Watts Water Technologies (NYSE:WTS) announced its quarterly earnings results on Friday. The technology company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.04, Bloomberg Earnings reports. Watts Water Technologies had a net margin of 5.83% and a return on equity of 13.88%. The business had revenue of $390.90 million during the quarter, compared to analysts’ expectations of $380.00 million. During the same period last year, the business earned $0.80 earnings per share. The business’s revenue for the quarter was up 12.4% on a year-over-year basis.
Shares of WTS stock traded down $0.23 during trading on Friday, reaching $71.07. The company’s stock had a trading volume of 150,300 shares, compared to its average volume of 118,454. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 2.29. The stock has a market capitalization of $2.38 billion, a P/E ratio of 23.44, a price-to-earnings-growth ratio of 1.71 and a beta of 1.01. Watts Water Technologies has a 1-year low of $67.29 and a 1-year high of $93.35.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.18%. Watts Water Technologies’s dividend payout ratio (DPR) is currently 27.81%.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research cut shares of Watts Water Technologies from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. Boenning Scattergood reiterated a “neutral” rating on shares of Watts Water Technologies in a research report on Thursday, August 2nd. Seaport Global Securities reiterated a “hold” rating and set a $83.00 price target on shares of Watts Water Technologies in a research report on Thursday, August 2nd. Oppenheimer reiterated a “hold” rating on shares of Watts Water Technologies in a research report on Tuesday, October 2nd. Finally, Stifel Nicolaus lifted their price target on shares of Watts Water Technologies from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 3rd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Watts Water Technologies presently has a consensus rating of “Hold” and a consensus price target of $90.80.
In related news, General Counsel Kenneth Robert Lepage sold 10,115 shares of Watts Water Technologies stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $86.07, for a total value of $870,598.05. Following the completion of the transaction, the general counsel now owns 39,966 shares in the company, valued at $3,439,873.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert J. Pagano, Jr. sold 11,040 shares of Watts Water Technologies stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $85.36, for a total transaction of $942,374.40. Following the completion of the transaction, the insider now owns 116,545 shares of the company’s stock, valued at approximately $9,948,281.20. The disclosure for this sale can be found here. Insiders sold 25,065 shares of company stock valued at $2,134,844 in the last 90 days. Company insiders own 1.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in WTS. Stifel Financial Corp grew its holdings in shares of Watts Water Technologies by 49.5% in the first quarter. Stifel Financial Corp now owns 7,142 shares of the technology company’s stock valued at $560,000 after purchasing an additional 2,364 shares in the last quarter. A.R.T. Advisors LLC purchased a new position in Watts Water Technologies in the first quarter worth approximately $403,000. Xact Kapitalforvaltning AB lifted its stake in Watts Water Technologies by 27.2% in the first quarter. Xact Kapitalforvaltning AB now owns 3,744 shares of the technology company’s stock worth $291,000 after acquiring an additional 800 shares during the last quarter. Suntrust Banks Inc. purchased a new position in Watts Water Technologies in the first quarter worth approximately $609,000. Finally, Daiwa SB Investments Ltd. purchased a new position in Watts Water Technologies in the second quarter worth approximately $3,373,000. Hedge funds and other institutional investors own 76.91% of the company’s stock.
About Watts Water Technologies
Watts Water Technologies, Inc designs, manufactures, and sells products and systems that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. It offers residential and commercial flow control products, including backflow preventers, water pressure regulators, temperature and pressure relief valves, and thermostatic mixing valves.
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