Watts Water Technologies (NYSE:WTS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday. The brokerage currently has a $84.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.38% from the company’s current price.
According to Zacks, “The continued execution of key strategic initiatives, including the transformation and restructuring actions undertaken by Watts Water will benefit its fourth-quarter 2017 earnings. Watts Water expects organic sales growth rate to improve on a sequential basis driven by consistent growth in Americas from relatively healthy end markets. Europe and Asia-Pacific are also likely to improve over third-quarter levels. The company will also gain from its buyouts and new product development strategies. The company has positive record of earnings surprises in recent quarters. Moreover, the stock has outperformed the industry with respect to price performance over the past three months.”
A number of other equities research analysts have also weighed in on the stock. Northcoast Research set a $90.00 price objective on shares of Watts Water Technologies and gave the company a “buy” rating in a report on Friday, January 19th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up previously from $85.00) on shares of Watts Water Technologies in a report on Tuesday, January 16th. Boenning Scattergood reiterated a “buy” rating on shares of Watts Water Technologies in a report on Monday, November 20th. Seaport Global Securities reiterated a “neutral” rating on shares of Watts Water Technologies in a report on Friday, November 3rd. Finally, KeyCorp reiterated a “hold” rating on shares of Watts Water Technologies in a report on Friday, November 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $78.17.
In other news, CEO Robert J. Pagano, Jr. sold 11,852 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $73.53, for a total value of $871,477.56. Following the completion of the sale, the chief executive officer now owns 137,474 shares in the company, valued at approximately $10,108,463.22. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Elie Melhem sold 2,545 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $70.48, for a total transaction of $179,371.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,348 shares of company stock valued at $1,339,628. Company insiders own 1.10% of the company’s stock.
Large investors have recently bought and sold shares of the company. SeaCrest Wealth Management LLC bought a new stake in shares of Watts Water Technologies in the 4th quarter valued at about $112,000. Public Employees Retirement System of Ohio raised its holdings in shares of Watts Water Technologies by 0.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,038 shares of the technology company’s stock valued at $129,000 after purchasing an additional 17 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Watts Water Technologies in the 3rd quarter worth approximately $200,000. Suntrust Banks Inc. grew its position in shares of Watts Water Technologies by 1.0% in the 2nd quarter. Suntrust Banks Inc. now owns 3,290 shares of the technology company’s stock worth $207,000 after buying an additional 31 shares during the last quarter. Finally, Balyasny Asset Management LLC purchased a new position in shares of Watts Water Technologies in the 2nd quarter worth approximately $215,000. Institutional investors and hedge funds own 77.75% of the company’s stock.
About Watts Water Technologies
Watts Water Technologies, Inc is a supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. The Company, through its subsidiary, Watts Regulator Co, is engaged in manufacturing products and systems focused on the control, conservation and quality of water, and safety of the people using it.
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