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 ($34.9m 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 ≈ $379.54. Options: 7 managers hold calls ($24.7m notional), 10 hold puts ($50.0m).
Trends to Q4 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 |
| Q4 2025 | 808 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 340 | 354 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $33.4m | $11.7m | 0.35 |
| Q2 2025 | $19.1m | $5.8m | 0.30 |
| Q3 2025 | $55.0m | $89.3m | 1.62 |
| Q4 2025 | $24.7m | $50.0m | 2.02 |
Biggest buyers
| Veritas Asset Management LLP | Added | +656.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +561.0k |
| MARSHALL WACE, LLP | Added | +547.1k |
| MILLENNIUM MANAGEMENT LLC | Added | +516.1k |
| HSBC HOLDINGS PLC | Added | +291.6k |
| GOLDMAN SACHS GROUP INC | Added | +284.7k |
| Focus Partners Wealth | Added | +263.4k |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +195.3k |
| Balyasny Asset Management L.P. | New | +185.1k |
| UBS Group AG | Added | +151.1k |
Biggest sellers
| BlackRock, Inc. | Reduced | -634.1k |
| Fundsmith LLP | Reduced | -397.5k |
| Invesco Ltd. | Reduced | -305.2k |
| NorthCoast Asset Management LLC | Sold out | -266.2k |
| Qube Research & Technologies Ltd | Sold out | -258.5k |
| Mawer Investment Management Ltd. | Reduced | -252.3k |
| JPMORGAN CHASE & CO | Reduced | -231.0k |
| Robeco Schweiz AG | Reduced | -215.7k |
| FUNDSMITH INVESTMENT SERVICES LTD. | Reduced | -210.1k |
| VANGUARD GROUP INC | Reduced | -187.0k |
Biggest calls
| Twin Tree Management, LP | Reduced | $8.1m21.2k shares |
| JANE STREET GROUP, LLC | Added | $7.2m19.0k shares |
| CITADEL ADVISORS LLC | Added | $4.3m11.3k shares |
| SIMPLEX TRADING, LLC | Added | $2.2m5.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.5m4.0k shares |
| Point72 Asset Management, L.P. | New | $1.2m3.1k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $265.9k700 shares |
Biggest puts
| BARCLAYS PLC | Unchanged | $19.0m50.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $14.3m37.6k shares |
| CITADEL ADVISORS LLC | Reduced | $8.4m22.2k shares |
| JANE STREET GROUP, LLC | Reduced | $5.2m13.8k shares |
| Point72 Asset Management, L.P. | New | $1.7m4.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $607.7k1.6k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $341.8k900 shares |
| GROUP ONE TRADING LLC | Reduced | $227.9k600 shares |
| Twin Tree Management, LP | Reduced | $76.0k200 shares |
| GUARDIAN CAPITAL LP | Unchanged | $4.2k3.4k 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), ALLIANCEBERNSTEIN L.P. (3.5%, 2025-11-14)
Insider purchases and sales in Q4 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.04% of their portfolio | 7.5m $2.8bn | Reduced -187.0k |
| BlackRock, Inc. 0.04% of their portfolio | 5.4m $2.1bn | Reduced -634.1k |
| Fundsmith LLP 7.90% of their portfolio | 3.6m $1.4bn | Reduced -397.5k |
| STATE STREET CORP 0.03% of their portfolio | 2.7m $1.0bn | Added +3.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.32% of their portfolio | 2.6m $996.9m | Reduced -65.0k |
| ALLIANCEBERNSTEIN L.P. 0.25% of their portfolio | 2.1m $785.1m | Reduced -17.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 1.6m $602.9m | Added +8.6k |
| Mawer Investment Management Ltd. 2.76% of their portfolio | 1.3m $493.3m | Reduced -252.3k |
| JANUS HENDERSON GROUP PLC 0.22% of their portfolio | 1.3m $490.1m | Reduced -12.0k |
| Veritas Asset Management LLP 4.82% of their portfolio | 1.2m $471.4m | Added +656.4k |
| Invesco Ltd. 0.04% of their portfolio | 1.2m $443.3m | Reduced -305.2k |
| FUNDSMITH INVESTMENT SERVICES LTD. 7.96% of their portfolio | 1.1m $435.4m | Reduced -210.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.17% of their portfolio | 871.0k $330.8m | Added +1.8k |
| HSBC HOLDINGS PLC 0.09% of their portfolio | 790.7k $300.2m | Added +291.6k |
| AKO CAPITAL LLP 4.36% of their portfolio | 753.5k $286.2m | Reduced -53.5k |
| MORGAN STANLEY 0.02% of their portfolio | 719.2k $273.2m | Reduced -18.1k |
| NORGES BANK 0.03% of their portfolio | 699.7k $265.8m | Not comparable |
| NORTHERN TRUST CORP 0.03% of their portfolio | 684.5k $260.0m | Reduced -25.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 671.1k $254.9m | Added +561.0k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 585.0k $222.2m | Added +41.9k |
| MARSHALL WACE, LLP 0.21% of their portfolio | 581.1k $220.7m | Added +547.1k |
| MILLENNIUM MANAGEMENT LLC 0.15% of their portfolio | 538.7k $204.6m | Added +516.1k |
| GUARDCAP ASSET MANAGEMENT Ltd 5.39% of their portfolio | 530.7k $201.8m | Reduced -94.9k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 506.8k $192.5m | Reduced -30.8k |
| LONDON CO OF VIRGINIA 1.11% of their portfolio | 504.7k $191.7m | Reduced -51.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 494.1k $187.7m | Reduced -4.3k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 468.2k $177.8m | Added +284.7k |
| Findlay Park Partners LLP 2.22% of their portfolio | 458.5k $174.1m | Reduced -92.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 453.3k $172.2m | Reduced -1.0k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 433.9k $164.8m | Reduced -231.0k |
| Legal & General Group Plc 0.04% of their portfolio | 433.7k $164.7m | Reduced -5.0k |
| Holocene Advisors, LP 0.33% of their portfolio | 411.7k $156.4m | Added +103.2k |
| FIRST TRUST ADVISORS LP 0.11% of their portfolio | 401.8k $152.6m | Added +26.3k |
| BECK MACK & OLIVER LLC 2.69% of their portfolio | 390.7k $148.4m | Reduced -4.4k |
| Artisan Partners Limited Partnership 0.22% of their portfolio | 373.7k $141.9m | Added +18.8k |
| Amundi 0.04% of their portfolio | 359.8k $136.7m | Reduced -57.9k |
| UBS Group AG 0.03% of their portfolio | 356.0k $135.2m | Added +151.1k |
| D. E. Shaw & Co., Inc. 0.10% of their portfolio | 352.0k $133.7m | Added +60.2k |
| VOYA INVESTMENT MANAGEMENT LLC 0.13% of their portfolio | 350.9k $133.0m | Added +195.3k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 323.2k $122.8m | Reduced -17.7k |
| Champlain Investment Partners, LLC 1.20% of their portfolio | 312.8k $118.8m | Reduced -62.1k |
| Madison Asset Management, LLC 1.28% of their portfolio | 293.2k $111.4m | Reduced -14.5k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 285.5k $108.4m | Reduced -76.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 272.7k $103.6m | Reduced -90.8k |
| Focus Partners Wealth 0.12% of their portfolio | 271.8k $103.2m | Added +263.4k |
| T. Rowe Price Investment Management, Inc. 0.04% of their portfolio | 255.1k $96.9m | Added +73.8k |
| TD Asset Management Inc 0.08% of their portfolio | 249.6k $94.8m | Reduced -426 |
| NATIXIS ADVISORS, LLC 0.13% of their portfolio | 244.9k $93.0m | Added +46.2k |
| Impax Asset Management Group plc 0.55% of their portfolio | 232.2k $88.2m | Reduced -31.3k |
| Epoch Investment Partners, Inc. 0.48% of their portfolio | 222.5k $84.5m | Added +2.4k |
| Nuveen, LLC 0.02% of their portfolio | 197.9k $75.2m | Added +42.9k |
| Balyasny Asset Management L.P. 0.13% of their portfolio | 185.1k $70.3m | New |
| Newport Trust Company, LLC 0.16% of their portfolio | 175.5k $66.7m | Reduced -8.9k |
| Swiss National Bank 0.04% of their portfolio | 163.1k $62.0m | Reduced -8.5k |
| FMR LLC 0.00% of their portfolio | 160.2k $60.8m | Added +86.2k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 155.3k $59.0m | Reduced -90.8k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.09% of their portfolio | 146.6k $55.7m | Added +79.6k |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 139.5k $53.0m | Added +89.9k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 136.3k $51.8m | Reduced -3.5k |
| Robeco Schweiz AG 1.12% of their portfolio | 132.1k $50.2m | Reduced -215.7k |
| MACKENZIE FINANCIAL CORP 0.06% of their portfolio | 129.1k $49.5m | Reduced -102.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 125.6k $48.0m | Added +6.7k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.04% of their portfolio | 121.1k $46.0m | Unchanged |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 115.2k $43.8m | Reduced -17.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 114.6k $43.5m | Added +3.2k |
| Boston Trust Walden Corp 0.32% of their portfolio | 112.4k $42.7m | Reduced -10.0k |
| California Public Employees Retirement System 0.02% of their portfolio | 110.3k $41.9m | Reduced -611 |
| BARCLAYS PLC 0.02% of their portfolio | 109.8k $41.7m | Reduced -52.6k |
| National Pension Service 0.03% of their portfolio | 108.5k $41.2m | Added +1.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 106.3k $40.4m | Reduced -6.7k |
| CITIGROUP INC 0.03% of their portfolio | 106.1k $40.3m | Added +74.1k |
| Iron Triangle Partners LP 4.57% of their portfolio | 105.2k $39.9m | New |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 104.3k $39.6m | Added +22.3k |
| SCHAPER BENZ & WISE INVESTMENT COUNSEL INC/WI 2.86% of their portfolio | 104.0k $39.5m | Reduced -1.6k |
| BLI - Banque de Luxembourg Investments 1.14% of their portfolio | 100.9k $38.7m | Reduced -48.5k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 97.3k $37.0m | Reduced -8.6k |
| Ensign Peak Advisors, Inc 0.06% of their portfolio | 91.7k $34.8m | Reduced -16.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 91.7k $34.8m | Reduced -4.5k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 90.2k $34.3m | Added +53.2k |
| CAPTRUST FINANCIAL ADVISORS 0.06% of their portfolio | 85.8k $32.6m | Reduced -156 |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.05% of their portfolio | 85.5k $32.7m | Reduced -10.6k |
| Woodline Partners LP 0.12% of their portfolio | 81.4k $30.9m | Reduced -34.1k |
| OVERSEA-CHINESE BANKING Corp Ltd 0.85% of their portfolio | 80.8k $30.7m | Reduced -4.4k |
| Jain Global LLC 0.30% of their portfolio | 80.7k $30.7m | Added +17.4k |
| DANSKE BANK A/S 0.07% of their portfolio | 76.6k $29.1m | Added +55.2k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 75.2k $28.6m | Added +16.4k |
| NEUBERGER BERMAN GROUP LLC 0.02% of their portfolio | 74.5k $28.3m | Reduced -1.9k |
| Aberdeen Group plc 0.04% of their portfolio | 73.9k $28.1m | Reduced -2.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 73.4k $28.0m | Added +1.3k |
| Smith Group Asset Management, LLC 1.46% of their portfolio | 72.6k $27.6m | Added +4.6k |
| Gotham Asset Management, LLC 0.10% of their portfolio | 70.1k $26.6m | Reduced -251 |
| HRT FINANCIAL LP 0.10% of their portfolio | 68.4k $26.0m | New |
| Quantinno Capital Management LP 0.05% of their portfolio | 67.1k $25.5m | Added +18.7k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 63.0k $23.9m | Added +37.1k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.05% of their portfolio | 61.6k $23.4m | Added +3.3k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 60.9k $23.1m | Reduced -26.2k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 60.1k $22.8m | Added +57.1k |
| Investment Management Corp of Ontario 0.30% of their portfolio | 60.0k $22.8m | Reduced -20.8k |
| Caisse de depot et placement du Quebec 0.04% of their portfolio | 58.2k $22.1m | Reduced -19.1k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 57.5k $21.9m | Added +6.5k |