Burney Co. Decreases Stake in Watts Water Technologies, Inc. $WTS

Burney Co. lessened its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS) by 31.4% during the first quarter, HoldingsChannel reports. The fund owned 36,594 shares of the technology company’s stock after selling 16,730 shares during the period. Burney Co.’s holdings in Watts Water Technologies were worth $10,623,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WTS. Cumberland Partners Ltd grew its stake in Watts Water Technologies by 100.0% in the 4th quarter. Cumberland Partners Ltd now owns 13,000 shares of the technology company’s stock valued at $3,588,000 after acquiring an additional 6,500 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in Watts Water Technologies during the 4th quarter valued at about $2,848,000. Clark Capital Management Group Inc. raised its position in Watts Water Technologies by 17.4% during the third quarter. Clark Capital Management Group Inc. now owns 27,985 shares of the technology company’s stock worth $7,816,000 after acquiring an additional 4,140 shares during the last quarter. Mach 1 Financial Group LLC purchased a new stake in shares of Watts Water Technologies in the fourth quarter valued at about $1,950,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Watts Water Technologies in the third quarter valued at about $6,308,000. Institutional investors and hedge funds own 95.02% of the company’s stock.

Watts Water Technologies Price Performance

Watts Water Technologies stock opened at $369.59 on Tuesday. The stock has a market capitalization of $12.34 billion, a P/E ratio of 33.81, a P/E/G ratio of 3.24 and a beta of 1.14. Watts Water Technologies, Inc. has a 12-month low of $242.77 and a 12-month high of $394.54. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62. The firm’s 50-day moving average is $322.03 and its two-hundred day moving average is $308.22.

Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, beating analysts’ consensus estimates of $2.72 by $0.32. The business had revenue of $677.30 million during the quarter, compared to analyst estimates of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The company’s revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.37 earnings per share. Equities analysts predict that Watts Water Technologies, Inc. will post 12.03 earnings per share for the current year.

Watts Water Technologies Dividend Announcement

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

Insider Buying and Selling at Watts Water Technologies

In other news, insider Elie Melhem sold 2,257 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total transaction of $679,357.00. Following the sale, the insider owned 8,963 shares in the company, valued at $2,697,863. This trade represents a 20.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction on 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of Watts Water Technologies from $275.00 to $320.00 and gave the stock a “hold” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $358.00 target price on shares of Watts Water Technologies in a research note on Friday, May 8th. Stifel Nicolaus set a $379.00 target price on Watts Water Technologies in a report on Friday, May 8th. Robert W. Baird set a $330.00 price target on Watts Water Technologies in a research report on Friday, May 8th. Finally, Royal Bank Of Canada boosted their price target on Watts Water Technologies from $318.00 to $323.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $338.20.

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.