Zacks Investment Research upgraded shares of Watts Water Technologies (NYSE:WTS) from a hold rating to a buy rating in a research report sent to investors on Monday. The brokerage currently has $90.00 target price on the technology company’s stock.
According to Zacks, “The continued execution of key strategic initiatives, including the transformation and restructuring actions undertaken by Watts Water will benefit fourth-quarter 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.”
Several other research analysts also recently weighed in on the company. Stifel Nicolaus reiterated a buy rating and issued a $85.00 price target on shares of Watts Water Technologies in a report on Thursday, December 14th. Boenning Scattergood reiterated a buy rating on shares of Watts Water Technologies in a report on Thursday, November 2nd. Robert W. Baird reiterated a hold rating and issued a $71.00 price target on shares of Watts Water Technologies in a report on Wednesday, October 4th. 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 equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $79.17.
Watts Water Technologies (WTS) traded down $0.85 during mid-day trading on Monday, reaching $79.65. The company had a trading volume of 54,500 shares, compared to its average volume of 66,586. Watts Water Technologies has a 12-month low of $59.15 and a 12-month high of $80.55. The company has a current ratio of 2.57, a quick ratio of 1.70 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2,748.91, a price-to-earnings ratio of 29.50, a P/E/G ratio of 1.98 and a beta of 1.16.
Watts Water Technologies (NYSE:WTS) last posted its earnings results on Wednesday, November 1st. The technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. Watts Water Technologies had a return on equity of 12.90% and a net margin of 6.49%. The firm had revenue of $347.70 million for the quarter, compared to analyst estimates of $361.22 million. During the same quarter in the prior year, the company earned $0.71 EPS. Watts Water Technologies’s revenue was up 1.9% on a year-over-year basis. analysts anticipate that Watts Water Technologies will post 3.01 EPS for the current year.
In other news, CEO Robert J. Pagano, Jr. sold 3,951 shares of the company’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $73.09, for a total transaction of $288,778.59. Following the completion of the sale, the chief executive officer now directly owns 137,474 shares in the company, valued at approximately $10,047,974.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Elie Melhem sold 2,545 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $70.48, for a total value of $179,371.60. The disclosure for this sale can be found here. Insiders sold a total of 18,348 shares of company stock valued at $1,339,628 over the last quarter. 1.10% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC increased its holdings in shares of Watts Water Technologies by 44.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,732 shares of the technology company’s stock worth $109,000 after buying an additional 532 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Watts Water Technologies by 0.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,038 shares of the technology company’s stock worth $129,000 after buying an additional 17 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Watts Water Technologies by 823.9% during the 2nd quarter. Quantbot Technologies LP now owns 2,282 shares of the technology company’s stock worth $144,000 after buying an additional 2,035 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Watts Water Technologies during the 3rd quarter worth $200,000. Finally, Suntrust Banks Inc. increased its holdings in shares of Watts Water Technologies by 1.0% during 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. Institutional investors and hedge funds own 77.61% of the company’s stock.
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Watts Water Technologies Company Profile
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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