Waters (NYSE:WAT) Stock Price Up 10.3% on Strong Earnings

Shares of Waters Corporation (NYSE:WAT) rose 10.3% on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $382.02 and last traded at $381.2470. Approximately 286,877 shares were traded during trading, a decline of 54% from the average daily volume of 626,730 shares. The stock had previously closed at $345.59.

The medical instruments supplier reported $2.29 earnings per share (EPS) for the quarter. The business had revenue of $608.55 million during the quarter. Waters had a return on equity of 38.60% and a net margin of 21.71%.

Analysts Set New Price Targets

A number of research firms have commented on WAT. Robert W. Baird lowered their price target on Waters from $374.00 to $352.00 and set an “outperform” rating for the company in a research report on Wednesday, July 16th. UBS Group reaffirmed a “neutral” rating on shares of Waters in a research report on Tuesday, July 15th. Wall Street Zen lowered Waters from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th. Rothschild & Co Redburn initiated coverage on Waters in a research report on Wednesday, October 8th. They set a “buy” rating and a $390.00 price target for the company. Finally, Jefferies Financial Group set a $385.00 target price on Waters and gave the stock a “buy” rating in a report on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Waters presently has a consensus rating of “Moderate Buy” and an average price target of $375.54.

Hedge Funds Weigh In On Waters

Several hedge funds and other institutional investors have recently modified their holdings of the company. Olde Wealth Management LLC bought a new stake in Waters during the first quarter valued at about $25,000. Root Financial Partners LLC bought a new stake in Waters during the third quarter valued at about $26,000. Zions Bancorporation National Association UT bought a new stake in Waters during the first quarter valued at about $28,000. IFP Advisors Inc grew its holdings in Waters by 118.9% during the first quarter. IFP Advisors Inc now owns 81 shares of the medical instruments supplier’s stock valued at $30,000 after purchasing an additional 44 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Waters during the first quarter valued at about $41,000. 94.01% of the stock is owned by institutional investors.

Waters Stock Up 9.5%

The company has a fifty day simple moving average of $317.68 and a 200-day simple moving average of $324.75. The firm has a market cap of $22.52 billion, a P/E ratio of 34.13, a price-to-earnings-growth ratio of 3.19 and a beta of 1.04. The company has a quick ratio of 1.22, a current ratio of 1.75 and a debt-to-equity ratio of 0.55.

About Waters

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.