Principal Financial Group Inc. Acquires 2,156 Shares of Watts Water Technologies, Inc. $WTS

Principal Financial Group Inc. boosted its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS) by 2.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 83,968 shares of the technology company’s stock after acquiring an additional 2,156 shares during the period. Principal Financial Group Inc.’s holdings in Watts Water Technologies were worth $24,375,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in WTS. Fifth Third Bancorp lifted its stake in shares of Watts Water Technologies by 5,335.4% in the 1st quarter. Fifth Third Bancorp now owns 13,371 shares of the technology company’s stock valued at $3,881,000 after purchasing an additional 13,125 shares during the period. Candriam S.C.A. grew its stake in shares of Watts Water Technologies by 26.6% during the first quarter. Candriam S.C.A. now owns 34,579 shares of the technology company’s stock worth $10,038,000 after purchasing an additional 7,256 shares during the period. Beacon Harbor Wealth Advisors Inc. grew its stake in shares of Watts Water Technologies by 1.7% during the first quarter. Beacon Harbor Wealth Advisors Inc. now owns 24,076 shares of the technology company’s stock worth $6,989,000 after purchasing an additional 394 shares during the period. Costello Asset Management INC increased its holdings in Watts Water Technologies by 900.0% in the first quarter. Costello Asset Management INC now owns 300 shares of the technology company’s stock valued at $87,000 after purchasing an additional 270 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in Watts Water Technologies by 8.6% in the first quarter. Kestra Advisory Services LLC now owns 706 shares of the technology company’s stock valued at $205,000 after purchasing an additional 56 shares during the last quarter. Institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Trading Down 1.4%

NYSE WTS opened at $341.57 on Tuesday. Watts Water Technologies, Inc. has a one year low of $246.55 and a one year high of $394.54. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62. The firm has a market cap of $11.40 billion, a P/E ratio of 31.25, a P/E/G ratio of 3.04 and a beta of 1.14. The stock’s 50-day moving average is $332.43 and its 200-day moving average is $312.98.

Watts Water Technologies (NYSE:WTS) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.72 by $0.32. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The business had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. During the same period in the previous year, the firm earned $2.37 EPS. Watts Water Technologies’s quarterly revenue was up 21.4% compared to the same quarter last year. Sell-side analysts anticipate that Watts Water Technologies, Inc. will post 12.03 earnings per share for the current fiscal year.

Watts Water Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $2.52 annualized dividend and a dividend yield of 0.7%. Watts Water Technologies’s dividend payout ratio is currently 23.06%.

Analysts Set New Price Targets

WTS has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $358.00 target price on shares of Watts Water Technologies in a report on Friday, May 8th. KeyCorp upped their price target on Watts Water Technologies from $360.00 to $380.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Barclays upgraded shares of Watts Water Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $317.00 to $414.00 in a research report on Tuesday, June 30th. Royal Bank Of Canada lifted their price objective on shares of Watts Water Technologies from $323.00 to $350.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, Robert W. Baird set a $330.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Watts Water Technologies has an average rating of “Hold” and a consensus price target of $345.30.

Insiders Place Their Bets

In related news, insider Elie Melhem sold 2,257 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the transaction, the insider directly owned 8,963 shares of the company’s stock, valued at approximately $2,697,863. This represents a 20.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Dubose sold 398 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $309.63, for a total value of $123,232.74. Following the transaction, the director owned 1,814 shares of the company’s stock, valued at approximately $561,668.82. This trade represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.00% of the company’s stock.

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.