Waters Corporation (NYSE:WAT) Releases Earnings Results, Beats Expectations By $0.05 EPS
Waters Corporation (NYSE:WAT) issued its quarterly earnings results on Tuesday. The medical instruments supplier reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.05, Bloomberg Earnings reports. The company had revenue of $558.30 million for the quarter, compared to analyst estimates of $553.22 million. Waters Corporation had a return on equity of 24.30% and a net margin of 24.34%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.58 earnings per share.
Shares of Waters Corporation (NYSE WAT) opened at 185.01 on Tuesday. Waters Corporation has a 12-month low of $133.35 and a 12-month high of $187.65. The company’s 50-day moving average price is $184.01 and its 200 day moving average price is $164.58. The company has a market cap of $14.81 billion, a price-to-earnings ratio of 28.13 and a beta of 0.85.
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A number of analysts have recently commented on WAT shares. Zacks Investment Research upgraded Waters Corporation from a “hold” rating to a “buy” rating and set a $178.00 price target on the stock in a report on Monday, April 24th. Bank of America Corporation restated a “neutral” rating and issued a $192.00 price target (up from $180.00) on shares of Waters Corporation in a report on Friday. Wells Fargo & Company restated an “outperform” rating and issued a $205.00 price target (up from $195.00) on shares of Waters Corporation in a report on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and issued a $170.00 price target on shares of Waters Corporation in a report on Friday, July 14th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $183.00 price target (up from $166.00) on shares of Waters Corporation in a report on Saturday, April 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $178.85.
Waters Corporation announced that its board has initiated a stock repurchase program on Thursday, May 11th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical instruments supplier to buy up to 7.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
In other Waters Corporation news, SVP Rohit Khanna sold 23,000 shares of Waters Corporation stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $186.90, for a total transaction of $4,298,700.00. Following the completion of the transaction, the senior vice president now owns 27,077 shares in the company, valued at approximately $5,060,691.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Eugene G. Cassis sold 4,280 shares of Waters Corporation stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $184.27, for a total value of $788,675.60. Following the transaction, the senior vice president now owns 22,047 shares of the company’s stock, valued at approximately $4,062,600.69. The disclosure for this sale can be found here. Insiders have sold a total of 165,940 shares of company stock valued at $29,321,461 in the last quarter. Company insiders own 5.07% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems bought a new position in Waters Corporation during the fourth quarter worth about $786,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Waters Corporation during the fourth quarter worth about $351,000. Highbridge Capital Management LLC bought a new position in Waters Corporation during the fourth quarter worth about $5,298,000. Macquarie Group Ltd. increased its position in Waters Corporation by 1,750.0% in the fourth quarter. Macquarie Group Ltd. now owns 3,700 shares of the medical instruments supplier’s stock worth $497,000 after buying an additional 3,500 shares during the period. Finally, Chevy Chase Trust Holdings Inc. increased its position in Waters Corporation by 2.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 69,039 shares of the medical instruments supplier’s stock worth $10,792,000 after buying an additional 1,707 shares during the period. Institutional investors and hedge funds own 91.79% of the company’s stock.
About Waters Corporation
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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