Watts Water Technologies (NYSE:WTS) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Watts Water Technologies (NYSE:WTS) from a hold rating to a buy rating in a research report report published on Saturday morning,Wall Street Zen reports.

WTS has been the subject of a number of other research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $374.00 target price on shares of Watts Water Technologies in a research note on Friday, August 7th. Stifel Nicolaus set a $445.00 target price on Watts Water Technologies in a report on Monday, October 19th. Robert W. Baird set a $405.00 price target on Watts Water Technologies in a research report on Friday, August 7th. KeyCorp upped their price target on Watts Water Technologies from $380.00 to $400.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada lowered their price objective on shares of Watts Water Technologies from $417.00 to $397.00 and set a “sector perform” rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Watts Water Technologies has an average rating of “Moderate Buy” and a consensus target price of $369.80.

Watts Water Technologies Stock Down 0.2%

Shares of NYSE WTS opened at $346.79 on Friday. Watts Water Technologies has a 12-month low of $262.64 and a 12-month high of $394.54. The company has a market cap of $11.58 billion, a P/E ratio of 26.00, a P/E/G ratio of 3.36 and a beta of 1.13. The company has a current ratio of 2.80, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average price of $355.42 and a 200 day moving average price of $332.55.

Watts Water Technologies (NYSE:WTS) last released its quarterly earnings data on Wednesday, November 4th. The technology company reported $3.40 EPS for the quarter, beating the consensus estimate of $3.14 by $0.26. The company had revenue of $728.00 million for the quarter, compared to analyst estimates of $692.57 million. Watts Water Technologies had a return on equity of 19.75% and a net margin of 16.00%. The firm’s revenue was up 19.0% compared to the same quarter last year. During the same period last year, the company posted $2.50 earnings per share. Research analysts anticipate that Watts Water Technologies will post 12.87 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, December 1st. Watts Water Technologies’s dividend payout ratio is presently 18.89%.

Insider Activity

In other news, Director Joseph Noonan sold 3,650 shares of Watts Water Technologies stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $353.72, for a total transaction of $1,291,078.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Elie Melhem sold 1,096 shares of Watts Water Technologies stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $359.55, for a total value of $394,066.80. Following the sale, the insider directly owned 7,867 shares in the company, valued at approximately $2,828,579.85. The trade was a 12.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Watts Water Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its holdings in shares of Watts Water Technologies by 66.1% during the third quarter. Allworth Financial LP now owns 535 shares of the technology company’s stock worth $209,000 after purchasing an additional 213 shares during the period. Eurizon Capital SGR S.p.A. boosted its holdings in shares of Watts Water Technologies by 16,666.7% in the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 10,060 shares of the technology company’s stock valued at $3,563,000 after buying an additional 10,000 shares during the period. Jacobi Capital Management LLC acquired a new position in shares of Watts Water Technologies in the 3rd quarter valued at about $56,000. Machina Capital S.A.S. bought a new stake in shares of Watts Water Technologies during the 3rd quarter valued at about $318,000. Finally, Illinois Municipal Retirement Fund grew its position in shares of Watts Water Technologies by 9.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 18,609 shares of the technology company’s stock valued at $6,591,000 after buying an additional 1,632 shares during the last quarter. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

About Watts Water Technologies

Watts Water Technologies, Inc designs and manufactures products that help control the safety, flow, and quality of water in plumbing, heating, and water-treatment systems. Its products serve residential, commercial, and industrial applications.

The company’s offerings include backflow preventers, valves, water pressure regulators, drainage products, water-quality and treatment systems, and controls for heating and hot-water applications. It also provides solutions for water reuse and other water-management needs.

Founded in 1874 by Joseph Watts, the company traces its origins to the development of a water pressure regulator.