Waters (NYSE:WAT) Sets New 12-Month High Following Earnings Beat

Waters Co. (NYSE:WAT) shares reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $384.99 and last traded at $377.62, with a volume of 343434 shares trading hands. 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 company had revenue of $740.30 million for the quarter, compared to the consensus estimate of $712.99 million. During the same period last year, the firm posted $2.84 EPS. Waters’s revenue for the quarter was up 4.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Evercore ISI upped their price objective on Waters from $335.00 to $355.00 and gave the company an “in-line” rating in a research note on Tuesday, October 1st. Cfra set a $389.00 price target on Waters in a report on Thursday, October 17th. Leerink Partners upgraded shares of Waters from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $325.00 to $375.00 in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Waters from $330.00 to $310.00 and set a “hold” rating for the company in a research report on Thursday, August 1st. Finally, Leerink Partnrs raised shares of Waters from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $342.58.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of Waters during the 2nd quarter worth approximately $33,000. Blue Trust Inc. boosted its position in Waters by 190.2% during the second quarter. Blue Trust Inc. now owns 119 shares of the medical instruments supplier’s stock worth $35,000 after purchasing an additional 78 shares in the last quarter. TFC Financial Management Inc. grew its holdings in Waters by 19,900.0% in the second quarter. TFC Financial Management Inc. now owns 200 shares of the medical instruments supplier’s stock valued at $58,000 after purchasing an additional 199 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Waters in the second quarter valued at $59,000. Finally, Fidelis Capital Partners LLC acquired a new position in shares of Waters during the 1st quarter worth $72,000. 94.01% of the stock is owned by hedge funds and other institutional investors.

Waters Stock Up 19.8 %

The firm 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 firm’s 50-day moving average is $342.04 and its 200 day moving average is $325.20. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.42 and a current ratio of 2.10.

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.