Bank of New York Mellon Corp Trims Position in Waters Co. (NYSE:WAT)

Bank of New York Mellon Corp cut its position in Waters Co. (NYSE:WAT) by 38.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,076,265 shares of the medical instruments supplier’s stock after selling 1,321,201 shares during the period. Bank of New York Mellon Corp owned about 3.50% of Waters worth $602,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. EFG Asset Management North America Corp. purchased a new position in Waters during the second quarter valued at $1,247,000. Raymond James Trust N.A. grew its stake in Waters by 7.6% during the second quarter. Raymond James Trust N.A. now owns 1,308 shares of the medical instruments supplier’s stock valued at $379,000 after acquiring an additional 92 shares in the last quarter. Family Firm Inc. purchased a new position in Waters during the second quarter valued at $90,000. Grove Bank & Trust grew its stake in Waters by 18.1% during the second quarter. Grove Bank & Trust now owns 1,397 shares of the medical instruments supplier’s stock valued at $405,000 after acquiring an additional 214 shares in the last quarter. Finally, Retirement Systems of Alabama grew its stake in Waters by 0.3% during the second quarter. Retirement Systems of Alabama now owns 13,087 shares of the medical instruments supplier’s stock valued at $3,797,000 after acquiring an additional 37 shares in the last quarter. 94.01% of the stock is owned by hedge funds and other institutional investors.

Waters Trading Down 1.7 %

WAT stock traded down $5.83 during trading on Monday, hitting $336.59. The company had a trading volume of 189,702 shares, compared to its average volume of 438,049. The company has a quick ratio of 1.42, a current ratio of 2.10 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $19.98 billion, a P/E ratio of 33.37, a PEG ratio of 5.83 and a beta of 0.95. The company has a 50 day simple moving average of $311.90 and a 200-day simple moving average of $323.68. Waters Co. has a 52-week low of $231.90 and a 52-week high of $367.21.

Waters (NYSE:WAT) last posted its earnings results on Wednesday, July 31st. The medical instruments supplier reported $2.63 EPS for the quarter, beating analysts’ consensus estimates of $2.55 by $0.08. The business had revenue of $709.00 million for the quarter, compared to the consensus estimate of $700.09 million. Waters had a net margin of 20.71% and a return on equity of 56.81%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.80 EPS. As a group, research analysts forecast that Waters Co. will post 11.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Waters

In other Waters news, Director Richard H. Fearon bought 1,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were acquired at an average price of $332.90 per share, with a total value of $332,900.00. Following the transaction, the director now owns 1,653 shares of the company’s stock, valued at approximately $550,283.70. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on WAT shares. Jefferies Financial Group started coverage on shares of Waters in a research report on Monday, June 3rd. They set a “hold” rating and a $320.00 price objective for the company. Deutsche Bank Aktiengesellschaft lowered 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. Robert W. Baird lowered their target price on shares of Waters from $319.00 to $312.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. TD Cowen raised their target price on shares of Waters from $325.00 to $363.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Evercore ISI lowered their target price on shares of Waters from $320.00 to $300.00 and set an “in-line” rating for the company in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $310.58.

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.