Waters (NYSE:WAT) Reaches New 12-Month High After Strong Earnings

Waters Co. (NYSE:WAT)’s stock price reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $384.99 and last traded at $377.62, with a volume of 343434 shares. The stock had previously closed at $323.11.

The medical instruments supplier reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.25. Waters had a net margin of 20.71% and a return on equity of 56.81%. The firm had revenue of $740.30 million during the quarter, compared to analysts’ expectations of $712.99 million. During the same period last year, the business earned $2.84 earnings per share. Waters’s revenue was up 4.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WAT. TD Cowen raised their price objective on Waters from $325.00 to $363.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Evercore ISI lifted their price target on shares of Waters from $335.00 to $355.00 and gave the company an “in-line” rating in a research report on Tuesday, October 1st. Barclays upped their price objective on shares of Waters from $300.00 to $330.00 and gave the stock an “underweight” rating in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Waters from $330.00 to $310.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Finally, Leerink Partnrs upgraded Waters from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Waters has an average rating of “Hold” and an average target price of $342.58.

Hedge Funds Weigh In On Waters

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Waters by 0.6% in the first quarter. Vanguard Group Inc. now owns 6,879,316 shares of the medical instruments supplier’s stock valued at $2,368,067,000 after buying an additional 41,654 shares in the last quarter. GUARDCAP ASSET MANAGEMENT Ltd raised its position in shares of Waters by 1.1% during the 1st quarter. GUARDCAP ASSET MANAGEMENT Ltd now owns 1,110,898 shares of the medical instruments supplier’s stock worth $382,404,000 after acquiring an additional 11,851 shares in the last quarter. Van ECK Associates Corp lifted its stake in Waters by 1.0% during the third quarter. Van ECK Associates Corp now owns 659,539 shares of the medical instruments supplier’s stock worth $219,811,000 after purchasing an additional 6,647 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Waters by 70.7% in the third quarter. Principal Financial Group Inc. now owns 656,019 shares of the medical instruments supplier’s stock valued at $236,095,000 after purchasing an additional 271,804 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Waters by 21.0% in the second quarter. Dimensional Fund Advisors LP now owns 448,304 shares of the medical instruments supplier’s stock valued at $130,053,000 after purchasing an additional 77,951 shares during the last quarter. 94.01% of the stock is owned by institutional investors and hedge funds.

Waters Price Performance

The company has a market capitalization of $22.98 billion, a PE ratio of 38.57, a price-to-earnings-growth ratio of 6.35 and a beta of 0.97. The company has a debt-to-equity ratio of 1.42, a current ratio of 2.10 and a quick ratio of 1.42. The company’s 50 day simple moving average is $342.04 and its 200 day simple moving average is $325.20.

Waters Company Profile

Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments: Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.