In a report released today, Bryan Blair from Oppenheimer maintained a Hold rating on Watts Water Technologies (NYSE: WTS). The company’s shares closed yesterday at $81.33.
Blair said:
“We visited Watts’ Franklin, NH facility (guided by Paul Fisher, SVP of the tour evidencing WTS’s multi-year operating transformation (material self-help upside remaining). We then met with CEO at WTS headquarters, where conversation focused on product breadth, innovation (e.g., connectivity), and prospects for geographic expansion. Overall, we came away confident in WTS’s intermediate-term prospects for GDP+ core growth and mid-teens margins (Americas trending above target ranges), with M&A furthering WTS’s climb up the technology curve and shift toward solution vs. component sales. While its self-help and portfolio upgrade story appears to have runway, we believe this is fairly reflected in valuation (~20x forward P/E multiple) and Europe remains a key watch item.”
According to TipRanks.com, Blair is a 2-star analyst with an average return of 4.9% and a 66.7% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Carlisle Companies Inc, and Mueller Water Products.
Currently, the analyst consensus on Watts Water Technologies is a Moderate Buy with an average price target of $93.
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Watts Water Technologies’ market cap is currently $2.78B and has a P/E ratio of 31.65. The company has a Price to Book ratio of 3.23.
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock.
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Watts Water Technologies, Inc. engages in the manufacture and provision of products for water conservation, safety, and flow control. It operates through the following geographic segments: Americas, Europe, and APMEA. Its services include plumbing and flow control solutions, water quality and conditioning, water reuse and drainage, heating, ventilation, and air conditioning, and municipal waterworks. The company was founded in 1985 and is headquartered in North Andover, MA.
