Lazard Asset Management LLC Raises Stake in Watts Water Technologies, Inc. $WTS

Lazard Asset Management LLC grew its stake in Watts Water Technologies, Inc. (NYSE:WTS) by 79.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 218,832 shares of the technology company’s stock after acquiring an additional 97,115 shares during the quarter. Lazard Asset Management LLC owned about 0.66% of Watts Water Technologies worth $63,525,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cumberland Partners Ltd raised its stake in Watts Water Technologies by 100.0% during the fourth quarter. Cumberland Partners Ltd now owns 13,000 shares of the technology company’s stock worth $3,588,000 after purchasing an additional 6,500 shares during the period. Kingsview Wealth Management LLC purchased a new stake in shares of Watts Water Technologies in the 4th quarter valued at approximately $2,848,000. Mach 1 Financial Group LLC acquired a new stake in shares of Watts Water Technologies during the 4th quarter worth approximately $1,950,000. AE Wealth Management LLC increased its holdings in shares of Watts Water Technologies by 23.8% during the 4th quarter. AE Wealth Management LLC now owns 171,194 shares of the technology company’s stock worth $47,253,000 after buying an additional 32,901 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of Watts Water Technologies by 94.2% during the 4th quarter. Handelsbanken Fonder AB now owns 61,624 shares of the technology company’s stock valued at $17,009,000 after buying an additional 29,896 shares during the period. Hedge funds and other institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Stock Performance

Shares of WTS stock opened at $346.17 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.72. The firm has a market cap of $11.56 billion, a P/E ratio of 31.67, a P/E/G ratio of 2.98 and a beta of 1.14. The firm’s 50 day moving average price is $336.84 and its 200-day moving average price is $315.24. Watts Water Technologies, Inc. has a one year low of $250.82 and a one year high of $394.54.

Watts Water Technologies (NYSE:WTS) last posted its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.32. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The firm had revenue of $677.30 million during the quarter, compared to the consensus estimate of $638.13 million. During the same quarter last year, the firm earned $2.37 EPS. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, equities research analysts predict that Watts Water Technologies, Inc. will post 12.23 EPS for the current year.

Watts Water Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings cut Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 11th. Robert W. Baird set a $330.00 target price on Watts Water Technologies in a research note on Friday, May 8th. TD Cowen lifted their target price on Watts Water Technologies from $275.00 to $320.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Barclays raised Watts Water Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $317.00 to $414.00 in a research note on Tuesday, June 30th. Finally, Stifel Nicolaus increased their price target on Watts Water Technologies from $379.00 to $403.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $345.30.

Insider Activity

In related news, insider Elie Melhem sold 2,257 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total transaction of $679,357.00. Following the completion of the transaction, the insider directly owned 8,963 shares in the company, valued at $2,697,863. This trade represents a 20.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total value of $123,232.74. Following the completion of the transaction, the director directly owned 1,814 shares of the company’s stock, valued at approximately $561,668.82. This represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.00% of the stock is currently owned by corporate insiders.

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.