Watts Water Technologies (NYSE:WTS) Posts Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Watts Water Technologies (NYSE:WTS) issued its earnings results on Wednesday. The technology company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.72 by $0.32, FiscalAI reports. 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 for the quarter, compared to analysts’ expectations of $638.13 million. During the same quarter last year, the business earned $2.37 earnings per share. The business’s revenue was up 21.4% on a year-over-year basis.

Watts Water Technologies Trading Up 1.0%

NYSE:WTS traded up $2.84 during trading hours on Friday, hitting $296.98. The company had a trading volume of 328,238 shares, compared to its average volume of 305,560. The company has a market capitalization of $9.90 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 2.66 and a beta of 1.20. The stock has a 50-day moving average price of $301.64 and a 200 day moving average price of $292.71. Watts Water Technologies has a 52 week low of $230.47 and a 52 week high of $345.17. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.49.

Watts Water Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.63 dividend. The ex-dividend date is Monday, June 1st. This represents a $2.52 annualized dividend and a yield of 0.8%. Watts Water Technologies’s payout ratio is 20.45%.

Wall Street Analyst Weigh In

WTS has been the topic of several recent analyst reports. HSBC initiated coverage on shares of Watts Water Technologies in a report on Tuesday, January 27th. They issued a “buy” rating on the stock. TD Cowen restated a “hold” rating on shares of Watts Water Technologies in a report on Thursday, January 8th. Barclays raised their target price on shares of Watts Water Technologies from $300.00 to $323.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Stifel Nicolaus set a $379.00 target price on shares of Watts Water Technologies in a report on Friday. Finally, The Goldman Sachs Group raised their target price on shares of Watts Water Technologies from $267.00 to $323.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $330.11.

Insiders Place Their Bets

In related news, insider Elie Melhem sold 372 shares of Watts Water Technologies stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $292.13, for a total value of $108,672.36. Following the sale, the insider owned 11,220 shares in the company, valued at $3,277,698.60. The trade was a 3.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Timothy P. Horne sold 7,500 shares of Watts Water Technologies stock in a transaction on Friday, February 20th. The shares were sold at an average price of $330.04, for a total transaction of $2,475,300.00. Following the completion of the sale, the insider owned 7,500 shares in the company, valued at approximately $2,475,300. This trade represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 29,674 shares of company stock valued at $9,669,838 over the last quarter. 1.00% of the stock is owned by company insiders.

Institutional Trading of Watts Water Technologies

Several large investors have recently added to or reduced their stakes in WTS. Integrated Wealth Concepts LLC boosted its holdings in shares of Watts Water Technologies by 10.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,887 shares of the technology company’s stock valued at $385,000 after buying an additional 174 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Watts Water Technologies by 80.2% during the 1st quarter. Jones Financial Companies Lllp now owns 1,000 shares of the technology company’s stock valued at $222,000 after buying an additional 445 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Watts Water Technologies by 8.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,878 shares of the technology company’s stock valued at $20,163,000 after buying an additional 7,537 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Watts Water Technologies during the 2nd quarter valued at $219,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Watts Water Technologies by 43.2% during the 2nd quarter. Cetera Investment Advisers now owns 1,734 shares of the technology company’s stock valued at $426,000 after buying an additional 523 shares in the last quarter. Institutional investors own 95.02% of the company’s stock.

Watts Water Technologies Company 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.