Bank of New York Mellon Corp Cuts Holdings in Nordson Corporation (NASDAQ:NDSN)

Bank of New York Mellon Corp lessened its stake in Nordson Corporation (NASDAQ:NDSN - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 500,701 shares of the industrial products company's stock after selling 9,538 shares during the period. Bank of New York Mellon Corp owned about 0.88% of Nordson worth $101,001,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its holdings in Nordson by 2.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,417 shares of the industrial products company's stock valued at $486,000 after purchasing an additional 67 shares during the period. Mitchell & Pahl Private Wealth LLC increased its holdings in Nordson by 1.6% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 4,381 shares of the industrial products company's stock valued at $884,000 after purchasing an additional 71 shares during the period. Portside Wealth Group LLC increased its holdings in Nordson by 6.6% during the 1st quarter. Portside Wealth Group LLC now owns 1,144 shares of the industrial products company's stock valued at $239,000 after purchasing an additional 71 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Nordson by 5.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,829 shares of the industrial products company's stock valued at $370,000 after purchasing an additional 87 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Nordson by 86.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 192 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 89 shares during the period. Institutional investors own 72.11% of the company's stock.

Nordson Stock Down 1.1%

Shares of Nordson stock traded down $2.35 during midday trading on Friday, hitting $220.82. The company had a trading volume of 272,748 shares, compared to its average volume of 330,652. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.56. The stock has a market capitalization of $12.48 billion, a P/E ratio of 28.38, a P/E/G ratio of 1.70 and a beta of 0.89. The company has a 50 day moving average of $209.56 and a 200 day moving average of $205.99. Nordson Corporation has a 52-week low of $165.03 and a 52-week high of $266.86.

Nordson (NASDAQ:NDSN - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The industrial products company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.06. The company had revenue of $682.94 million for the quarter, compared to the consensus estimate of $671.36 million. Nordson had a return on equity of 19.10% and a net margin of 16.51%. The firm's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.34 EPS. On average, equities analysts predict that Nordson Corporation will post 10.2 earnings per share for the current fiscal year.

Nordson Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 3rd. Investors of record on Thursday, June 19th were paid a $0.78 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $3.12 annualized dividend and a dividend yield of 1.41%. Nordson's payout ratio is currently 40.10%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NDSN. Wolfe Research began coverage on Nordson in a report on Wednesday, June 18th. They set a "peer perform" rating on the stock. Vertical Research began coverage on Nordson in a report on Tuesday, June 17th. They set a "hold" rating and a $245.00 target price on the stock. Wall Street Zen downgraded Nordson from a "buy" rating to a "hold" rating in a report on Friday, June 27th. KeyCorp reduced their target price on Nordson from $260.00 to $230.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Robert W. Baird upped their target price on Nordson from $241.00 to $245.00 and gave the stock a "neutral" rating in a report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $252.00.

About Nordson

Nordson Corporation engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids worldwide. It operates through three segments: Industrial Precision Solutions; Medical and Fluid Solutions; and Advanced Technology Solutions.