Bank of New York Mellon Corp Sells 109,172 Shares of Waters Corporation (WAT)
Bank of New York Mellon Corp reduced its stake in Waters Corporation (NYSE:WAT) by 13.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 690,987 shares of the medical instruments supplier’s stock after selling 109,172 shares during the period. Bank of New York Mellon Corp owned approximately 0.86% of Waters Corporation worth $127,031,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the company. Watermark Asset Management Inc. bought a new stake in Waters Corporation during the first quarter valued at approximately $106,000. Creative Planning raised its stake in Waters Corporation by 1.6% in the first quarter. Creative Planning now owns 744 shares of the medical instruments supplier’s stock valued at $116,000 after buying an additional 12 shares in the last quarter. First Manhattan Co. bought a new stake in Waters Corporation during the second quarter valued at approximately $130,000. Advisory Services Network LLC bought a new stake in Waters Corporation during the first quarter valued at approximately $169,000. Finally, Van ECK Associates Corp raised its stake in 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 valued at $176,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.
Waters Corporation (NYSE:WAT) opened at 179.94 on Thursday. Waters Corporation has a 52 week low of $133.35 and a 52 week high of $187.65. The firm has a market capitalization of $14.36 billion, a P/E ratio of 27.12 and a beta of 0.84. The stock’s 50 day moving average price is $179.77 and its 200 day moving average price is $169.87.
Waters Corporation (NYSE:WAT) last issued its quarterly earnings results on Tuesday, July 25th. The medical instruments supplier reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.05. The firm had revenue of $558.30 million during 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 quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the company posted $1.58 EPS. On average, equities analysts expect that Waters Corporation will post $7.38 EPS for the current year.
Waters Corporation declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 11th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical instruments supplier to purchase up to 7.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research firms have commented on WAT. Zacks Investment Research upgraded Waters Corporation from a “hold” rating to a “buy” rating and set a $202.00 price objective on the stock in a research report on Thursday, July 13th. Jefferies Group LLC restated a “hold” rating and issued a $175.00 price objective on shares of Waters Corporation in a research report on Thursday, July 27th. BidaskClub upgraded Waters Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Cowen and Company upped their price objective on Waters Corporation from $160.00 to $175.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 26th. Finally, Morgan Stanley restated an “underweight” rating and issued a $183.00 price objective (up previously from $174.00) on shares of Waters Corporation in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $186.00.
In other Waters Corporation news, Director Christopher A. Kuebler sold 3,500 shares of the stock in a transaction 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 transaction, the director now directly owns 17,849 shares of the company’s stock, valued at approximately $3,206,929.83. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Eugene G. Cassis sold 3,000 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $177.81, for a total value of $533,430.00. Following the transaction, the senior vice president now directly owns 25,027 shares of the company’s stock, valued at $4,450,050.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,780 shares of company stock valued at $8,078,651. 5.07% of the stock is currently owned by corporate 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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