Citigroup Inc. Raises Stake in Nordson Corporation (NASDAQ:NDSN)

Key Points

• Citigroup Inc. raised its stake in Nordson Corporation by 29.3%, now holding approximately 62,185 shares valued at $12,544,000.
• Nordson reported quarterly earnings of $2.42 per share, exceeding analyst estimates, and achieved a revenue of $682.94 million for the quarter.
• The company announced a quarterly dividend of $0.78 per share, reflecting an annualized yield of 1.5% and a payout ratio of 40.10%.

Citigroup Inc. lifted its position in Nordson Corporation (NASDAQ:NDSN - Free Report) by 29.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,185 shares of the industrial products company's stock after purchasing an additional 14,103 shares during the quarter. Citigroup Inc. owned about 0.11% of Nordson worth $12,544,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of NDSN. Sterling Capital Management LLC raised its stake in shares of Nordson by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 3,363 shares of the industrial products company's stock worth $704,000 after purchasing an additional 1,199 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Nordson by 36.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 23,434 shares of the industrial products company's stock worth $4,904,000 after purchasing an additional 6,198 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new position in shares of Nordson in the fourth quarter worth about $200,000. Barclays PLC raised its stake in shares of Nordson by 6.1% in the fourth quarter. Barclays PLC now owns 104,876 shares of the industrial products company's stock worth $21,945,000 after purchasing an additional 6,018 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in Nordson during the fourth quarter worth about $92,000. 72.11% of the stock is currently owned by hedge funds and other institutional investors.

Nordson Price Performance

Shares of NASDAQ:NDSN traded down $3.78 during trading on Friday, reaching $213.44. The stock had a trading volume of 319,891 shares, compared to its average volume of 318,501. 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 business has a fifty day moving average price of $216.68 and a 200-day moving average price of $206.69. The stock has a market cap of $12.06 billion, a PE ratio of 27.43, a PEG ratio of 1.64 and a beta of 0.89. Nordson Corporation has a 1-year low of $165.03 and a 1-year high of $266.86.

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

Nordson Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 3rd. Shareholders of record on Thursday, June 19th were paid a dividend of $0.78 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $3.12 dividend on an annualized basis and a yield of 1.5%. Nordson's payout ratio is 40.10%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Robert W. Baird raised 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. Oppenheimer raised Nordson from a "market perform" rating to an "outperform" rating and set a $260.00 target price on the stock in a report on Friday, May 30th. 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. KeyCorp raised their price objective on Nordson from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Finally, Wolfe Research began coverage on Nordson in a report on Wednesday, June 18th. They issued a "peer perform" rating on the stock. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Nordson currently has a consensus rating of "Moderate Buy" and an average price target of $254.86.

Nordson Profile

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.