Watts Water Technologies Inc (NYSE:WTS) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Investors of record on Friday, May 31st will be paid a dividend of 0.23 per share by the technology company on Friday, June 14th. This represents a $0.92 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, May 30th. This is an increase from Watts Water Technologies’s previous quarterly dividend of $0.21.
Watts Water Technologies has raised its dividend payment by an average of 7.5% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Watts Water Technologies has a dividend payout ratio of 24.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Watts Water Technologies to earn $4.33 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 21.2%.
NYSE:WTS traded down $0.32 during trading hours on Thursday, reaching $81.42. The company had a trading volume of 106,771 shares, compared to its average volume of 131,681. Watts Water Technologies has a 1-year low of $61.17 and a 1-year high of $93.35. The company has a market capitalization of $2.77 billion, a PE ratio of 21.77, a PEG ratio of 2.02 and a beta of 1.22. The company has a current ratio of 2.27, a quick ratio of 1.35 and a debt-to-equity ratio of 0.38.
In related news, major shareholder Timothy P. Horne sold 976 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $81.00, for a total transaction of $79,056.00. Following the completion of the sale, the insider now directly owns 49,024 shares in the company, valued at $3,970,944. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Timothy P. Horne sold 13,481 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $79.52, for a total value of $1,072,009.12. Following the completion of the sale, the insider now owns 12,500 shares of the company’s stock, valued at $994,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,323 shares of company stock valued at $4,041,091. Corporate insiders own 0.75% of the company’s stock.
A number of research analysts have issued reports on the company. Zacks Investment Research raised Watts Water Technologies from a “sell” rating to a “hold” rating in a report on Friday, May 24th. Stifel Nicolaus upped their target price on Watts Water Technologies from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Oppenheimer reaffirmed a “hold” rating on shares of Watts Water Technologies in a research note on Monday, February 11th. Finally, Janney Montgomery Scott downgraded Watts Water Technologies from a “buy” rating to a “neutral” rating and upped their target price for the stock from $81.00 to $83.00 in a research note on Monday, February 11th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $89.50.
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Watts Water Technologies Company Profile
Watts Water Technologies, Inc designs, manufactures, and sells products and systems that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. The company offers residential and commercial flow control products, including backflow preventers, water pressure regulators, temperature and pressure relief valves, and thermostatic mixing valves.
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