Watts Water Technologies (NYSE:WTS) Releases Earnings Results

Watts Water Technologies (NYSE:WTS) issued its earnings results on Wednesday. The technology company reported $3.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.14 by $0.26, FiscalAI reports. The company had revenue of $728.00 million during the quarter, compared to analyst estimates of $692.57 million. Watts Water Technologies had a net margin of 16.00% and a return on equity of 20.26%. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the business posted $2.50 EPS.

Watts Water Technologies Price Performance

Shares of NYSE:WTS traded down $1.94 during midday trading on Friday, reaching $345.52. 157,337 shares of the company’s stock were exchanged, compared to its average volume of 264,043. The firm has a market capitalization of $11.53 billion, a PE ratio of 25.90, a price-to-earnings-growth ratio of 3.43 and a beta of 1.13. The company’s 50 day simple moving average is $355.93 and its two-hundred day simple moving average is $332.27. Watts Water Technologies has a 12 month low of $262.64 and a 12 month high of $394.54. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.60 and a current ratio of 2.66.

Watts Water Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.63 dividend. The ex-dividend date is Tuesday, December 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 0.7%. Watts Water Technologies’s dividend payout ratio is currently 18.89%.

Analysts Set New Price Targets

A number of research analysts have weighed in on WTS shares. Royal Bank Of Canada reissued a “sector perform” rating and set a $417.00 target price on shares of Watts Water Technologies in a research report on Wednesday, October 14th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $374.00 price objective on shares of Watts Water Technologies in a research note on Friday, August 7th. KeyCorp boosted their price objective on Watts Water Technologies from $380.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded Watts Water Technologies from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. Finally, Robert W. Baird set a $405.00 target price on Watts Water Technologies in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $371.80.

Insider Buying and Selling

In related news, insider Elie Melhem sold 1,096 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $359.55, for a total transaction of $394,066.80. Following the completion of the transaction, the insider owned 7,867 shares in the company, valued at $2,828,579.85. This trade represents a 12.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph T. Noonan sold 3,650 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total transaction of $1,291,078.00. The SEC filing for this sale provides additional information. 1.00% of the stock is currently owned by insiders.

Watts Water Technologies Company Profile

Watts Water Technologies, Inc designs, manufactures and sells products that manage the safety, efficiency, quality and flow of water in plumbing, heating and cooling systems. Its products serve residential, commercial, industrial and institutional applications, including new construction, renovation and infrastructure projects.

The company’s offerings include backflow prevention and water pressure management equipment, valves, regulators, drainage and plumbing products, water conditioning and filtration systems, water heaters, and solutions for hydronic heating and cooling.