Watts Water Technologies (NYSE:WTS) Issues Earnings Results

Watts Water Technologies (NYSE:WTS) released its earnings results on Wednesday. The technology company reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.22, Briefing.com reports. Watts Water Technologies had a net margin of 12.75% and a return on equity of 19.38%. The company had revenue of $570.90 million for the quarter, compared to the consensus estimate of $547.20 million. During the same period in the prior year, the company posted $1.92 EPS. The company’s revenue was up 21.0% compared to the same quarter last year. Watts Water Technologies updated its FY 2024 guidance to EPS.

Watts Water Technologies Stock Performance

Shares of WTS traded down $6.32 during midday trading on Thursday, reaching $205.92. 100,338 shares of the stock were exchanged, compared to its average volume of 127,738. Watts Water Technologies has a twelve month low of $156.85 and a twelve month high of $219.52. The company has a quick ratio of 1.63, a current ratio of 2.61 and a debt-to-equity ratio of 0.20. The company has a market cap of $6.86 billion, a P/E ratio of 27.15, a PEG ratio of 3.00 and a beta of 0.95. The stock’s 50 day simple moving average is $205.02 and its 200 day simple moving average is $199.70.

Watts Water Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.43 per share. This is an increase from Watts Water Technologies’s previous quarterly dividend of $0.36. The ex-dividend date is Friday, May 31st. This represents a $1.72 annualized dividend and a yield of 0.84%. Watts Water Technologies’s dividend payout ratio (DPR) is currently 18.41%.

Analysts Set New Price Targets

A number of analysts have recently commented on WTS shares. Robert W. Baird upped their price target on Watts Water Technologies from $191.00 to $208.00 and gave the company a “neutral” rating in a research note on Wednesday, February 14th. Stifel Nicolaus increased their target price on Watts Water Technologies from $206.00 to $209.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $195.25.

Insider Buying and Selling

In other Watts Water Technologies news, insider Elie Melhem sold 2,500 shares of Watts Water Technologies stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $199.50, for a total value of $498,750.00. Following the transaction, the insider now owns 13,564 shares in the company, valued at $2,706,018. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Virginia A. Halloran sold 1,520 shares of Watts Water Technologies stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $202.11, for a total transaction of $307,207.20. Following the sale, the chief accounting officer now directly owns 14,818 shares of the company’s stock, valued at $2,994,865.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Elie Melhem sold 2,500 shares of Watts Water Technologies stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $199.50, for a total value of $498,750.00. Following the sale, the insider now directly owns 13,564 shares in the company, valued at $2,706,018. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,113 shares of company stock worth $1,023,106. Company insiders own 1.10% of the company’s stock.

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.