Bank of New York Mellon Corp Acquires Shares of 46,439 Nova Ltd. $NVMI

Key Points

• Bank of New York Mellon acquired 46,439 Nova shares worth approximately $25.2 million, giving it a 0.15% stake. Institutional investors collectively own 82.99% of the semiconductor company.
• Nova’s latest quarterly results exceeded expectations, with earnings of $2.51 per share versus $2.41 expected and revenue of $254.96 million, up 15.9% year over year.
• Analysts maintain a generally positive outlook, with Nova holding a “Moderate Buy” consensus rating and an average price target of $514.44, while company insiders sold $2.9 million of shares over the last quarter.

Bank of New York Mellon Corp purchased a new stake in Nova Ltd. (NASDAQ:NVMI - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 46,439 shares of the semiconductor company's stock, valued at approximately $25,214,000. Bank of New York Mellon Corp owned 0.15% of Nova as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Nova by 47.5% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,166,073 shares of the semiconductor company's stock worth $940,683,000 after purchasing an additional 697,210 shares in the last quarter. Invesco Ltd. increased its position in Nova by 185.4% in the 3rd quarter. Invesco Ltd. now owns 607,344 shares of the semiconductor company's stock worth $194,144,000 after buying an additional 394,544 shares during the period. Phoenix Financial Ltd. lifted its position in Nova by 286.3% in the fourth quarter. Phoenix Financial Ltd. now owns 508,641 shares of the semiconductor company's stock worth $167,115,000 after purchasing an additional 376,974 shares during the period. Norges Bank acquired a new stake in shares of Nova in the 4th quarter valued at $109,568,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Nova in the fourth quarter valued at $56,158,000. Institutional investors and hedge funds own 82.99% of the company's stock.

Insider Buying and Selling

In other news, Director Eitan Oppenhaim sold 1,290 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $581.20, for a total transaction of $749,748.00. Following the sale, the director directly owned 6,421 shares in the company, valued at $3,731,885.20. This represents a 16.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gabriel Waisman sold 2,966 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $501.30, for a total transaction of $1,486,855.80. Following the sale, the chief executive officer directly owned 28,714 shares in the company, valued at $14,394,328.20. This trade represents a 9.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 5,442 shares of company stock worth $2,905,622 over the last quarter. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NVMI shares. Jefferies Financial Group restated a "buy" rating and issued a $600.00 price target on shares of Nova in a research report on Thursday, August 6th. Needham & Company LLC decreased their price objective on Nova from $640.00 to $570.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Zacks Research raised Nova from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Morgan Stanley boosted their price objective on shares of Nova from $494.00 to $540.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Finally, Cantor Fitzgerald dropped their target price on shares of Nova from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Nova currently has an average rating of "Moderate Buy" and an average price target of $514.44.

Nova Price Performance

Shares of NASDAQ:NVMI opened at $349.06 on Monday. Nova Ltd. has a 1 year low of $232.73 and a 1 year high of $615.99. The business has a fifty day moving average price of $435.07 and a two-hundred day moving average price of $468.22. The company has a market capitalization of $11.09 billion, a PE ratio of 43.20, a price-to-earnings-growth ratio of 2.02 and a beta of 1.78.

Nova (NASDAQ:NVMI - Get Free Report) last issued its earnings results on Friday, August 7th. The semiconductor company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.41 by $0.10. Nova had a net margin of 28.84% and a return on equity of 21.41%. The firm had revenue of $254.96 million during the quarter, compared to analyst estimates of $250.33 million. During the same quarter last year, the business earned $2.20 earnings per share. The company's quarterly revenue was up 15.9% on a year-over-year basis. Sell-side analysts anticipate that Nova Ltd. will post 9.89 earnings per share for the current year.

Nova Company Profile

Nova Measuring Instruments Ltd NASDAQ: NVMI develops and supplies advanced metrology and process control systems for the semiconductor manufacturing industry. The company's core product line includes spectroscopic ellipsometry and scatterometry tools designed to measure film thickness, critical dimensions, overlay alignment and other key parameters that drive yield and performance in integrated circuit fabrication.

Founded in 1993 and headquartered in Rehovot, Israel, Nova Measuring Instruments has established itself as a critical partner to leading semiconductor foundries and device manufacturers.

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