Lazard Asset Management LLC Trims Stock Position in Watts Water Technologies, Inc. (NYSE:WTS)

Lazard Asset Management LLC cut its stake in Watts Water Technologies, Inc. (NYSE:WTS) by 30.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,777 shares of the technology company’s stock after selling 53,416 shares during the period. Lazard Asset Management LLC’s holdings in Watts Water Technologies were worth $25,457,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rise Advisors LLC purchased a new stake in Watts Water Technologies in the first quarter valued at $26,000. Allworth Financial LP increased its stake in Watts Water Technologies by 47.5% in the fourth quarter. Allworth Financial LP now owns 174 shares of the technology company’s stock valued at $36,000 after purchasing an additional 56 shares during the period. McGlone Suttner Wealth Management Inc. acquired a new position in Watts Water Technologies in the fourth quarter valued at $39,000. AdvisorNet Financial Inc increased its stake in Watts Water Technologies by 2,857.1% in the fourth quarter. AdvisorNet Financial Inc now owns 207 shares of the technology company’s stock valued at $43,000 after purchasing an additional 200 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in Watts Water Technologies by 502.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 223 shares of the technology company’s stock valued at $47,000 after purchasing an additional 186 shares during the period. 95.02% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Watts Water Technologies

In related news, CFO Shashank Patel sold 1,508 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $215.10, for a total transaction of $324,370.80. Following the transaction, the chief financial officer now owns 20,204 shares of the company’s stock, valued at $4,345,880.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Shashank Patel sold 1,508 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $215.10, for a total transaction of $324,370.80. Following the completion of the transaction, the chief financial officer now owns 20,204 shares of the company’s stock, valued at $4,345,880.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Elie Melhem sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $215.51, for a total transaction of $442,011.01. Following the transaction, the insider now directly owns 13,226 shares of the company’s stock, valued at approximately $2,850,335.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,753 shares of company stock valued at $1,236,753. Company insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Robert W. Baird lifted their price objective on shares of Watts Water Technologies from $212.00 to $225.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Stifel Nicolaus boosted their price target on shares of Watts Water Technologies from $209.00 to $217.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $201.50.

Watts Water Technologies Stock Up 1.9 %

WTS stock opened at $205.74 on Monday. The company has a market cap of $6.87 billion, a P/E ratio of 25.53, a P/E/G ratio of 2.96 and a beta of 0.90. Watts Water Technologies, Inc. has a 52 week low of $167.87 and a 52 week high of $219.52. The company’s 50-day moving average price is $192.21 and its 200 day moving average price is $200.01. The company has a current ratio of 2.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18.

Watts Water Technologies (NYSE:WTS) last announced its quarterly earnings results on Wednesday, May 8th. The technology company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.22. Watts Water Technologies had a net margin of 12.53% and a return on equity of 19.61%. The company had revenue of $570.90 million for the quarter, compared to the consensus estimate of $547.20 million. During the same quarter in the prior year, the firm earned $1.92 earnings per share. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, research analysts expect that Watts Water Technologies, Inc. will post 8.7 earnings per share for the current fiscal year.

Watts Water Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 0.84%. The ex-dividend date was Friday, May 31st. This is an increase from Watts Water Technologies’s previous quarterly dividend of $0.36. Watts Water Technologies’s dividend payout ratio is 21.34%.

Watts Water Technologies Profile

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.