California State Teachers Retirement System trimmed its holdings in Waters Co. (NYSE:WAT) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,515 shares of the medical instruments supplier’s stock after selling 4,101 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of Waters worth $24,338,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Banco de Sabadell S.A acquired a new position in shares of Waters in the 4th quarter valued at $193,000. Brown Advisory Securities LLC purchased a new position in Waters in the 4th quarter valued at $202,000. Trust Co. of Virginia VA purchased a new position in Waters in the 4th quarter valued at $213,000. Rockefeller Capital Management L.P. purchased a new position in Waters in the 1st quarter valued at $272,000. Finally, Jane Street Group LLC purchased a new position in Waters in the 4th quarter valued at $294,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Michael C. Harrington sold 16,078 shares of the business’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $194.67, for a total value of $3,129,904.26. Following the sale, the senior vice president now directly owns 18,115 shares in the company, valued at approximately $3,526,447.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael F. Silveira sold 3,521 shares of the business’s stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $190.77, for a total transaction of $671,701.17. Following the completion of the sale, the vice president now owns 4,470 shares in the company, valued at $852,741.90. The disclosure for this sale can be found here. Insiders have sold a total of 36,689 shares of company stock worth $7,130,365 over the last 90 days. Insiders own 0.98% of the company’s stock.
Waters (NYSE:WAT) last issued its earnings results on Tuesday, April 24th. The medical instruments supplier reported $1.59 EPS for the quarter, topping the consensus estimate of $1.55 by $0.04. The company had revenue of $530.70 million for the quarter, compared to analyst estimates of $534.17 million. Waters had a net margin of 1.14% and a return on equity of 25.80%. The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.46 EPS. analysts forecast that Waters Co. will post 8.21 EPS for the current year.
Waters announced that its board has approved a stock repurchase program on Tuesday, April 24th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the medical instruments supplier to repurchase up to 18.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
A number of research firms recently weighed in on WAT. Zacks Investment Research lowered shares of Waters from a “buy” rating to a “hold” rating in a research report on Monday, March 26th. Leerink Swann set a $214.00 price objective on shares of Waters and gave the company a “buy” rating in a research report on Wednesday, April 25th. Morgan Stanley lowered their price objective on shares of Waters from $218.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 25th. Cowen reiterated a “hold” rating and issued a $215.00 price objective on shares of Waters in a research report on Wednesday, April 25th. Finally, Robert W. Baird lowered their price objective on shares of Waters from $220.00 to $201.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 25th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $207.31.
Waters Corporation, a specialty measurement company, provides analytical workflow solutions in the United States, Europe, Asia, and internationally. It designs, manufactures, sells, and services high and ultra performance liquid chromatography technology, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.
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