Watts Water Technologies (NYSE:WTS) Price Target Cut to $397.00 by Analysts at Royal Bank Of Canada

Watts Water Technologies (NYSE:WTS) had its price target reduced by research analysts at Royal Bank Of Canada from $417.00 to $397.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the technology company’s stock. Royal Bank Of Canada‘s target price suggests a potential upside of 15.01% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus set a $445.00 target price on Watts Water Technologies in a research note on Monday, October 19th. The Goldman Sachs Group restated a “neutral” rating and issued a $374.00 price objective on shares of Watts Water Technologies in a report on Friday, August 7th. Barclays cut their price objective on shares of Watts Water Technologies from $425.00 to $424.00 and set an “overweight” rating for the company in a research note on Friday. Wall Street Zen lowered shares of Watts Water Technologies from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. Finally, Robert W. Baird set a $405.00 target price on shares of Watts Water Technologies in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Watts Water Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $369.80.

Watts Water Technologies Price Performance

Shares of Watts Water Technologies stock traded down $2.26 on Friday, reaching $345.20. The stock had a trading volume of 169,819 shares, compared to its average volume of 264,137. Watts Water Technologies has a 1 year low of $262.64 and a 1 year high of $394.54. The company has a market cap of $11.52 billion, a P/E ratio of 25.84, a price-to-earnings-growth ratio of 3.43 and a beta of 1.13. The company has a current ratio of 2.66, a quick ratio of 1.60 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $355.93 and its two-hundred day moving average is $332.27.

Watts Water Technologies (NYSE:WTS) last announced its quarterly earnings results on Wednesday, November 4th. The technology company reported $3.40 EPS for the quarter, beating the consensus estimate of $3.14 by $0.26. Watts Water Technologies had a net margin of 16.00% and a return on equity of 20.26%. The firm had revenue of $728.00 million during the quarter, compared to the consensus estimate of $692.57 million. During the same period last year, the firm earned $2.50 EPS. The business’s quarterly revenue was up 19.0% compared to the same quarter last year. As a group, research analysts anticipate that Watts Water Technologies will post 12.87 EPS for the current year.

Insider Buying and Selling

In related news, Director Joseph T. Noonan sold 3,650 shares of Watts Water Technologies stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $353.72, for a total value of $1,291,078.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Elie Melhem sold 1,096 shares of Watts Water Technologies stock in a transaction 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 directly owned 7,867 shares in the company, valued at approximately $2,828,579.85. The trade was a 12.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Watts Water Technologies

Several large investors have recently modified their holdings of the business. First Trust Advisors LP boosted its position in shares of Watts Water Technologies by 6.7% in the 1st quarter. First Trust Advisors LP now owns 545,404 shares of the technology company’s stock worth $158,325,000 after purchasing an additional 34,381 shares in the last quarter. Lazard Asset Management LLC increased its position in Watts Water Technologies by 79.8% during the 1st quarter. Lazard Asset Management LLC now owns 218,832 shares of the technology company’s stock valued at $63,525,000 after buying an additional 97,115 shares in the last quarter. Squarepoint Ops LLC increased its position in Watts Water Technologies by 8,421.5% during the 2nd quarter. Squarepoint Ops LLC now owns 104,815 shares of the technology company’s stock valued at $41,030,000 after buying an additional 103,585 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Watts Water Technologies by 20,071.4% during the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 141,200 shares of the technology company’s stock valued at $40,989,000 after buying an additional 140,500 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Watts Water Technologies by 58.7% during the first quarter. Renaissance Technologies LLC now owns 135,140 shares of the technology company’s stock valued at $39,230,000 after buying an additional 49,960 shares during the last quarter. 95.02% of the stock is owned by institutional investors.

About Watts Water Technologies

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.