Bank of New York Mellon Corp Purchases 16,351 Shares of Nova Ltd. (NASDAQ:NVMI)

Bank of New York Mellon Corp increased its holdings in Nova Ltd. (NASDAQ:NVMI) by 1,016.2% in the fourth quarter, Holdings Channel reports. The fund owned 17,960 shares of the semiconductor company’s stock after purchasing an additional 16,351 shares during the quarter. Bank of New York Mellon Corp’s holdings in Nova were worth $3,537,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Quarry LP lifted its stake in Nova by 438.5% in the third quarter. Quarry LP now owns 140 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 114 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Nova by 89.7% during the third quarter. Advisors Asset Management Inc. now owns 165 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 78 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Nova by 6.1% during the fourth quarter. Blue Trust Inc. now owns 1,275 shares of the semiconductor company’s stock valued at $251,000 after buying an additional 73 shares during the last quarter. SkyOak Wealth LLC purchased a new stake in shares of Nova during the fourth quarter valued at about $327,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Nova during the third quarter valued at about $490,000. 82.99% of the stock is owned by hedge funds and other institutional investors.

Nova Trading Down 1.4 %

Shares of NVMI stock opened at $195.47 on Thursday. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 34.05, a PEG ratio of 2.55 and a beta of 1.46. Nova Ltd. has a twelve month low of $158.00 and a twelve month high of $289.90. The company’s 50-day moving average price is $239.26 and its 200-day moving average price is $210.82.

Nova (NASDAQ:NVMI) last issued its quarterly earnings data on Thursday, February 13th. The semiconductor company reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.04). The company had revenue of $194.77 million during the quarter, compared to analysts’ expectations of $186.50 million. Nova had a net margin of 27.33% and a return on equity of 22.33%. As a group, equities research analysts predict that Nova Ltd. will post 7.52 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Cantor Fitzgerald cut their price objective on shares of Nova from $315.00 to $300.00 and set an “overweight” rating on the stock in a report on Friday, March 14th. Needham & Company LLC reiterated a “hold” rating on shares of Nova in a report on Friday, February 14th. Benchmark lifted their target price on shares of Nova from $245.00 to $295.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Citigroup raised shares of Nova from a “neutral” rating to a “buy” rating and lifted their target price for the company from $226.00 to $240.00 in a report on Monday, January 6th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $250.83.

Nova Company Profile

Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.