Waters (WAT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Waters (NYSE:WAT) from a hold rating to a buy rating in a research report released on Tuesday morning. The firm currently has $217.00 price objective on the medical instruments supplier’s stock.
According to Zacks, “Waters Corp. has an excellent earnings history, having surpassed estimates in each of the trailing four quarters. Going forward, the company believes that stable demand from pharmaceutical business, steady recurring revenues, strength in Asia and modest recovery in industrial markets will accelerate its momentum. Based on these dynamics, the company is expecting strong mid-single-digit constant currency sales increase. Even the government and academic markets have returned to the growth track after sustained weakness. Moreover, the company has been benefiting hugely from both of its LC and LC/MS platforms. Further, shares of the company have outperformed the industry’s average return over past year. However, the company’s growth will likely be hindered by contracting demand in the Americas. Also, currency headwinds are expected to somewhat hinder the company’s sales, going forward.”
Several other analysts have also weighed in on WAT. Goldman Sachs Group assumed coverage on Waters in a report on Tuesday, September 26th. They issued a hold rating and a $180.00 price objective for the company. Citigroup restated a neutral rating and issued a $180.00 price objective on shares of Waters in a report on Wednesday, October 25th. Robert W. Baird upped their price objective on Waters from $196.00 to $199.00 and gave the company an outperform rating in a report on Wednesday, October 25th. Cleveland Research lowered Waters from a buy rating to a neutral rating in a report on Monday, October 9th. Finally, Morgan Stanley upgraded Waters from an underweight rating to an equal weight rating and set a $192.00 price objective for the company in a report on Monday, December 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Waters currently has an average rating of Hold and a consensus target price of $194.08.
Waters (NYSE:WAT) last announced its quarterly earnings data on Tuesday, October 24th. The medical instruments supplier reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.03. The business had revenue of $565.58 million during the quarter, compared to analyst estimates of $555.25 million. Waters had a return on equity of 23.61% and a net margin of 24.34%. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.57 earnings per share. analysts forecast that Waters will post 7.42 EPS for the current year.
In other news, SVP Rohit Khanna sold 26,913 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $197.93, for a total transaction of $5,326,890.09. Following the sale, the senior vice president now directly owns 13,677 shares of the company’s stock, valued at $2,707,088.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Miller sold 3,500 shares of the business’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $194.94, for a total value of $682,290.00. Following the sale, the director now directly owns 25,849 shares in the company, valued at $5,039,004.06. The disclosure for this sale can be found here. Insiders have sold 91,773 shares of company stock worth $18,143,191 over the last ninety days. 5.07% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its position in Waters by 0.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 573 shares of the medical instruments supplier’s stock valued at $105,000 after buying an additional 2 shares during the period. ETF Managers Group LLC acquired a new position in Waters during the second quarter valued at $106,000. Intellectus Partners LLC raised its position in Waters by 4.9% during the second quarter. Intellectus Partners LLC now owns 667 shares of the medical instruments supplier’s stock valued at $123,000 after buying an additional 31 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in Waters during the second quarter valued at $160,000. Finally, Acrospire Investment Management LLC raised its position in Waters by 117.4% during the second quarter. Acrospire Investment Management LLC now owns 926 shares of the medical instruments supplier’s stock valued at $170,000 after buying an additional 500 shares during the period. 92.09% of the stock is currently owned by institutional investors.
Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans.
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