Allspring Global Investments Holdings LLC has increased its investment in Watts Water Technologies, Inc. (NYSE:WTS) by 0.4% during the first quarter of this year, as per the latest 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 112,230 shares of the company, having added 441 shares during this period. This stake represents approximately 0.34% of Watts Water Technologies, valued at $23,136,000 according to the filing.
The move by Allspring Global Investments is part of a broader trend among hedge funds and institutional investors who have been actively buying and selling shares of Watts Water Technologies. For instance, Diversified Trust Co increased its position by 3.2% in the first quarter, now owning 4,376 shares valued at $892,000. Similarly, Perpetual Ltd expanded its stake by 12.3%, now holding 58,817 shares worth $11,994,000.
Investor Activity and Market Performance
The first quarter saw significant activity from various investment firms. Centennial Wealth Advisory LLC entered a new position in Watts Water Technologies, purchasing shares valued at approximately $200,000. Meanwhile, the State of Alaska Department of Revenue grew its stake by 2.7%, and Birch Hill Investment Advisors LLC increased its holdings by 9.0%.
Institutional investors and hedge funds now own 95.02% of the company’s stock, reflecting strong confidence in the company’s performance and future prospects. Watts Water Technologies’ stock opened at $251.10 on Wednesday, marking a 2.1% increase. The stock has experienced a twelve-month low of $175.37 and a high of $254.14, indicating substantial volatility and growth potential.
Analyst Ratings and Financial Performance
Recent analyst reports have shown mixed sentiments about Watts Water Technologies. Stifel Nicolaus set a price target of $275.00, giving the stock a “buy” rating, while Northcoast Research downgraded it to “neutral.” According to MarketBeat, the stock has a consensus rating of “Hold” with a price target of $231.20.
Financially, Watts Water Technologies reported earnings of $2.37 per share in its last quarterly earnings release, surpassing analysts’ expectations of $2.12. The company generated $558.00 million in revenue, slightly above the anticipated $547.58 million. Despite a 2.3% decrease in revenue compared to the previous year, the firm maintains a strong return on equity of 17.59% and a net margin of 13.07%.
Dividend Increase and Insider Transactions
In a positive move for shareholders, Watts Water Technologies increased its quarterly dividend to $0.52 per share, up from the previous $0.43. This results in an annualized dividend of $2.08 with a yield of 0.83%, reflecting the company’s commitment to returning value to its investors.
Insider trading activity has also been notable. Monica Barry, an insider, sold 768 shares, while CFO Shashank Patel sold 8,000 shares. These transactions reflect a decrease in their ownership stakes, with the sales valued at $188,467.20 and $1,960,000.00 respectively.
About Watts Water Technologies
Watts Water Technologies, Inc., along with its subsidiaries, provides products and solutions for managing and conserving the flow of fluids and energy in buildings across various markets, including commercial, industrial, and residential sectors. The company operates in the Americas, Europe, Asia-Pacific, the Middle East, and Africa.
As the company continues to expand its market presence and enhance its product offerings, investors and analysts will be closely monitoring its performance and strategic initiatives. With a strong institutional backing and a commitment to innovation, Watts Water Technologies remains a significant player in the technology sector.