Watts Water Technologies (WTS) Downgraded by Boenning Scattergood to “Neutral”

Boenning Scattergood cut shares of Watts Water Technologies (NYSE:WTS) from an outperform rating to a neutral rating in a report published on Wednesday, MarketBeat.com reports. Boenning Scattergood also issued estimates for Watts Water Technologies’ Q1 2019 earnings at $0.86 EPS, Q2 2019 earnings at $1.09 EPS, Q3 2019 earnings at $1.07 EPS, Q4 2019 earnings at $0.98 EPS and FY2019 earnings at $4.00 EPS.

A number of other research firms also recently weighed in on WTS. Robert W. Baird reissued a hold rating and issued a $80.00 price target on shares of Watts Water Technologies in a research note on Wednesday, February 14th. Zacks Investment Research raised Watts Water Technologies from a hold rating to a buy rating and set a $90.00 price target on the stock in a research note on Monday, January 22nd. Janney Montgomery Scott raised Watts Water Technologies from a neutral rating to a buy rating in a research note on Wednesday, February 14th. Northcoast Research set a $90.00 price target on Watts Water Technologies and gave the company a buy rating in a research note on Friday, January 19th. Finally, Stifel Nicolaus reissued a buy rating and issued a $95.00 price target (up previously from $85.00) on shares of Watts Water Technologies in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $80.40.

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WTS stock opened at $76.15 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.39 and a quick ratio of 1.60. The firm has a market capitalization of $2,715.30, a price-to-earnings ratio of 35.92, a PEG ratio of 1.83 and a beta of 1.14. Watts Water Technologies has a 12 month low of $59.15 and a 12 month high of $84.25.

Watts Water Technologies (NYSE:WTS) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.01. The company had revenue of $366.30 million for the quarter, compared to the consensus estimate of $365.35 million. Watts Water Technologies had a return on equity of 12.93% and a net margin of 5.02%. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. sell-side analysts forecast that Watts Water Technologies will post 3.63 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 16th. Investors of record on Friday, March 2nd were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend was Thursday, March 1st. Watts Water Technologies’s dividend payout ratio is currently 35.85%.

In related news, insider Robert J. Pagano, Jr. sold 16,248 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $76.89, for a total value of $1,249,308.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Timothy P. Horne sold 10,168 shares of the company’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $77.00, for a total transaction of $782,936.00. Following the completion of the sale, the insider now owns 39,832 shares of the company’s stock, valued at approximately $3,067,064. The disclosure for this sale can be found here. In the last 90 days, insiders sold 42,344 shares of company stock valued at $3,239,332. 1.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Xact Kapitalforvaltning AB bought a new position in Watts Water Technologies during the 4th quarter worth about $224,000. MetLife Investment Advisors LLC bought a new position in Watts Water Technologies during the 4th quarter worth about $996,000. Gotham Asset Management LLC increased its holdings in Watts Water Technologies by 63.7% during the 4th quarter. Gotham Asset Management LLC now owns 9,925 shares of the technology company’s stock worth $754,000 after purchasing an additional 3,861 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its holdings in Watts Water Technologies by 8.1% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 13,300 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 1,000 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in Watts Water Technologies by 52.9% during the 4th quarter. TIAA CREF Investment Management LLC now owns 184,397 shares of the technology company’s stock worth $14,005,000 after purchasing an additional 63,766 shares in the last quarter. Hedge funds and other institutional investors own 77.18% of the company’s stock.

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About Watts Water Technologies

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.

Analyst Recommendations for Watts Water Technologies (NYSE:WTS)

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