Wesbanco Bank Inc. has decreased its ownership of Watts Water Technologies (WTS) by 16.2% during the first quarter, according to the company’s latest disclosure with the Securities and Exchange Commission (SEC). The bank sold 606 shares, resulting in its holdings of Watts Water Technologies decreasing to 3,144 shares. The total value of Wesbanco Bank Inc.’s holdings in the technology company amounted to $529,000 at the end of the reporting period.
Institutional investors and hedge funds adjust their stakes in WTS
Several other institutional investors and hedge funds have also made changes to their positions in Watts Water Technologies. BlackRock Inc. increased its stake by 5.2% during the third quarter, acquiring an additional 195,619 shares and bringing its total ownership to 3,924,676 shares valued at $493,451,000. Vanguard Group Inc. grew its holdings by 4.2% during the third quarter, adding 116,455 shares and raising its total ownership to 2,883,746 shares worth $362,573,000. Additionally, Impax Asset Management Group plc raised its position by 2.0% in the fourth quarter, purchasing an extra 38,406 shares, and now holds 1,951,990 shares valued at $284,807,000. State Street Corp also increased its stake by 1.1% during the third quarter, adding 9,702 shares, resulting in a total of 873,637 shares worth $109,842,000. Victory Capital Management Inc. raised its position by 13.7% in the fourth quarter, acquiring an additional 83,332 shares, bringing its total ownership to 692,104 shares valued at $101,520,000. Hedge funds and other institutional investors now own 75.20% of Watts Water Technologies’ stock.
Watts Water Technologies stock down 3.4%
On the New York Stock Exchange (NYSE), Watts Water Technologies (WTS) opened at $178.14 on Thursday. The company has a quick ratio of 1.55 and a current ratio of 2.56, indicating its liquidity position. With a 52-week low of $118.48 and a 52-week high of $184.74, the stock has experienced volatility. The fifty-day simple moving average stands at $170.74, while the 200-day simple moving average is $164.92. Watts Water Technologies has a market capitalization of $5.94 billion and a beta of 1.03. The company’s price-to-earnings (P/E) ratio is 22.84, with a price-to-earnings-to-growth (PEG) ratio of 3.17.
Watts Water Technologies reports better-than-expected earnings
In its latest earnings report released on May 3rd, Watts Water Technologies exceeded analysts’ expectations. The technology company reported earnings per share of $1.92 for the quarter, surpassing the consensus estimate of $1.63 by $0.29. The company achieved a net margin of 13.16% and a return on equity of 19.77%. Although the company’s revenue for the quarter was $471.70 million, slightly lower than the analyst estimate of $473.29 million, it still reflected a 1.8% increase year-over-year. Analysts predict that Watts Water Technologies Inc will post earnings per share of 7.27 for year 2023.
Watts Water Technologies increases dividend
Watts Water Technologies recently announced an increase in its quarterly dividend. This marks a positive change from the company’s previous quarterly dividend of $0.30. Watts Water Technologies’ dividend payout ratio now stands at 18.46%.
Analyst ratings and price targets
Several equities analysts have provided their opinions on Watts Water Technologies’ stock. STA Research initiated coverage with a “buy” rating for the company. TD Cowen raised their price target from $120.00 to $130.00 and assigned a “market perform” rating to the stock in a research report. Deutsche Bank Aktiengesellschaft increased the price objective from $174.00 to $175.00. Overall, the stock has a consensus rating of “Hold” and an average price target of $158.33, according to data from STA Research.
In summary, Wesbanco Bank Inc. has reduced its stake in Watts Water Technologies, resulting in a 3.4% decline in the stock’s value. Other institutional investors and hedge funds have also adjusted their positions. The company recently reported better-than-expected earnings, beating estimates by $0.29 per share. Watts Water Technologies has increased its dividend and received mixed ratings from analysts. The stock currently trades on the NYSE with a market cap of $5.94 billion.
