Watts Water Technologies (NYSE:WTS) Earns Equal Weight Rating from Analysts at Barclays

Key Points

• Barclays has initiated coverage on Watts Water Technologies (NYSE:WTS) with an "equal weight" rating and set a price target of $287.00, indicating a potential upside of 0.36% from the current price.
• Watts Water Technologies reported $3.09 EPS for the last quarter, exceeding estimates by $0.41, with a revenue of $643.70 million which was also above expectations.
• Institutional investors currently hold 95.02% of the company’s stock, indicating strong confidence in the company’s future performance.

Barclays assumed coverage on shares of Watts Water Technologies (NYSE:WTS - Free Report) in a research note published on Friday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $287.00 price objective on the technology company's stock.

A number of other research firms have also recently commented on WTS. Wall Street Zen cut Watts Water Technologies from a "strong-buy" rating to a "buy" rating in a research note on Friday, September 5th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of Watts Water Technologies in a research note on Friday, August 8th. Finally, Stifel Nicolaus lifted their price target on shares of Watts Water Technologies from $290.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $253.80.

Watts Water Technologies Stock Down 0.2%

Watts Water Technologies stock traded down $0.66 during midday trading on Friday, hitting $280.28. 132,905 shares of the stock were exchanged, compared to its average volume of 198,807. Watts Water Technologies has a 52-week low of $177.59 and a 52-week high of $287.89. The company has a quick ratio of 1.63, a current ratio of 2.59 and a debt-to-equity ratio of 0.10. The business's 50-day moving average price is $269.20 and its 200-day moving average price is $240.00. The stock has a market capitalization of $9.35 billion, a price-to-earnings ratio of 30.14, a price-to-earnings-growth ratio of 3.37 and a beta of 1.11.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its earnings results on Wednesday, August 6th. The technology company reported $3.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.68 by $0.41. The firm had revenue of $643.70 million for the quarter, compared to the consensus estimate of $612.15 million. Watts Water Technologies had a return on equity of 18.11% and a net margin of 13.63%.The company's revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.46 EPS. On average, research analysts expect that Watts Water Technologies will post 9.08 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were given a $0.52 dividend. The ex-dividend date was Friday, August 29th. This represents a $2.08 annualized dividend and a dividend yield of 0.7%. Watts Water Technologies's payout ratio is 22.37%.

Insider Activity

In related news, Director Joseph T. Noonan sold 713 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $274.45, for a total transaction of $195,682.85. Following the sale, the director owned 1,194 shares of the company's stock, valued at approximately $327,693.30. This represents a 37.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Watts Water Technologies

Several hedge funds and other institutional investors have recently modified their holdings of WTS. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Watts Water Technologies by 18.6% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,463,375 shares of the technology company's stock valued at $500,804,000 after acquiring an additional 386,333 shares during the period. Norges Bank bought a new position in shares of Watts Water Technologies in the second quarter worth $80,386,000. Boston Partners increased its holdings in shares of Watts Water Technologies by 43.3% in the first quarter. Boston Partners now owns 905,783 shares of the technology company's stock worth $184,708,000 after purchasing an additional 273,628 shares during the period. Nuveen LLC purchased a new stake in shares of Watts Water Technologies in the first quarter worth $49,199,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Watts Water Technologies during the second quarter worth about $50,400,000. 95.02% of the stock is currently owned by institutional investors.

About Watts Water Technologies

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.