchased a new stake in shares of Watts Water Technologies during the 4th quarter worth $100,627,000. AQR Capital Management LLC grew its stake in shares of Watts Water Technologies by 148.3% during the second quarter. AQR Capital Management LLC now owns 277,669 shares of the technology company's stock worth $68,276,000 after purchasing an additional 165,837 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in 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 valued at $40,989,000 after buying an additional 140,500 shares during the last quarter. Finally, UBS Group AG increased its holdings in Watts Water Technologies by 223.0% in the third quarter. UBS Group AG now owns 202,250 shares of the technology company's stock valued at $56,484,000 after buying an additional 139,637 shares during the last quarter. Hedge funds and other institutional investors own 95.02% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $374.00 price objective on shares of Watts Water Technologies in a research note on Friday, August 7th. Weiss Ratings raised Watts Water Technologies from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, September 1st. KeyCorp lifted their target price on Watts Water Technologies from $380.00 to $400.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Royal Bank Of Canada lifted their target price on Watts Water Technologies from $350.00 to $417.00 and gave the company a "sector perform" rating in a research report on Friday, August 7th. Finally, Barclays increased their price target on shares of Watts Water Technologies from $414.00 to $425.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $367.70.

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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