Fifth Third Bancorp Raises Holdings in Watts Water Technologies, Inc. $WTS

Fifth Third Bancorp increased its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS) by 5,335.4% in the first quarter, Holdings Channel reports. The firm owned 13,371 shares of the technology company’s stock after buying an additional 13,125 shares during the quarter. Fifth Third Bancorp’s holdings in Watts Water Technologies were worth $3,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Wexford Capital LP acquired a new position in Watts Water Technologies in the third quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Watts Water Technologies during the fourth quarter worth about $28,000. Advisory Services Network LLC acquired a new stake in shares of Watts Water Technologies during the third quarter worth about $29,000. Clearstead Advisors LLC grew its holdings in shares of Watts Water Technologies by 69.4% during the fourth quarter. Clearstead Advisors LLC now owns 105 shares of the technology company’s stock worth $29,000 after buying an additional 43 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in Watts Water Technologies in the 4th quarter valued at about $29,000. 95.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Royal Bank Of Canada upped their price objective on Watts Water Technologies from $323.00 to $350.00 and gave the company a “sector perform” rating in a research note on Thursday. TD Cowen raised their target price 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, July 2nd. Weiss Ratings downgraded shares of Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 11th. Barclays raised shares of Watts Water Technologies from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $317.00 to $414.00 in a report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $358.00 price target on shares of Watts Water Technologies in a research report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $342.90.

Watts Water Technologies Trading Down 1.8%

NYSE WTS opened at $347.11 on Friday. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 3.04 and a beta of 1.14. The company’s fifty day moving average price is $331.56 and its two-hundred day moving average price is $312.33. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.72 and a quick ratio of 1.62. Watts Water Technologies, Inc. has a 12 month low of $246.55 and a 12 month high of $394.54.

Watts Water Technologies (NYSE:WTS) last issued its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.32. The firm had revenue of $677.30 million for 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 firm’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period last year, the company earned $2.37 earnings per share. As a group, research analysts predict that Watts Water Technologies, Inc. will post 12.03 earnings per share for the current fiscal year.

Watts Water Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.63 per share. The ex-dividend date was Monday, June 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.7%. Watts Water Technologies’s payout ratio is currently 23.06%.

Insider Buying and Selling at Watts Water Technologies

In related news, insider Elie Melhem sold 2,257 shares of the 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 sale, the insider directly owned 8,963 shares of the company’s stock, valued at approximately $2,697,863. This represents a 20.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Dubose sold 398 shares of Watts Water Technologies stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total value of $123,232.74. Following the sale, the director owned 1,814 shares of the company’s stock, valued at approximately $561,668.82. This represents a 17.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.00% of the stock is owned by insiders.

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.