Bank of New York Mellon Corp Decreases Stake in Watts Water Technologies, Inc. $WTS

Bank of New York Mellon Corp lowered its holdings in Watts Water Technologies, Inc. (NYSE:WTS) by 4.1% in the 4th quarter, Holdings Channel reports. The firm owned 233,536 shares of the technology company’s stock after selling 10,034 shares during the period. Bank of New York Mellon Corp’s holdings in Watts Water Technologies were worth $64,461,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Centennial Wealth Advisory LLC raised its stake in shares of Watts Water Technologies by 3.8% in the fourth quarter. Centennial Wealth Advisory LLC now owns 1,012 shares of the technology company’s stock worth $279,000 after purchasing an additional 37 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Watts Water Technologies by 0.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,510 shares of the technology company’s stock valued at $1,521,000 after purchasing an additional 38 shares during the period. Texas Yale Capital Corp. lifted its position in Watts Water Technologies by 4.4% during the third quarter. Texas Yale Capital Corp. now owns 940 shares of the technology company’s stock valued at $263,000 after purchasing an additional 40 shares during the period. Thrivent Financial for Lutherans lifted its position in Watts Water Technologies by 0.6% during the second quarter. Thrivent Financial for Lutherans now owns 6,457 shares of the technology company’s stock valued at $1,588,000 after purchasing an additional 40 shares during the period. Finally, Journey Strategic Wealth LLC lifted its position in Watts Water Technologies by 4.3% during the third quarter. Journey Strategic Wealth LLC now owns 1,001 shares of the technology company’s stock valued at $280,000 after purchasing an additional 41 shares during the period. Hedge funds and other institutional investors own 95.02% of the company’s stock.

Insider Transactions at Watts Water Technologies

In other news, insider Elie Melhem sold 2,257 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total value of $679,357.00. Following the completion of the transaction, the insider owned 8,963 shares of the company’s stock, valued at $2,697,863. This represents a 20.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael J. Dubose sold 398 shares of the company’s 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 completion of the transaction, the director directly 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. In the last ninety days, insiders sold 3,738 shares of company stock valued at $1,125,138. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WTS shares. Barclays decreased their target price on shares of Watts Water Technologies from $323.00 to $317.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. The Goldman Sachs Group upped their price objective on Watts Water Technologies from $267.00 to $323.00 and gave the company a “neutral” rating in a research report on Friday, February 13th. Zacks Research cut Watts Water Technologies from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 27th. Weiss Ratings cut Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Robert W. Baird set a $330.00 price objective on Watts Water Technologies in a research report on Friday, May 8th. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $329.44.

Watts Water Technologies Stock Performance

NYSE WTS opened at $319.53 on Wednesday. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 2.80 and a beta of 1.19. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $301.34 and a 200-day moving average price of $297.86. Watts Water Technologies, Inc. has a twelve month low of $237.72 and a twelve month high of $345.17.

Watts Water Technologies (NYSE:WTS) last released its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.72 by $0.32. The firm had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. Watts Water Technologies had a return on equity of 18.92% and a net margin of 14.32%.The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.37 earnings per share. As a group, equities research analysts predict that Watts Water Technologies, Inc. will post 11.9 EPS for the current fiscal year.

Watts Water Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.8%. Watts Water Technologies’s dividend payout ratio is 23.06%.

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.