Advisors Asset Management Inc. Cuts Position in Watts Water Technologies, Inc. (NYSE:WTS)

Advisors Asset Management Inc. cut its stake in Watts Water Technologies, Inc. (NYSE:WTS) by 16.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,753 shares of the technology company’s stock after selling 1,866 shares during the period. Advisors Asset Management Inc.’s holdings in Watts Water Technologies were worth $2,073,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in Watts Water Technologies in the first quarter worth $26,000. Allworth Financial LP grew its position in Watts Water Technologies by 47.5% in the fourth quarter. Allworth Financial LP now owns 174 shares of the technology company’s stock worth $36,000 after acquiring an additional 56 shares in the last quarter. McGlone Suttner Wealth Management Inc. purchased a new position in Watts Water Technologies in the fourth quarter worth $39,000. AdvisorNet Financial Inc boosted its position in Watts Water Technologies by 2,857.1% during the fourth quarter. AdvisorNet Financial Inc now owns 207 shares of the technology company’s stock valued at $43,000 after buying an additional 200 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Watts Water Technologies by 502.7% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 223 shares of the technology company’s stock valued at $47,000 after buying an additional 186 shares during the period. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on WTS shares. Robert W. Baird upped their price target on shares of Watts Water Technologies from $212.00 to $225.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Stifel Nicolaus upped their price target on shares of Watts Water Technologies from $209.00 to $217.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Watts Water Technologies presently has an average rating of “Hold” and an average price target of $201.50.

Insider Buying and Selling

In related news, insider Elie Melhem sold 2,051 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $215.51, for a total value of $442,011.01. Following the sale, the insider now owns 13,226 shares in the company, valued at $2,850,335.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Timothy P. Horne sold 2,194 shares of Watts Water Technologies stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $214.39, for a total transaction of $470,371.66. Following the transaction, the insider now owns 2,806 shares in the company, valued at approximately $601,578.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Elie Melhem sold 2,051 shares of Watts Water Technologies stock in a transaction on Monday, May 20th. The stock was sold at an average price of $215.51, for a total transaction of $442,011.01. Following the transaction, the insider now owns 13,226 shares in the company, valued at approximately $2,850,335.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,753 shares of company stock worth $1,236,753. 1.10% of the stock is owned by insiders.

Watts Water Technologies Stock Performance

Shares of NYSE:WTS opened at $205.74 on Friday. The company has a market cap of $6.87 billion, a price-to-earnings ratio of 25.53, a price-to-earnings-growth ratio of 2.96 and a beta of 0.90. The company has a 50-day moving average price of $192.21 and a 200-day moving average price of $199.99. The company has a current ratio of 2.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18. Watts Water Technologies, Inc. has a 12 month low of $167.87 and a 12 month high of $219.52.

Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings results on Wednesday, May 8th. The technology company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.22. Watts Water Technologies had a net margin of 12.53% and a return on equity of 19.61%. The firm had revenue of $570.90 million for the quarter, compared to analysts’ expectations of $547.20 million. During the same quarter in the prior year, the company posted $1.92 earnings per share. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. As a group, equities analysts anticipate that Watts Water Technologies, Inc. will post 8.7 EPS for the current year.

Watts Water Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.43 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.72 annualized dividend and a yield of 0.84%. This is a boost from Watts Water Technologies’s previous quarterly dividend of $0.36. Watts Water Technologies’s dividend payout ratio (DPR) is currently 21.34%.

About Watts Water Technologies

Watts Water Technologies, Inc, together with its subsidiaries, supplies products and solutions that manage and conserve the flow of fluids and energy into, through, and out of buildings in the commercial, industrial, and residential markets in the Americas, Europe, the Asia-Pacific, the Middle East, and Africa.