Cumberland Partners Ltd Raises Stock Position in Watts Water Technologies, Inc. $WTS

Cumberland Partners Ltd boosted its stake in Watts Water Technologies, Inc. (NYSE:WTS) by 116.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,500 shares of the technology company’s stock after purchasing an additional 3,500 shares during the period. Cumberland Partners Ltd’s holdings in Watts Water Technologies were worth $1,815,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in WTS. Beacon Harbor Wealth Advisors Inc. purchased a new stake in shares of Watts Water Technologies in the 3rd quarter worth $6,444,000. Allianz Asset Management GmbH grew its holdings in Watts Water Technologies by 17.7% during the third quarter. Allianz Asset Management GmbH now owns 180,375 shares of the technology company’s stock valued at $50,375,000 after purchasing an additional 27,093 shares during the period. AE Wealth Management LLC increased its position in Watts Water Technologies by 10.9% in the third quarter. AE Wealth Management LLC now owns 138,293 shares of the technology company’s stock worth $38,622,000 after buying an additional 13,642 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Watts Water Technologies in the second quarter worth about $233,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Watts Water Technologies by 10.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 245,741 shares of the technology company’s stock valued at $60,425,000 after buying an additional 23,447 shares in the last quarter. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on WTS. Stifel Nicolaus increased their target price on shares of Watts Water Technologies from $320.00 to $389.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Barclays upped their price target on shares of Watts Water Technologies from $300.00 to $323.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $339.00 price objective on shares of Watts Water Technologies in a research report on Friday, February 13th. Royal Bank Of Canada upped their target price on shares of Watts Water Technologies from $288.00 to $337.00 and gave the stock a “sector perform” rating in a report on Friday, February 13th. Finally, TD Cowen reissued a “hold” rating on shares of Watts Water Technologies in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $334.11.

Watts Water Technologies Trading Up 0.1%

Shares of WTS stock opened at $329.92 on Thursday. The company has a current ratio of 2.51, a quick ratio of 1.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 32.44, a price-to-earnings-growth ratio of 3.00 and a beta of 1.24. Watts Water Technologies, Inc. has a 12-month low of $177.59 and a 12-month high of $345.17. The stock’s 50-day moving average price is $295.46 and its 200-day moving average price is $282.41.

Watts Water Technologies (NYSE:WTS) last announced its quarterly earnings results on Wednesday, February 11th. The technology company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.26. Watts Water Technologies had a return on equity of 18.55% and a net margin of 13.98%.The company had revenue of $625.10 million during the quarter, compared to analyst estimates of $610.40 million. During the same period in the prior year, the company earned $2.05 earnings per share. The firm’s revenue was up 15.7% on a year-over-year basis. Equities research analysts predict that Watts Water Technologies, Inc. will post 9.08 EPS for the current fiscal year.

Watts Water Technologies Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be given a $0.52 dividend. This represents a c) annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, February 27th. Watts Water Technologies’s payout ratio is currently 20.45%.

Insider Activity at Watts Water Technologies

In other Watts Water Technologies news, major shareholder Timothy P. Horne sold 6,814 shares of Watts Water Technologies stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $272.32, for a total value of $1,855,588.48. Following the completion of the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at $4,084,800. This trade represents a 31.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Virginia A. Halloran sold 605 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $276.78, for a total transaction of $167,451.90. Following the sale, the chief accounting officer owned 13,412 shares in the company, valued at $3,712,173.36. This represents a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,386 shares of company stock valued at $3,892,936 over the last 90 days. 1.00% of the stock is owned by corporate insiders.

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.