WATERS CORP WAT
COM · Common Stock · CUSIP 941848103 · ISIN US9418481035
- SectorTechnology
- IndustryLaboratory Analytical Instruments
- HeadquartersMilford, MA
- Founded1958
- Websitewaters.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($24.4m this quarter). Holder counts are more reliable. Shares outstanding: 59.5m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $299.78. Options: 14 managers hold calls ($55.0m notional), 16 hold puts ($89.3m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 646 |
| Q4 2022 | 654 |
| Q1 2023 | 678 |
| Q2 2023 | 648 |
| Q3 2023 | 652 |
| Q4 2023 | 675 |
| Q1 2024 | 690 |
| Q2 2024 | 696 |
| Q3 2024 | 698 |
| Q4 2024 | 761 |
| Q1 2025 | 768 |
| Q2 2025 | 772 |
| Q3 2025 | 755 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 271 | 311 |
| Q1 2024 | 256 | 329 |
| Q2 2024 | 321 | 288 |
| Q3 2024 | 305 | 314 |
| Q4 2024 | 353 | 287 |
| Q1 2025 | 342 | 330 |
| Q2 2025 | 349 | 345 |
| Q3 2025 | 315 | 399 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $31.8m | $14.0m | 0.44 |
| Q1 2025 | $33.4m | $11.7m | 0.35 |
| Q2 2025 | $19.1m | $5.8m | 0.30 |
| Q3 2025 | $55.0m | $89.3m | 1.62 |
Biggest buyers
| Mawer Investment Management Ltd. | Added | +1.1m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Added | +825.7k |
| Veritas Asset Management LLP | New | +584.8k |
| JPMORGAN CHASE & CO | Added | +449.5k |
| JANUS HENDERSON GROUP PLC | Added | +396.0k |
| Invesco Ltd. | Added | +359.6k |
| Fundsmith LLP | Added | +347.1k |
| Holocene Advisors, LP | New | +308.5k |
| D. E. Shaw & Co., Inc. | Added | +290.7k |
| NorthCoast Asset Management LLC | Added | +265.1k |
Biggest sellers
| ALLIANCEBERNSTEIN L.P. | Reduced | -1.9m |
| Bank of New York Mellon Corp | Reduced | -1.4m |
| BlackRock, Inc. | Reduced | -497.2k |
| Robeco Institutional Asset Management B.V. | Reduced | -486.5k |
| ROYAL BANK OF CANADA | Reduced | -342.2k |
| JUPITER ASSET MANAGEMENT LTD | Sold out | -287.3k |
| Thrivent Financial for Lutherans | Reduced | -274.6k |
| MARSHALL WACE, LLP | Reduced | -254.1k |
| Fenimore Asset Management Inc | Sold out | -243.8k |
| AMERICAN CENTURY COMPANIES INC | Reduced | -219.0k |
Biggest calls
| Twin Tree Management, LP | New | $16.4m54.7k shares |
| NOMURA HOLDINGS INC | New | $8.7m28.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.3m24.4k shares |
| Freemont Management S.A. | New | $4.2m14.0k shares |
| BANK OF MONTREAL /CAN/ | New | $3.9m13.0k shares |
| JANE STREET GROUP, LLC | Added | $3.3m10.9k shares |
| CITADEL ADVISORS LLC | Reduced | $3.1m10.3k shares |
| Caption Management, LLC | New | $2.9m9.6k shares |
| Cubist Systematic Strategies, LLC | New | $1.7m5.8k shares |
| GROUP ONE TRADING LLC | Added | $1.3m4.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $27.6m92.1k shares |
| BARCLAYS PLC | New | $15.0m50.0k shares |
| Caption Management, LLC | New | $11.9m39.6k shares |
| CITADEL ADVISORS LLC | Added | $9.9m33.1k shares |
| NOMURA HOLDINGS INC | New | $8.7m28.9k shares |
| JANE STREET GROUP, LLC | Added | $6.1m20.4k shares |
| IMC-Chicago, LLC | New | $4.2m14.0k shares |
| Twin Tree Management, LP | New | $1.8m6.1k shares |
| Cubist Systematic Strategies, LLC | New | $1.4m4.7k shares |
| WOLVERINE TRADING, LLC | New | $781.5k2.7k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution -1.2 pts · filed 2026-04-24 | 7.8% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: Fundsmith LLP (4.4%, 2026-05-15), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 1 | $177.8k | — |
| Q2 2024 | 1 | $332.9k | 1 | $1.4m | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.03% of their portfolio | 7.7m $2.3bn | Added +246.1k |
| BlackRock, Inc. 0.03% of their portfolio | 6.1m $1.8bn | Reduced -497.2k |
| Fundsmith LLP 5.99% of their portfolio | 4.0m $1.2bn | Added +347.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.25% of their portfolio | 2.7m $806.4m | Added +825.7k |
| STATE STREET CORP 0.03% of their portfolio | 2.7m $803.3m | Added +3.3k |
| ALLIANCEBERNSTEIN L.P. 0.20% of their portfolio | 2.1m $624.9m | Reduced -1.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 1.6m $473.3m | Added +32.4k |
| Mawer Investment Management Ltd. 2.41% of their portfolio | 1.6m $465.0m | Added +1.1m |
| Invesco Ltd. 0.07% of their portfolio | 1.5m $441.4m | Added +359.6k |
| FUNDSMITH INVESTMENT SERVICES LTD. 6.34% of their portfolio | 1.4m $406.6m | Added +135.5k |
| JANUS HENDERSON GROUP PLC 0.18% of their portfolio | 1.3m $390.5m | Added +396.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.13% of their portfolio | 869.2k $260.6m | Added +46.3k |
| AKO CAPITAL LLP 3.44% of their portfolio | 806.9k $241.9m | Added +19.6k |
| MORGAN STANLEY 0.01% of their portfolio | 737.3k $221.0m | Reduced -99.2k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 709.5k $212.7m | Reduced -4.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 664.9k $199.3m | Added +449.5k |
| GUARDCAP ASSET MANAGEMENT Ltd 4.35% of their portfolio | 625.5k $187.5m | Reduced -62.5k |
| Veritas Asset Management LLP 1.87% of their portfolio | 584.8k $175.3m | New |
| LONDON CO OF VIRGINIA 0.92% of their portfolio | 555.9k $166.7m | Reduced -24.6k |
| Findlay Park Partners LLP 1.74% of their portfolio | 551.1k $165.2m | Reduced -9.9k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 543.1k $162.8m | Added +22.6k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 537.6k $161.1m | Added +15.8k |
| HSBC HOLDINGS PLC 0.09% of their portfolio | 499.1k $149.6m | Added +236.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 498.3k $149.4m | Reduced -105.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 454.3k $136.2m | Added +21.8k |
| Legal & General Group Plc 0.03% of their portfolio | 438.7k $131.5m | Added +22.3k |
| Amundi 0.04% of their portfolio | 417.7k $136.9m | Added +76.1k |
| BECK MACK & OLIVER LLC 2.15% of their portfolio | 395.0k $118.4m | Added +145.8k |
| FIRST TRUST ADVISORS LP 0.08% of their portfolio | 375.5k $112.6m | Added +62.4k |
| Champlain Investment Partners, LLC 0.85% of their portfolio | 374.9k $112.4m | Reduced -94.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 363.5k $109.0m | Reduced -95.3k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 361.9k $108.5m | Added +94.5k |
| Artisan Partners Limited Partnership 0.15% of their portfolio | 354.9k $106.4m | Reduced -34.9k |
| Robeco Schweiz AG 2.34% of their portfolio | 347.8k $104.3m | Added +162.3k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 341.0k $102.2m | Reduced -1.4m |
| Holocene Advisors, LP 0.21% of their portfolio | 308.5k $92.5m | New |
| Madison Asset Management, LLC 1.02% of their portfolio | 307.7k $92.2m | Reduced -4.6k |
| D. E. Shaw & Co., Inc. 0.07% of their portfolio | 291.8k $87.5m | Added +290.7k |
| NorthCoast Asset Management LLC 0.31% of their portfolio | 266.2k $79.8m | Added +265.1k |
| Impax Asset Management Group plc 0.46% of their portfolio | 263.5k $79.0m | Reduced -10.8k |
| Qube Research & Technologies Ltd 0.11% of their portfolio | 258.5k $77.5m | Added +166.9k |
| TD Asset Management Inc 0.06% of their portfolio | 250.0k $75.0m | Added +28.0k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 246.2k $73.8m | Reduced -342.2k |
| MACKENZIE FINANCIAL CORP 0.08% of their portfolio | 231.9k $69.5m | Added +25.2k |
| Epoch Investment Partners, Inc. 0.36% of their portfolio | 220.1k $66.0m | Added +48.0k |
| UBS Group AG 0.01% of their portfolio | 204.9k $61.4m | Reduced -6.1k |
| NATIXIS ADVISORS, LLC 0.09% of their portfolio | 198.7k $59.6m | Reduced -3.5k |
| Newport Trust Company, LLC 0.13% of their portfolio | 184.4k $55.3m | Added +2.1k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 183.5k $55.0m | Added +20.6k |
| T. Rowe Price Investment Management, Inc. 0.03% of their portfolio | 181.3k $54.3m | New |
| Swiss National Bank 0.03% of their portfolio | 171.6k $51.4m | Reduced -8.5k |
| BARCLAYS PLC 0.02% of their portfolio | 162.4k $48.7m | Reduced -54.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 155.7k $46.4m | Reduced -96.2k |
| Nuveen, LLC 0.01% of their portfolio | 155.0k $46.5m | Reduced -82.6k |
| BLI - Banque de Luxembourg Investments 1.26% of their portfolio | 149.4k $43.3m | Added +46.9k |
| NUANCE INVESTMENTS, LLC 4.48% of their portfolio | 146.9k $44.0m | Added +125.9k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 139.8k $41.9m | Added +675 |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 132.8k $39.8m | Added +7.6k |
| Boston Trust Walden Corp 0.27% of their portfolio | 122.4k $36.7m | Reduced -171.9k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.03% of their portfolio | 121.1k $36.3m | Unchanged |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 118.9k $35.6m | Added +7.3k |
| Andra AP-fonden 0.44% of their portfolio | 116.1k $34.8m | Added +106.0k |
| Woodline Partners LP 0.16% of their portfolio | 115.5k $34.6m | Added +54.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 113.0k $33.9m | Added +6.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 111.4k $33.4m | Reduced -14.7k |
| California Public Employees Retirement System 0.02% of their portfolio | 111.0k $33.3m | Added +5.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 110.1k $33.0m | Added +24.0k |
| Pictet Asset Management Holding SA 0.03% of their portfolio | 109.8k $32.9m | Reduced -69.2k |
| Ensign Peak Advisors, Inc 0.05% of their portfolio | 108.1k $32.4m | Added +50.2k |
| National Pension Service 0.02% of their portfolio | 107.4k $32.2m | Added +1.9k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 105.9k $31.8m | Reduced -5.4k |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI 2.36% of their portfolio | 105.7k $31.7m | Added +1.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 96.2k $28.8m | Added +3.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.05% of their portfolio | 96.1k $28.8m | Added +17.0k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 87.1k $26.1m | Reduced -23.3k |
| CAPTRUST FINANCIAL ADVISORS 0.05% of their portfolio | 86.0k $25.8m | Reduced -337 |
| OVERSEA-CHINESE BANKING Corp Ltd 0.66% of their portfolio | 85.2k $25.5m | Reduced -888 |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.06% of their portfolio | 83.8k $25.0m | Added +25.3k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 82.0k $24.6m | Added +3.9k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 81.4k $23.7m | Reduced -127.7k |
| Investment Management Corp of Ontario 0.37% of their portfolio | 80.7k $24.2m | Added +61.3k |
| Squarepoint Ops LLC 0.05% of their portfolio | 79.6k $23.9m | Reduced -49.9k |
| Caisse de depot et placement du Quebec 0.04% of their portfolio | 77.2k $23.2m | Added +20.4k |
| Aberdeen Group plc 0.04% of their portfolio | 76.6k $22.2m | Reduced -235 |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 76.4k $22.9m | Added +26.5k |
| FMR LLC 0.00% of their portfolio | 74.0k $22.2m | Reduced -31.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 72.0k $21.6m | Reduced -10.2k |
| Gotham Asset Management, LLC 0.09% of their portfolio | 70.3k $21.1m | Added +30.9k |
| Meridiem Capital Partners LP 1.42% of their portfolio | 68.8k $20.6m | New |
| Smith Group Asset Management, LLC 1.17% of their portfolio | 68.1k $20.4m | Added +3.5k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.07% of their portfolio | 67.0k $20.1m | Reduced -2.8k |
| Man Group plc 0.04% of their portfolio | 66.7k $20.0m | Reduced -47.1k |
| Hudson Bay Capital Management LP 0.12% of their portfolio | 65.0k $19.5m | New |
| Jain Global LLC 0.25% of their portfolio | 63.3k $19.0m | Reduced -22.4k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 58.8k $17.6m | Reduced -13.6k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.04% of their portfolio | 58.3k $17.5m | Added +7.9k |
| DekaBank Deutsche Girozentrale 0.03% of their portfolio | 56.6k $16.2m | Unchanged |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.03% of their portfolio | 55.1k $16.5m | Reduced -1.3k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 54.1k $16.2m | Reduced -22.0k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 51.0k $15.3m | Added +3.9k |