Watts Water Technologies (NYSE:WTS) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Watts Water Technologies (NYSE:WTS) announced its quarterly earnings results on Wednesday. The technology company reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.04, Briefing.com reports. The firm had revenue of $543.60 million for the quarter, compared to analysts’ expectations of $541.83 million. Watts Water Technologies had a net margin of 12.44% and a return on equity of 19.22%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.04 EPS. Watts Water Technologies updated its FY 2024 guidance to EPS.

Watts Water Technologies Trading Down 2.2 %

NYSE:WTS traded down $4.44 on Thursday, reaching $193.30. 68,524 shares of the company’s stock were exchanged, compared to its average volume of 144,889. The company has a quick ratio of 1.49, a current ratio of 2.50 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $6.45 billion, a price-to-earnings ratio of 24.00, a price-to-earnings-growth ratio of 2.83 and a beta of 0.89. The business has a fifty day moving average of $199.89 and a 200-day moving average of $197.28. Watts Water Technologies has a 52-week low of $171.14 and a 52-week high of $219.52.

Watts Water Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.72 dividend on an annualized basis and a yield of 0.89%. Watts Water Technologies’s dividend payout ratio (DPR) is presently 20.87%.

Insiders Place Their Bets

In other Watts Water Technologies news, insider Elie Melhem sold 1,710 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $185.16, for a total transaction of $316,623.60. Following the sale, the insider now directly owns 11,516 shares in the company, valued at $2,132,302.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Elie Melhem sold 1,710 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $185.16, for a total transaction of $316,623.60. Following the sale, the insider now directly owns 11,516 shares in the company, valued at approximately $2,132,302.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Dubose sold 315 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $185.93, for a total transaction of $58,567.95. Following the sale, the director now owns 2,755 shares in the company, valued at $512,237.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WTS. StockNews.com raised shares of Watts Water Technologies from a “hold” rating to a “buy” rating in a research report on Friday, August 16th. Stifel Nicolaus decreased their target price on shares of Watts Water Technologies from $217.00 to $202.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Finally, Robert W. Baird decreased their target price on shares of Watts Water Technologies from $225.00 to $199.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th.

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.