Man Group plc Takes Position in Nova Ltd. $NVMI

Key Points

• Man Group acquired 22,141 Nova shares during the second quarter, worth approximately $11.7 million and representing 0.07% of the semiconductor metrology company. Other institutional investors also increased or initiated positions, with institutional ownership reaching 82.99%.
• Nova’s latest quarterly results exceeded expectations: adjusted EPS was $2.51 versus the $2.41 consensus, while revenue rose 15.9% year over year to $254.96 million. Analysts expect full-year EPS of $9.89.
• NVMI shares opened at $349.06, well below their 52-week high of $615.99, while analysts maintain a “Moderate Buy” consensus with an average price target of $514.44. Company insiders sold shares under pre-arranged trading plans during the past three months.

Man Group plc acquired a new stake in shares of Nova Ltd. (NASDAQ:NVMI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,141 shares of the semiconductor company's stock, valued at approximately $11,704,000. Man Group plc owned 0.07% of Nova as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in Nova by 660.4% in the 1st quarter. Royal Bank of Canada now owns 10,668 shares of the semiconductor company's stock worth $1,966,000 after acquiring an additional 9,265 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Nova by 51.6% during the 1st quarter. Advisors Asset Management Inc. now owns 376 shares of the semiconductor company's stock worth $69,000 after purchasing an additional 128 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Nova during the second quarter worth $5,445,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Nova by 62.5% during the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the semiconductor company's stock worth $72,000 after purchasing an additional 100 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Nova in the second quarter valued at $1,886,000. Institutional investors and hedge funds own 82.99% of the company's stock.

Nova Price Performance

Shares of NASDAQ NVMI opened at $349.06 on Friday. The firm has a market capitalization of $11.09 billion, a PE ratio of 43.20, a P/E/G ratio of 2.14 and a beta of 1.78. The business's fifty day moving average price is $435.07 and its two-hundred day moving average price is $468.19. Nova Ltd. has a 1-year low of $232.73 and a 1-year high of $615.99.

Nova (NASDAQ:NVMI - Get Free Report) last posted its earnings results on Friday, August 7th. The semiconductor company reported $2.51 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the business posted $2.20 EPS. Nova's revenue was up 15.9% on a year-over-year basis. Equities research analysts expect that Nova Ltd. will post 9.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NVMI has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Nova from $494.00 to $540.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Wall Street Zen raised Nova from a "sell" rating to a "hold" rating in a research report on Saturday, May 16th. Cantor Fitzgerald reduced their target price on shares of Nova from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Citigroup reduced their price target on Nova from $595.00 to $550.00 and set a "buy" rating for the company in a report on Monday, August 10th. Finally, Weiss Ratings downgraded shares of Nova from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $514.44.

Insider Activity at Nova

In related news, Director Yaniv Garty sold 366 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 $212,719.20. Following the completion of the transaction, the director owned 2,006 shares in the company, valued at $1,165,887.20. This represents a 15.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gabriel Waisman sold 2,966 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $501.30, for a total transaction of $1,486,855.80. Following the completion of the transaction, the chief executive officer owned 28,714 shares of the company's stock, valued at $14,394,328.20. This trade represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 5,442 shares of company stock worth $2,905,622. 1.00% of the stock is owned by company insiders.

Nova 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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