Watts Water Technologies (NYSE:WTS) Announces Quarterly Earnings Results

Watts Water Technologies (NYSE:WTS - Get Free Report) announced its earnings results on Wednesday. The technology company reported $2.33 EPS for the quarter, topping the consensus estimate of $2.11 by $0.22, Briefing.com reports. The company had revenue of $570.90 million for the quarter, compared to analysts' expectations of $547.20 million. Watts Water Technologies had a return on equity of 19.38% and a net margin of 12.75%. The business's revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.92 earnings per share. Watts Water Technologies updated its FY 2024 guidance to EPS.

Watts Water Technologies Trading Down 0.5 %

Shares of NYSE:WTS traded down $1.02 during midday trading on Thursday, hitting $211.22. The company had a trading volume of 265,490 shares, compared to its average volume of 129,653. The firm has a fifty day simple moving average of $205.02 and a 200 day simple moving average of $199.70. The stock has a market cap of $7.03 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 3.00 and a beta of 0.95. The company has a current ratio of 2.61, a quick ratio of 1.63 and a debt-to-equity ratio of 0.20. Watts Water Technologies has a 12 month low of $156.85 and a 12 month high of $219.52.

Watts Water Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a $0.43 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 0.81%. This is an increase from Watts Water Technologies's previous quarterly dividend of $0.36. Watts Water Technologies's dividend payout ratio is 18.41%.

Insider Transactions at Watts Water Technologies

In other Watts Water Technologies news, Director Michael J. Dubose sold 329 shares of the business's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $197.91, for a total value of $65,112.39. Following the completion of the sale, the director now owns 2,392 shares of the company's stock, valued at approximately $473,400.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Watts Water Technologies news, Director Michael J. Dubose sold 329 shares of Watts Water Technologies stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $197.91, for a total value of $65,112.39. Following the completion of the transaction, the director now directly owns 2,392 shares of the company's stock, valued at approximately $473,400.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Virginia A. Halloran sold 1,520 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $202.11, for a total value of $307,207.20. Following the sale, the chief accounting officer now directly owns 14,818 shares in the company, valued at $2,994,865.98. The disclosure for this sale can be found here. Insiders have sold a total of 5,113 shares of company stock valued at $1,023,106 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Watts Water Technologies from $206.00 to $209.00 and gave the company a "hold" rating in a research note on Wednesday, April 17th. Robert W. Baird increased their price objective on Watts Water Technologies from $191.00 to $208.00 and gave the company a "neutral" rating in a research report on Wednesday, February 14th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $195.25.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc, together with its subsidiaries, supplies products and solutions that manage and conserve the flow of fluids and energy into, through, and out of buildings in the commercial, industrial, and residential markets in the Americas, Europe, the Asia-Pacific, the Middle East, and Africa.