Watts Water Technologies, Inc. (NYSE:WTS) Sees Significant Drop in Short Interest

Watts Water Technologies, Inc. (NYSE:WTS) saw a large decline in short interest in the month of June. As of June 30th, there was short interest totaling 824,963 shares, a decline of 45.1% from the June 15th total of 1,502,348 shares. Approximately 2.5% of the shares of the company are sold short. Based on an average daily volume of 789,926 shares, the short-interest ratio is presently 1.0 days.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price target on shares of Watts Water Technologies from $318.00 to $323.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Stifel Nicolaus set a $379.00 target price on shares of Watts Water Technologies in a report on Friday, May 8th. Weiss Ratings cut shares of Watts Water Technologies from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 11th. KeyCorp raised their price target on shares of Watts Water Technologies from $360.00 to $380.00 and gave the company an “overweight” rating in a report on Monday. Finally, Robert W. Baird set a $330.00 price target on shares of Watts Water Technologies in a research report on Friday, May 8th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Watts Water Technologies presently has an average rating of “Hold” and an average price target of $340.20.

Watts Water Technologies Stock Performance

NYSE WTS opened at $349.95 on Wednesday. The company has a 50-day simple moving average of $328.25 and a two-hundred day simple moving average of $311.14. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.09. Watts Water Technologies has a 12-month low of $242.77 and a 12-month high of $394.54. The firm has a market cap of $11.68 billion, a price-to-earnings ratio of 32.02, a PEG ratio of 3.05 and a beta of 1.14.

Watts Water Technologies (NYSE:WTS) last issued its earnings results on Wednesday, May 6th. The technology company reported $3.04 earnings per share (EPS) 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 analysts’ expectations of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business earned $2.37 earnings per share. On average, equities analysts forecast that Watts Water Technologies will post 12.03 EPS for the current year.

Watts Water Technologies Announces Dividend

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

Insiders Place Their Bets

In related news, insider Elie Melhem sold 2,257 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $301.00, for a total value of $679,357.00. Following the transaction, the insider owned 8,963 shares in the company, valued at approximately $2,697,863. This 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 accessible through this link. Also, Director Michael J. Dubose sold 398 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $309.63, for a total transaction of $123,232.74. Following the sale, the director directly owned 1,814 shares in the company, valued at approximately $561,668.82. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Watts Water Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wexford Capital LP bought a new position in shares of Watts Water Technologies during the third quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in shares of Watts Water Technologies in the 4th quarter worth approximately $28,000. Clearstead Advisors LLC boosted its position in shares of Watts Water Technologies by 69.4% in the 4th quarter. Clearstead Advisors LLC now owns 105 shares of the technology company’s stock worth $29,000 after purchasing an additional 43 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Watts Water Technologies in the 3rd quarter worth approximately $29,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Watts Water Technologies in the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 95.02% of the company’s stock.

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.