FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ELLIOTT ERNEST E   2. Issuer Name and Ticker or Trading Symbol WATTS WATER TECHNOLOGIES INC [WTS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President (Last) (First) (Middle) C/O WATTS WATER TECHNOLOGIES, INC., 815 CHESTNUT STREET 3. Date of Earliest Transaction (Month/Day/Year) 11/27/2006 (Street) NORTH ANDOVER, MA 01845 4. If Amendment, Date Original Filed(Month/Day/Year) 11/28/2006 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 11/27/2006   M   3,000 A $ 11.375 50,413 (1) D   Class A Common Stock 11/27/2006   M   4,500 (3) A $ 15.45 54,913 (1) D   Class A Common Stock 11/27/2006   S   7,500 (3) D $ 41.28 47,413 (1) D   Class A Common Stock               50 I The shares are held by Mr. Elliott's wife.

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 11.375

11/27/2006

M

3,000

07/25/2005

07/25/2010

Class A Common Stock

3,000

$ 0

0

D

Employee Stock Option (right to buy)

$ 15.45

11/27/2006

M

4,500 (3)

(2)

08/20/2011

Class A Common Stock

4,500 (3)

$ 0

7,500 (3)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ELLIOTT ERNEST E C/O WATTS WATER TECHNOLOGIES, INC. 815 CHESTNUT STREET NORTH ANDOVER, MA 01845			Executive Vice President

Signatures

Kenneth R. Lepage - Attorney in Fact		11/29/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 42,165 shares issuable upon future settlement of restricted stock units.
(2)	The option vested in four equal annual installments on August 20, 2002, 2003, 2004 and 2005.
(3)	The previously filed Form 4 erroneously reported that the Reporting Person had exercised a stock option for 12,000 shares of Class A Common Stock on November 27, 2006 with an exercise price of $15.45 and sold all 12,000 shares at a price of $41.28. The Reporting Person actually exercised a stock option for 7,500 shares of Class A Common Stock on November 27, 2006 with an exercise price of $15.45 and sold all 7,500 shares at a price of $41.28. This amendment is being filed to correct this error.

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