Strs Ohio Cuts Stake in Waters Corporation (WAT)
Strs Ohio lowered its position in Waters Corporation (NYSE:WAT) by 15.8% during the second quarter, Holdings Channel reports. The fund owned 9,676 shares of the medical instruments supplier’s stock after selling 1,812 shares during the period. Strs Ohio’s holdings in Waters Corporation were worth $1,778,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Watermark Asset Management Inc. purchased a new stake in shares of Waters Corporation during the first quarter worth about $106,000. Creative Planning boosted its stake in shares of Waters Corporation by 1.6% in the first quarter. Creative Planning now owns 744 shares of the medical instruments supplier’s stock worth $116,000 after buying an additional 12 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Waters Corporation by 4.4% in the first quarter. Quadrant Capital Group LLC now owns 822 shares of the medical instruments supplier’s stock worth $124,000 after buying an additional 35 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Waters Corporation during the first quarter worth about $169,000. Finally, Van ECK Associates Corp boosted its stake in shares of Waters Corporation by 7.4% in the first quarter. Van ECK Associates Corp now owns 1,129 shares of the medical instruments supplier’s stock worth $176,000 after buying an additional 78 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.
Waters Corporation (NYSE:WAT) opened at 175.66 on Friday. The company’s 50-day moving average price is $180.63 and its 200 day moving average price is $167.35. The firm has a market capitalization of $14.02 billion, a price-to-earnings ratio of 26.47 and a beta of 0.84. Waters Corporation has a 52-week low of $133.35 and a 52-week high of $187.65.
Waters Corporation (NYSE:WAT) last issued its quarterly earnings data on Tuesday, July 25th. The medical instruments supplier reported $1.76 EPS for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.05. The business 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 23.91% and a net margin of 24.26%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.58 EPS. Equities research analysts predict that Waters Corporation will post $7.38 earnings per share for the current year.
Waters Corporation announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 11th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical instruments supplier to reacquire up to 7.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
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A number of analysts have recently issued reports on WAT shares. Janney Montgomery Scott upgraded Waters Corporation from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $185.00 to $200.00 in a report on Monday, May 1st. Deutsche Bank AG reiterated a “buy” rating and set a $183.00 target price (up previously from $166.00) on shares of Waters Corporation in a report on Saturday, April 29th. Cantor Fitzgerald reiterated a “buy” rating and set a $190.00 target price (up previously from $170.00) on shares of Waters Corporation in a report on Tuesday, April 25th. Zacks Investment Research upgraded Waters Corporation from a “hold” rating to a “buy” rating and set a $178.00 target price for the company in a report on Monday, April 24th. Finally, BidaskClub cut Waters Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $186.00.
In related news, Director Christopher A. Kuebler sold 3,500 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $179.67, for a total transaction of $628,845.00. Following the completion of the sale, the director now owns 17,849 shares in the company, valued at approximately $3,206,929.83. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Laurie H. M.D. Glimcher sold 4,800 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $175.78, for a total value of $843,744.00. Following the sale, the director now owns 10,849 shares of the company’s stock, valued at approximately $1,907,037.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 98,580 shares of company stock worth $17,730,275. 5.07% of the stock is currently owned by insiders.
Waters Corporation Company Profile
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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