First Manhattan Co. Takes Position in Waters Corporation (WAT)
First Manhattan Co. purchased a new position in shares of Waters Corporation (NYSE:WAT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 711 shares of the medical instruments supplier’s stock, valued at approximately $130,000.
Several other large investors have also added to or reduced their stakes in the stock. Retirement Systems of Alabama boosted its stake in Waters Corporation by 1.4% in the first quarter. Retirement Systems of Alabama now owns 38,713 shares of the medical instruments supplier’s stock worth $6,051,000 after buying an additional 520 shares during the period. State of Alaska Department of Revenue boosted its stake in Waters Corporation by 163.9% in the first quarter. State of Alaska Department of Revenue now owns 8,427 shares of the medical instruments supplier’s stock worth $1,316,000 after buying an additional 5,234 shares during the period. Oakbrook Investments LLC acquired a new stake in Waters Corporation during the first quarter worth $524,000. Nisa Investment Advisors LLC boosted its stake in Waters Corporation by 0.8% in the first quarter. Nisa Investment Advisors LLC now owns 37,928 shares of the medical instruments supplier’s stock worth $5,929,000 after buying an additional 295 shares during the period. Finally, Armstrong Henry H Associates Inc. boosted its stake in Waters Corporation by 2.4% in the first quarter. Armstrong Henry H Associates Inc. now owns 12,670 shares of the medical instruments supplier’s stock worth $1,980,000 after buying an additional 300 shares during the period. 92.42% of the stock is currently owned by institutional investors.
Waters Corporation (NYSE WAT) opened at 177.03 on Friday. The firm has a 50-day moving average of $180.41 and a 200 day moving average of $167.57. The firm has a market cap of $14.13 billion, a price-to-earnings ratio of 26.68 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 announced its quarterly earnings data on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.05. Waters Corporation had a net margin of 24.26% and a return on equity of 23.91%. The business had revenue of $558.30 million for the quarter, compared to analyst estimates of $553.22 million. During the same period in the prior year, the business posted $1.58 earnings per share. Waters Corporation’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts forecast that Waters Corporation will post $7.38 earnings per share for the current year.
Waters Corporation declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 11th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical instruments supplier to purchase up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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A number of research firms have recently weighed in on WAT. Bank of America Corporation reaffirmed a “neutral” rating and set a $192.00 price target (up previously from $180.00) on shares of Waters Corporation in a report on Friday, July 21st. Deutsche Bank AG cut Waters Corporation from a “buy” rating to a “hold” rating and boosted their target price for the stock from $183.00 to $194.00 in a report on Monday, July 10th. Cowen and Company reissued a “hold” rating and set a $190.00 target price on shares of Waters Corporation in a report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $170.00 target price on shares of Waters Corporation in a report on Friday, July 14th. Finally, Zacks Investment Research cut Waters Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus 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 shares were sold at an average price of $179.67, for a total value of $628,845.00. Following the transaction, the director now directly owns 17,849 shares in the company, valued at $3,206,929.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $843,744.00. Following the completion of the transaction, the director now owns 10,849 shares in the company, valued at $1,907,037.22. The disclosure for this sale can be found here. Insiders sold 98,580 shares of company stock worth $17,730,275 over the last 90 days. 5.07% of the stock is currently owned by company 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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