Watts Water Technologies (NYSE:WTS) Announces Earnings Results

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

Watts Water Technologies Stock Performance

Shares of WTS stock traded down $4.43 on Thursday, reaching $207.81. The stock had a trading volume of 118,231 shares, compared to its average volume of 127,974. Watts Water Technologies has a 12 month low of $156.85 and a 12 month high of $219.52. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 3.00 and a beta of 0.95. The firm’s 50-day moving average is $205.02 and its two-hundred day moving average is $199.70. The company has a quick ratio of 1.63, a current ratio of 2.61 and a debt-to-equity ratio of 0.20.

Watts Water Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is 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 (DPR) is 18.41%.

Insider Buying and Selling

In other news, CAO Virginia A. Halloran sold 1,520 shares of Watts Water Technologies stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $202.11, for a total transaction of $307,207.20. Following the completion of the transaction, the chief accounting officer now directly owns 14,818 shares in the company, valued at approximately $2,994,865.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Watts Water Technologies news, insider Elie Melhem sold 2,500 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $199.50, for a total transaction of $498,750.00. Following the transaction, the insider now owns 13,564 shares in the company, valued at approximately $2,706,018. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Virginia A. Halloran sold 1,520 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $202.11, for a total value of $307,207.20. Following the sale, the chief accounting officer now owns 14,818 shares of the company’s stock, valued at $2,994,865.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,113 shares of company stock worth $1,023,106. Company insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WTS shares. Robert W. Baird upped their price objective on Watts Water Technologies from $191.00 to $208.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Stifel Nicolaus raised their price target on shares of 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 investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $195.25.

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.