EFG International AG Invests $3.21 Million in Nova Ltd. $NVMI

Key Points

• EFG International acquired a new $3.21 million stake in Nova Ltd., purchasing 5,909 shares during the second quarter. Institutional investors collectively own nearly 83% of the semiconductor metrology company.
• Nova reported quarterly earnings of $2.51 per share, beating estimates of $2.41, while revenue rose 15.9% year over year to $254.96 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $514.44.
• NVMI shares opened at $366.35, well below their 50-day and 200-day moving averages and down from a 52-week high of $615.99. Company insiders sold 5,442 shares worth approximately $2.91 million in the latest quarter.

EFG International AG acquired a new stake in Nova Ltd. (NASDAQ:NVMI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 5,909 shares of the semiconductor company's stock, valued at approximately $3,205,000.

A number of other institutional investors have also modified their holdings of the company. Allworth Financial LP purchased a new position in Nova in the second quarter valued at approximately $38,000. Smartleaf Asset Management LLC purchased a new stake in Nova during the fourth quarter worth approximately $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Nova in the third quarter worth $40,000. CIBC Private Wealth Group LLC increased its position in shares of Nova by 75.7% in the third quarter. CIBC Private Wealth Group LLC now owns 130 shares of the semiconductor company's stock worth $42,000 after acquiring an additional 56 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Nova by 2,042.9% in the third quarter. Caitong International Asset Management Co. Ltd now owns 150 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 82.99% of the company's stock.

Insider Activity

In related news, Director Sarit Sagiv sold 454 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $536.52, for a total value of $243,580.08. Following the transaction, the director owned 1,951 shares in the company, valued at approximately $1,046,750.52. The trade was a 18.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eitan Oppenhaim sold 1,290 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $581.20, for a total value of $749,748.00. Following the completion of the transaction, the director directly owned 6,421 shares of the company's stock, valued at $3,731,885.20. This represents a 16.73% 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. In the last quarter, insiders sold 5,442 shares of company stock valued at $2,905,622. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NVMI. Wall Street Zen upgraded shares of Nova from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Barclays increased their price target on Nova from $465.00 to $600.00 and gave the company an "overweight" rating in a report on Friday, May 15th. Citigroup cut their price objective on Nova from $595.00 to $550.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Weiss Ratings cut Nova from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Finally, Zacks Research raised Nova from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Nova currently has an average rating of "Moderate Buy" and a consensus target price of $514.44.

Nova Stock Down 0.5%

NVMI opened at $366.35 on Thursday. The firm's 50 day moving average is $443.69 and its 200-day moving average is $469.65. Nova Ltd. has a 52-week low of $232.73 and a 52-week high of $615.99. The firm has a market capitalization of $11.64 billion, a P/E ratio of 45.34, a P/E/G ratio of 2.13 and a beta of 1.78.

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

About Nova

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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